Complaint Review: Iain Stamp - Nationwide
Iain Stamp UK Integrity Investment Conman Portsmouth, Nationwide
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I am an Independent Financial Advisor who after visits from Mr Stamp was convinced he had a great product with a very impressive track record that would make my clients a lot of money on a low risk basis.
He presented to me past performance charts and also a detailed record of live trades and accounts. All of this turned out to be fictitious. The performance charts and everything else turned out to be based on simulated performance with no money invested whatsoever. Once this surprise was sprung on me it was too late and I have invested clients money.
From day one the clients funds reduced and even dropped more than 20% in one month. By the time trading stopped my clients had lost 90% of their investment in 6 months. His excuse was that it was not his fault and it was down to bad account management at the company he had chosen to manage the investment.
He even told his business development manager to visit me and tell me a pack of lies as to what happened. Lucky for me my business development manager was horrified at what he was asked to do and told me the full story, thank god.
Mr Iain Stamp then told me that to make up for clients losses his company would not be taking any performance fees from the investment and he urged me to take nothing either until the clients balances were rectified. Again, this was another lie from Mr Stamp. Although he did not take performance fees he did take a margin from each and every trade that was made on every clients account both in and out. A senior member of his staff at head office told me this in confidence. To put this in to monitory terms the month clients lost over 20% HE MADE OVER 600,00!
I have since found out a number of other interesting things about Mr Stamp and his previous history. He had a previous investment that he put together that was equally fantastic and he sold it UK wide. IT LOST ALL OF THE CLIENTS MONEY AND SOME CLIENTS EVEN LOST THERE HOMES DUE TO HIM ENCOURAGEING THEM TO REMORTGAGE TO INVEST. Again the same head office source told me that he had made millions from this. I believe the investment was TEPS Traded Endowment Policies.
Mr Stamp and Integrity were find over 300,000 from the FSA. He the then liquidated this company and changed the name to UK Integrity!
Since this recent scandal surrounding Mr Stamp, UK Integrity and the loss of clients money etc etc etc. He now works under the name of Innovative FD and yes you have guessed it with another set of products aimed at getting peoples hard earned money and making him a fortune while loosing all of the clients money for the third time. The new products have no track record and again all performance is simulated. What I really mean is everything is all made up by him!
If you come across this man or his company stay well clear before he looses all of your money.
Has anybody else lost money at the hands of this crook MR IAIN STAMP.
This report was posted on Ripoff Report on 03/08/2010 03:24 AM and is a permanent record located here: https://www.ripoffreport.com/reports/iain-stamp/nationwide/iain-stamp-uk-integrity-investment-conman-portsmouth-nationwide-579237. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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