EASTBRIDGE INVESTMENTS PLC
Eastbridge investments PLC, which was previously registered in Jersey and listed on the Alternative Investment Market, was a high-risk and unregulated investment.
The investment which was also known as EBIV, tanked in October 2015, valued at £0.00, and was later de-listed from the AIM market in 2016, with a “Meeting of The Creditors” called in July 2016 pursuant to Section 98 of the Insolvency Act 1986.
This means that investors in Eastbridge Investments PLC may now have now lost their money.
Beaufort Securities, a Discretionary Fund Management firm, invested at least one person’s pension money through a SIPP (Self-Invested Personal Pension) into Eastbridge Investments back in 2015.
Detailed in Ombudsman case DRN4537229, it was determined that the client “Mr F” had a Low to Medium risk profile, and therefore “the investments selected by Beaufort securities for Mr F’s SIPP portfolio were unsuitable”.
The Ombudsman also said “I don’t think there can be any real dispute that Mr F wanted to adopt a low/medium investment strategy. I don’t think the selected investments matched that.”