Since early 2018, investors in MJS Capital (now Colarb Capital) have experienced issues with having interest paid on time and receiving their capital back when due.
Numerous comments have been left on this blog from frustrated and often frightened investors trying to find out what action they can take.
MJS Capital issued unregulated loan notes which were, by their nature, extremely high risk and only suitable for sophisticated and high net worth investors. Despite this, they were promoted by MJS Capital representatives as “very low risk” and “a safe haven”.
An investor action group has been set up on Facebook at https://www.facebook.com/groups/mjscapital/ to help investors come together, share information, and find a way forward. The group is “closed”, which means that anything posted in the group will only be visible to those who have been allowed to join.
I thought long and hard before forming this group, given that I am essentially an uninvolved observer. However, numerous MJS Capital investors have commented on or emailed my blog looking for answers, and for every person who commented, there will be many more who have read my posts without speaking out. For the last nine months MJS Capital investors have been scattered across myriad blog posts and websites shouting into the void. I see no point in 2019 being more of the same.
It is highly likely that MJS Capital investors will be targeted by unscrupulous individuals seeking to exploit them a second time, and whether or not they join the action group, I recommend they read Action Fraud’s advice on fraud recovery fraud and beware throwing good money after bad.
Merry Christmas and a happy 2019 to all.
You are being drawn in it seems … what began as an impartial review of unregulated bonds with a boiler plate format evolves into a facebook “action group” ….. interesting but not unexpected. Once you start down this road victims raise their heads above the parapet and become more than just “statistics”. Soon you will no doubt discover the very frustrating truth the authorities are “without form” and impotent and the perpetrators walk freely among us with our money in their pockets and there is no justice for the victims …. it will be interesting to see how this develops further ….
Is the ‘Action Group’ on Facebook still in existence as I have been unable to get onto it now and for three or four days, although I had no problem before. Or have I for some reason been blocked as I have since re-applied and heard nothing?
I did buy two of their bonds (through DPI) – a three year and a one year bond – and now realise how lucky I was to get my money back after much hassle and legal threats on both sides. Part of my story is on another Bond Review page (https://bondreview.co.uk/2018/01/19/mjs-capital-plc/) (entry on 3rd Sept).
I would just like to be kept abreast of what’s happening with that diabolical company and the infamous Prince.
I was contacted & quizzed by Jim Armitage of the Evening Standard and would be happy to offer whatever information I can.
How did you get your money back??
Hello Jane,
With what’s been happening recently I feel exceptionally lucky. My story is that I had two bonds. The first was a three year bond that I started at the end of December 2016 and the second was a one year bond that I started at the end of March 2017. All went well until the late quarterly interest on the Dec 2017 payment (only eleven days) so I thought no more about it as it was over xmas.
The next warning sign was that I wasn’t paid the interest and return on my one year bond on maturity at the end of March 2018. Bells then went off in my head and I decided to go for early redemption on my three year bond, once I had received all money owing on the one year bond. Numerous letters, emails, texts and phone calls were exchanged and eventually I received full payment at the end of May (two months late).
Although the quarterly payment on my three year bond at the end of March 2018 was again eleven days late, I decided to hold back on early redemption of the three year bond to see if the June quarterly interest was going to be paid on time. Well of course it wasn’t and I waited three weeks then wrote in for early redemption, which I gather in their T&C’s should be 30 days, which is what I asked for. I received an email from ‘Adam Smith’ in accounts (That is a very reassuring name – ‘Father of Economics’ 1723-1790 – does he actually exist?) assuring me that my money would be in my account within that time. Needless to report that it wasn’t. Then, as before, numerous letters, emails, texts and phone calls were exchanged until I applied to the online court, which gave MJS/Colarb 14 days to answer the charges or extend for another 14 days which they did neither. The court then got in touch with me to say that I could make a submission for a CCJ. I then emailed Prince and cc’d in every member of staff that I could find and sent an attachment of a screen shot of the court page with the Submit button that I had highlighted in red. I said that I would be pressing this button within 48 hours unless I am paid in full including my court costs. I was paid in full at the beginning of November.
My one & only strategy is what I call the ‘Terrier Tactic’. I try to make myself as annoying and obnoxious as possible by writing letters & emails, sending texts & telephoning and in fact with Prince, I once did all these at exactly the same time, which really pissed him off as he threatened to take me to court for what I had written on the revue section of the MJS facebook page. With another company that owed me money, I went as far as discovering where the CEO lived and knocked on his front door to deliver a letter and got refunded my money the next day!
I guess that matters have now progressed so far that any of the above actions are no loner relevant. But if you want to find out any more details, you could google me and probably come up with a contact number.
Good Luck
We lost a lot of money . We are waiting to be paid
I suggest you join ‘MJS Capital Investor Action Group’ on facebook as soon as possible to have your say!
good on you jo to help .
I HAVE SENT RECORDED MAIL TO THIS THIEF WHO HASNT EVEN BOTHERED TO ANSWER.. I HAVE SENT NUMERUS EMAILS AND TRIED PHONEING WITHOUT SUCCESS WHAT DO I DO NOW?