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Accueil > Actualités > Actualité du 14-01-2010

PASF (Phillip Alexander Securities Futures Ltd)

Until the end of 1997, the London-based company PASF was trying to attract new customers through numerous German agencies. Estimates are at around 20,000 customers with a loss of more than half a billion Deutsche Mark. Although PASF was a listed, i.e. an authorised commission house, investors were “fleeced” out of their money on a large scale (“churning”). Excessive commissions were calculated on trading without rhyme or reason, and thereby the money of the investors was systematically turned into independent revenues for PASF. Investors had practically no chance of winning. What is more, we do not know of any customer who got his money back, let alone made a profit. In London, bankruptcy proceedings concerning the assets of PASF are pending. The national compensation fund in London (ICS, indeed called “insurance” in the prospectuses of PASF) has rejected the investors’ claims for damages. It has emerged that the owner of PASF who was primarily responsible has been convicted to a five year prison sentence by the District Court Mönchengladbach in early December 2000.
The liquidators in London seem to be limiting their activity to converting the remaining assets to fees. There is no evidence of any meaningful activity on the part of the liquidators. Instead of paying out the remaining money to the aggrieved parties, the liquidators are constantly extending the insolvency proceedings. This in turn results in enormous fees for the liquidators. Currently, investors are again receiving forms with which to lodge a claim in the insolvency proceedings, even though the claims have long been lodged.

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