By 2018-08-10 InAlgarve

Barclays launches fraud investigation into collapse of Premier FX

Two weeks since clients in the Algarve got the shock of their lives, Barclays Bank London is reported to have opened a fraud investigation into the vanishing act by foreign exchange company Premier FX.

Based since its collapse at the offices of accountants Tudor John LLP in Epsom UK, the company holding purported millions in client funds operated in the Algarve out of Almancil and had another operation in Palma, Mallorca.

None of the former staff have been answering panicked phone calls, though clients clamouring for answers – if not simply the return of their money – have been lead to believe a new statement from directors Katy Grogan and Charlie Rexstrew should be forthcoming today.

The directors are the children of recently deceased Premier FX founder Peter Rexstrew.

Friends of the family who are also clients have talked of their total disappointment in the lack of contact from those they believed they knew.

But this morning, the Resident has heard from a client in Mallorca that by using an old email link he has managed to get back into Premier FX’s website and discover that his funds, at least on the screen he is privy to, appear intact.

It’s a story we heard earlier in the week from another client.

Thus anyone reading this who has money with the firm should go back to their old emails and try and access their details.

This way they will be able to print off a screenshot of their account as proof of funds in place.

Expectations are that this agonising mystery that has left so many people in the lurch, could turn a corner today with the publication of directors/ administrators’ new statement.

But as of 10.30 this morning, nothing was forthcoming.

This saga began exactly a week ago (click here) and since that time scores of clients have managed to touch base with each other in a determined drive to recover their money (click here).

The fraud investigation instigated this week by a client based in Leeds is being dealt with, we are informed, by Barclays head office in London.

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