Somerset Offshore Asset Management I bought 167 Nvidia Shares through them, but when I wanted to obtain the proceedings after they had informed me that they had sold the shares at a profit, I could not get the proceeds out of them. They later reported that the initial selling was not successfull and that they had later sold them at a much higher price. They then proposed to use those proceeds to buy 5700 shares in Evoqua at USD6.00 per share and that those shares would be sold at the current price of approximately USD20.00 per share. They are now dead quite with no report back. When I phone them I can never get hold of anyone that can help me. other other

Somerset Offshore Asset Management bought 167 Nvidia Shares on my behalf in January 2016, for which I had duly transferred USD5000.00 to the account of escrow agent Blackheath Solutions Ltd. In Malaysia.

These shares were then apparently sold by Somerset Offshore Asset Management roundabout July 2016 for USD 14 811.91.

For the proceeds to be repatriated to my account in South Africa, various arduous requirements were set:

• TI at the cost of USD5000.00
• Personal Identification Clearance Certificate (PICC) at the cost of USD 5000.00
• Anti-Money Laundering Certificate at the cost of USD5000.00
• Intermediary Bank Processing Fee at the cost of USD5000.00

All of these additional fees I duly paid for by transferring the necessary funds to the bank account of Blackheath Solutions Ltd. In Malaysia.

They duly informed me that all these additional costs would be duly refunded.

Soon after the Intermediary Bank Processing Fee was transferred by my bank (First National Bank) to the account of Blackheath Solutions Ltd., the Account Manager at the Shenzhen Branch in China, Mr. Jack Wong, informed me that the full proceeds of selling of the Nvidia Corporation Shares, as well as the refundable amounts would be repatriated to my bank account in South Africa.   After not hearing anything from them for about 2 weeks I contacted Mr. Wong who then informed me that the Intermediary Bank in the USA rejected the transfer of the funds on grounds of suspected money laundering.  He then came up with another caveat that in order for the funds to be released I had to invest in a Joint Emergency Fund at a Cost of USD3 500.

I then heard nothing from them until July this year when I was contaced by a Mr. Robert Sellers, who claimed to be an auditor and that he had picked up my file and was busy sorting things out.  Soon after that he informed me that something had gone wrong with the initial selling of the 167 Nvidia Sales and that they had actually now sold the 167 Shares at a much higher price of USD198.68 per share.  He then suggested that they use the proceeds of the sold Nvidia shares and buy 5700 Evogua shares at USD6.00 per share, of which the price was expected to drastically increase.   When enquiring about the progress on this I just could not get hold of anyone.

As can be seen by all of this it is a never-ending story and no funds are coming forth from them.