Beaufort Securities : Meygen Holdings

17th Feb by Albertos

3 comments 249 reads

Back in March 2018 part of one of the family portfolios was impacted by Beaufort Securities going into special administration due to FCA concerns. As it was only used as a trading platform the assets and cash were transferred to The Share Center - we got them back in Oct 2018.

I've very recently been contacted by Meygen Holdings requesting an upfront fee (to be held in Escrow account) for the acquisition and sale of your investment portfolio derived from Beaufort Securities . The documentation refers to Unregulated Collective Investment Schemes (UCIS).

I'm obviously highly, highly dubious.

Meygen Holdings Limited's accounts state the group's principle activity is the operation and maintenance of tidal generation facilities .

Wondered if anyone else had been contacted in a similar way?

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Guybrush

17th Feb

I've consulted Microsoft Co-pilot AI in Windows 11 for advice:

Thank you for sharing this information. It’s essential to approach such requests with caution and verify their legitimacy. Let me provide some insights:

Maygen Holdings Limited:
- Maygen Holdings Limited is a company incorporated in Edinburgh, United Kingdom. It has been running for approximately 9 years and is an active private limited company¹ ².
- They describe themselves as an investment house servicing private investors, corporate clients, and institutions ³.
- Their dedication to ethical investing and sustainability is highlighted ⁴.
Beaufort Securities:
- Beaufort Securities, formerly known as Hoodless Brennan, is an award-winning traditional stockbroker incorporated nearly a quarter of a century ago.
- They have established themselves as one of the UK’s leading independent private client investment houses, serving private investors, corporate clients, and institutions ³.
- Beaufort Securities is authorised and regulated by the Financial Conduct Authority (FCA) and is a member of the London Stock Exchange, NEX, and QCA ³.
Unregulated Collective Investment Schemes (UCIS):
- UCIS are investment schemes that are not subject to the same requirements as authorised or recognised collective investment schemes.
- UCIS may invest in riskier assets or use riskier investment strategies.
- They are considered high-risk investments, and investors should be prepared to lose all their money.
- Ordinary members of the public should be cautious when investing in UCIS, as they may not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong ⁵.
Action Steps:
- Verify: Confirm the legitimacy of Maygen Holdings Limited by checking official records and contacting relevant authorities.
- Seek Professional Advice: Consult a financial advisor or legal professional before making any decisions.
- Avoid Upfront Fees: Be cautious about upfront fees, especially if they are requested before any services are provided.

Remember that due diligence is crucial when dealing with investment opportunities. Always prioritize your financial security and seek professional advice when in doubt.

Albertos

18th Feb

Interesting

Always wondered if AI is a bit of a myth.

Beaufort Securities no longer exists!

The company is Meygem not Maygem - an internet search gives no results on Maygem Holdings Limited.

Definitely agree with the "Avoid Upfront Fees" bit

But I've just found my own answer :-

https://saerenewables.com/frau...

Anyone else receiving this should be aware it appears to be/probably is a scam - but I suspect most in this community would already have been thinking along these lines, including myself - I await their next telephone call with interest.

SAE = SIMTEC Atlantic Energy Limited (quoted on the LSE SIMEC Atlantis Energy (LON:SAE) ) and is noted in Meygen's accounts as its controlling party.

Be warned.

Beaufort Securities : Meygen Holdings

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Albertos

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