Lyndon Farrington Banners Broker
I was introduced to Banners Broker.
The company stated that with them any individual could double their money every 10 weeks.
I like thousands of people had initial scepticism but the presentations were compelling and we all heard and saw evidence of funds being paid out.
I was introduced to the ‘owner and co-founder’ of Banners Broker personally at a meeting in London.
This person’s image and name was clearly viewable on a link called ‘follow Banners Broker’.
Banners Broker is an international business I believe to be registered in Belize.
The owner & co-founder advised me (in front of many witnesses that I have), to create a managed accounts service which would charge people to have their accounts run for them by myself.
We were also advised that for larger accounts over $5,000USD that they would be regarded as offshore corporate accounts. This was very plausible as Banners Broker traded globally and appeared a sensible step to take at inception.
Funds from corporate offshore accounts were directed to Banners Broker international accounts.
We were also told that all these corporate offshore accounts would need to have a registered offshore company; again this was good and plausible advice.
We found an offshore formation company who would create a registered offshore company for all the offshore corporate clients.
Banners Broker to introduce VAT in UK
Banners Broker wrongly decided to introduce VAT in UK and to pay the VAT until this could be integrated into the company software. Subsequently when Banners Broker received correct advice this decision was reversed.
However, before the decision was correctly reversed, I regarded this as so serious that within days I travelled to Belgium to personally intercept the owner of Banners Broker who was on a European tour.
I presented him with a list of all the accounts who had from inception believed they were being treated as a corporate offshore Banners Broker member. He promised to ensure all the names on the list who had originally sent their funds offshore would be properly registered as offshore businesses.
Several weeks later the owner of Banners Broker still had not registered anybody as offshore companies.
Banners Broker had an event in Portugal where I knew he would be, so I flew to confront him. Upon arrival I received the news that the ‘owner’ had been fired by the real owner.
I was completely shocked as:
• A senior UK leader had presented this man as the owner,
• The website supported his ownership as it was his image on‘follow Banners Broker’
• Clients sent funds for his attention and all these funds safely arrived in their accounts
• We all have email correspondence naming this man as the decision maker
The real owner of Banners Broker
I then made it my business to meet the real owner, in the company headquarters in Toronto Canada.
The priority of this meeting was to make the real owner aware of all decisions that had been previously arranged under the misapprehension that we had been dealing with the owner.
At this meeting in Canada I explained every decision made; and it was agreed to change all accounts to offshore corporate businesses. We exchanged emails after to this effect.
Also in Toronto the Banners Broker compliance officer explained that Banners Broker had engaged a company called Stellar Point to assist in management of the company and one function was the centralisation of managed accounts.
I explained that it was promised me (in front of witnesses) that all my clients would be outside any centralisation plans and that none of my clients would be happy with a stranger running their accounts.
I was however given no choice but to hand all these accounts over to Stellar Point.
The centralised system was a failure and a lot of accounts in this system were significantly reduced.
I spent months training these people how to run Banners Broker themselves, so that they could come out of the system with Stellar Point. There were about 50 accounts that were not capable of running their own business so I established relatives to run this for them.
I add as a note; that for months running into years I received no income for supporting or training any of these people, and all costs were at my own expense.
Banners Broker only paid individuals not businesses.
Banners Broker had promised to establish a company withdrawal system using the Banners Broker card.
The intention being that, after the clients had registered as a business they could withdraw funds.
Banners Broker not fulfilling what they had agreed to
I finally came to the realisation that Banners Broker were not going to be fulfil what they had agreed to; and I advised my team to register as individuals and to forget any notion of Banners Broker recognising companies offshore or otherwise.
This was disappointing and time (and money) consuming for us all.
The fact remains that I acted professionally throughout. All decisions were made with direct consultation with Banners Broker. I actively travelled to three countries to represent the interests of my former clients, and kept everybody informed of any information that was available to me.
As always I had a signed agreement with everybody and I received no funds for the successful running of these accounts. The only funds I received were the agreed establishment fees. I spent a considerable time after this representing everybody at my own time and expense.
Banners Broker is still trading and apparently still paying out, time will tell if it survives and pays out what it owes.
Banners Broker Lessons learned
Lots of life lessons learned here in Banners Broker, but the most significant being ‘if its looks too good to be true, it probably is’!
I did however make some great new friends in Banners Broker which is the best thing that has come out of it.