Ironically, it looks like Brown’s twin legacies, the financial crisis and huge fiscal deficits, have put paid to plans for a single financial crime agency. See this David Leigh story from The Guardian, published Wednesday 2 June 2010.
Chris I too have had a few friends lose money with Michael Strubel and Jolan Saunders. Seems like a true Ponzi scheme to me. Apparently there was more than £50 million involved. I know that various people are taking action against them but don’t hold out much hope of recovering any funds.
Yes, I am not sure if it was in the US or UK, however I know his assets have been seized and the police are now involved. Not sure how the scheme worked though.
I am an investor myself along with some friends – we too have lost everything. Michael Strubel is a very honourable man and he too is a victim of this scam. Jolan Saunders should not be allowed to walk free from this situation as it is he that has committed and admitted to these actions. It’s always easy to blame someone else. Michael only ever did good by Jolan and everyone he has ever known. Don’t always believe rumours until you know the truth and you know the characters you are dealing with. To blacken Michael’s name is disgraceful as he is as innocent as all the other victims.
I too am an interested party to the Saunders Electrical Wholesale Ltd fraud Jolan Saunders and Michael Strubel.
I know that Strubel terminated his directorship in Saunders Electrical in May this year. I am interested to find out if investors have any chance of getting their money back. If they have used a Ponzi scheme, none of the investors knew this. Please, if anyone has any further information, PLEASE let me know.
Can you tell me how, a few years ago, Strubel was allegedly a cab driver, and miraculously, went to buying yachts and Ferraris, etc, etc, etc. Some £40 million has gone missing (at last count) and time will tell who’s been honourable here. There all sorts of rumours floating around, including one that Strubel has confessed it all. The things you hear!
Sorry folks but I can’t be of much assistance with this one right now. My knowledge of Michael Strubel and Jolan Saunders is limited. I am aware from Companies House that Michael Strubel had his directorship with Saunders Electrical Wholesalers terminated on 26th May 2010. He became a director of the company on 17th March 2009. The only director prior to that date was Danielle Eva Saunders, born 23rd February 1977. The company was first registered in August 2006. Jolan Saunders does not appear to have been a director. All I can find out about him from the web is that he was photographed by the Jewish Chronicle in 2003 carrying a shark that had earlier stuffed and put on display in JD Electrical Supplies, an East London store owned by his dad Eddie Saunders. The shark appears to have been displayed there in 1989. Despite what I said above (about welcoming comments, etc) I am slightly uncomfortable about having serious allegations about these perhaps innocent men being posted on my website. If a representative of the victims group could contact me via private email, that would be infinitely preferable to continuing to air such claims here.
Maybe I can shed some light on the matter. There are a whole load of ridiculous rumors being spread around the Jewish community in North West London. The facts are that Jolan Saunders has admitted to doing the fraud to to the lawyers, and has alleged that Michael Strubel made him do it!! Michael Strubel was doing very well financially before ever meeting Mr Saunders. The person who said hat Michael was a cab driver a few years ago obviously doesn’t know him, so should really not be commenting.
It seems that most of the people leaving comments here are not personal investors, nor, thankfully for them, have they had anything to do with this disgusting situation:- They just love to gossip – on hearsay!! (they know someone, who knows someone!)
There are many investors who really are in awful financial situations (including Denise & Michael Strubel & children). We are all trying to keep our heads above water and not let this break our spirit! (We’ve all got kids, we have to keep going for!) Meanwhile Jolan Saunders and his family keep travelling abroad on holidays. For all of us, this is a very bitter pill to swalllow! Please don’t make comments unless you personally know for sure that they are true!
P.S. MICHAEL STRUBEL HAS NEVER BEEN A CAB DRIVER!!
I do not know who is the guilty party here Michael Strubel or Jolan Saunders but I can assure you that I am personally affected by this fraud and NOT a person interested in gossip…I am looking for cold hard facts, and want to know anything that will lead to the truth. This is all affecting my health, if someone is responsible for taking people’s hard earned cash while they are sitting on millions something has got to be done and resolved. It will come to light, as too many people are affected by this and are not prepared to let it go.
I know Jolan personally…….and Eddie and Rochelle and Jolan’s wife and his kids…….I am not an investor and each side seems to be throwing mud at each other.
