UT Markets Investigation Progress & Action Plan

We wish to update UTM investors generally on recent progress.

Investigation

Investigation has been carried out since September, and has recently deepened. As you are aware, for now 3 weeks, NBLO and Carlton Huxley Ltd, a firm of private investigators and legal consultants from the UK, have been collaborating. This collaboration has paid off with discovering, sharing and processing investigational information. We will write further to our paying clients specifically on this.

We have begun building a very detailed picture of the network of UTM agents you dealt with, service providers who were used by UTM in Bulgaria, the Seychelles, Israel, the United States, Dubai and the UK. Some of the service providers were not processing payments but were providing various facilities that made it possible for UTM to work. Separately, our understanding of the payment processing is now very good.

We are deepening our research where we have previously done less, including in particular in Israel.

Attempting to settle with UTM’s organisers

Because of the very good investigative progress made, both Carlton Huxley and we now see a real prospect of a negotiated settlement with UTM and/or one of their facilitators in the near future. We will therefore be writing to those of you who have already contacted us to express interest in the case against UTM to invite you to complete your instruction to retain us. 

This is important as we expect that we will only be able to settle on behalf of existing clients. If we do reach settlement with UTM, we will likely be asked not to pursue UTM further. Even then, we will generally be able to pursue third parties but not UTM directly.

In the event of no settlement, the work done in clarifying how to reach the organisers of the scheme will be invaluable in the legal actions that will necessarily follow as planned.

The possibility of settlement is at present considerable. Most investors do not have the information, time and ability to resolve this on their own. UTM are more likely to settle and settle quickly to avoid concern about further actions arising.

Legal actions: disclosure applications, criminal prosecutions and further civil action

As above, apart from investigation, we have prepared legal actions in several jurisdictions. 

We are ready to launch formal disclosure applications against third parties in the United States and the UK. We will commence proceedings against implicated parties in Bulgaria. 

We believe we have also identified sufficient evidence of criminal offences which are prosecutable against those who have facilitated UTM internationally and specifically in the UK and Poland. We will update our existing clients of these actions in the course of the coming week.

With any questions, please feel free to contact us via:



Kind regards,