The facts are tens of millions are missing, the facts will become known, no doubt at a trial, which could take years to happen.
I apologise if any earlier comment offended re Michael Strubel (the gossip mongers:-( ) however Strubel and Saunders were partners, and you have to sell a staggering amount of light bulbs etc to raise £41m ( as reported )
I also do not know if any of them are on holiday either.
Goes back to that old old saying
”if something is too good to be true, then usually it is, ” etc, etc
I hope everybody somehow gets their money back, although judging by the above comments, that does seem hard to believe.
Affected says : Firstly you know my name, so please don’t refer to me as DEAR !!!!! I AM NOT A FAMILY MEMBER. I AM AN INVESTOR WHO HAS LOST EVERYTHING AND A VERY CLOSE FRIEND TO BOTH DENISE & MICHAEL. DENISE & MICHAEL ARE NOT CRIMINALS AND WHEN THIS COMES OUT IN COURT – YOU WILL FEEL VERY STUPID !! YOU STATE – WHO AM I ? WHO ARE YOU ?? WHY DON’T YOU PUT YOUR NAME – OBVIOUSLY – YOUR NAME IS COWARD !
Voice of reason : Who ever told you the money was from selling light bulbs – get your facts right ! We all know that Jolan, his wife & Children are in America on holiday. you don’t have to be Columbo to find out !
Gossip Finance – You were right when you put – Jolan is out of the picture. Jolan is never in the country long enough to be in the picture – too busy going backwards and forwards on holiday – It’s alright for some !
You are right for once – I have been properly done, along with many others – but not by Denise & Michael.
They don’t have plenty of anything – how do you know? Who are you – coward ???
I will defend these people (my friends for over 20 years). I will always put my name to anything that I believe in. Which is more than I can say for you. If you really feel what you are stating is true, why wouldn’t you post you’re name ???? Stand up and be counted! We will know who you are when we see you – cos you’ll be the one with the yellow stripe down your back!!
I must agree with Judy, if you are prepared to make such strong accusations, and believe what you are saying is true, why wouldn’t you leave your name. Why shouldn’t Judy leave her name you make it sound like she should be worried to do so. Obviously each parties friends will defend them, and very nice it is, but this blog is just making it possible for people to be very nasty without knowing the truth. There are some true facts that have emerged so far, but no criminal case as yet. I would like to ask Ian Frazer to put a stop to people using his blog in this way.
Looks like my question has opened up a whole can of worms. I hope that the truth eventually comes out, but I am well aware that many perpetrators in such Ponzi schemes convincingly portray themselves as victims. Ian, I am sorry to have inadvertantly hijacked your blog on this issue.
Chris, don’t worry about opening a can of worms. The can was already opened when this terrible situation was exposed. I too am hoping that the truth will come out, enabling ALL VICTIMS to understand and know what has really happened.
Judy & Denise, One thing that I find difficult to understand is how someone like Michael Strubel, who I believe is Head of Securities & Finance at LBBW, could be taken in by an obvious Ponzi scheme. Surely he would have been well aware of how these schemes operate? He also seemed to use two of his companies to pass money through to Saunders Electrical, even though it is obvious from their accounts at Companies House, that they are a very small company with virtually no assets.
A) The site currently gets about 8,000 unique page views per month. So ‘lonely’ isn’t really an appropriate adjective for it.
B) The site is not “for” Strubel and his defenders. If the site has been colonized by Strubel, his family and friends, then this has absolutely nothing to do with me.
C) Perhaps unsurprisingly given the sums that have reportedly been lost, the alleged Saunders Electrical Wholesalers “Ponzi” scheme arouses a lot of passion among people — with a wide range of views as to who was responsible.
D) Nobody has yet explained how the alleged scam was actually pulled off, how it operated in practice. Nor have I even seen any evidence that the scam occurred! There appears to be no coverage anywhere else on the internet.
E) From this point on, I’m going to be much more selective about which comments relating to the alleged “Ponzi” scheme are allowed to appear/remain on this site.
Ian It is true that investors including a member of my family invested with Saunders, and I believe that an investor has had Saunders assets frozen, and has complained to fraud squad. It is also true that it was Michael Strubel who signed the document when the cheque was handed over to Strubel the document also stated that it was Zac fashions, a company owned by Saunders electrical wholesale, regular payments were made as the agreement and all of a sudden they stopped, and she was informed by another investor who she knows that Sanders and co assets have been frozen, we know nothing more. I would like to get as much information as to the truth in this matter.
There must be a guilty party here, but who Saunders or Strubel???? If you could find anything I hope you will port it on your site.
I have known Michael Strubel for many years and is a kind and honourable man . Everyone is so quick to slag him and Denise off, when they really have no clue about them or the situation. Stop gossiping and, if u want to gossip, have the guts to leave your name!!
Sheila – I feel sad for your member of family as I do for myself and all other victims. The person using the title “Affected” just seems to be slinging mud – but not doing anything constructive to help all the victims. I feel that only the people who know what they are talking about should put messages on this site. We will all find out the truth in the end and I am hoping that some miracle will happen and all victims will come through this awful situation!
Judy Lewis ” Voice of reason: Who ever told you the money was from selling light bulbs – get your facts right! We all know that Jolan, his wife & children are in America on holiday. You don’t have to be Columbo to find out!”
Sadly, everything is being aired here, apart from the facts……all will out in time and you’ve taken my comments out of context with regards the light bulbs, and it’s true that the family are in the US although I’m not sure Jolan is with them.
Make what you want out of that…I don’t care…..if JS has committed this fraud, then he can rot in hell. I’m not on anyone’s side here
These cases are so complex it could take years for it to come to court. In the meantime, please feel free to continue to throw mud in my general direction.
I must say there seems to be a lot of emotion on this site and I can understand why. In the eyes of many investors who lost money is that all directors were as guilty as each other. I understand people wanting to defend friends that they have known for years but the bottom line is that Mr Madoff also robbed his “close” friends to the sum of £26 billion. It is impossible for somebody to not have a clue what was happening right under their nose. Mr Strubel I hear had a fantastic collection of cars, bikes, boats and properties and must have wondered how the business he was a director of was doing so well. He must have seen accounts etc or is it a case that Mr Strubel was just too stupid to see what was going on. You would have thought that if a man was going to his close friends and family who were not worth fortunes to get their hard-earned money, he would have had a better idea of where their money was going. I’m open to your comments and am interested to see the results as a few of my close friends are now penniless.
John Littleton… not that it is any of your business, but I would just like to put you straight, if you don’t mind.
Michael did see accounts and bank statements, as did accountants that were sent in by investors. The problem was they were all forged, by Jolan, who has openly admitted it. So stop trying to be so clever when in fact you are just guessing.
If you know every one so well, why do you think it is that Michael is the only one who is talking to people and has not turned his back?
I have read all the comments in regard to the above Saunders/Strubel allegations. I find it sad that the only way this matter is hitting the headlines in today’s day and age is via this blog site (sorry Ian!)
This case seems to involve well in excess of £60m and whilst this may be a few zeros below the Madoff type scandal there has been very little interest shown by the UK police and or press.
What is certain is that this scheme or scam has been going on for over 5 years and during this time the proceeds of investors hard-earned money has been used in a ‘lifestyle’ type ponzi scheme.
Sauders Electrical company borrowed investors’ monies both directly from investors as also via third parties such as Michael Strubel, Zac Fashions Ltd, Hole in One Ltd , Camelot Capital Ltd, JD Stone Ltd and various other companies.
The monies were meant to be used for purchases of electrical goods needed in the hotel industry & the supply to the Olympic village.
Yet whilst there was a company and certainly some legitimate orders by hotels lots of zeros were added onto invoices & accounts that would appear to have been forged by Jolan Saunders. Did Michael Strubel know about the forging of documents? Possibly not for a few years.
But in April 2009 he received a letter from one of the UK’s leading audit firms stating that the accounts that were being passed around to investors & then to their accountants who were doing relevant due diligence on the scheme were 100% forged. At the same time the auditors informed SOCA, the relevant police department for UK fraud. Did they put a stop to this scheme? Apparantly not.
It was not until May 2010 when Jeremy Stone & his solicitors Mishcon de Reya applied to the High Court for a worldwide freezing order to be made against all accounts and assets of both Saunders and Strubel that the shit hit the fan
Since this day all parties have been blaming each other via solicitors, with some using less profesional methods.
The bottom line is lots of innocent, maybe greedy, investors, have lost lots and lots of money, some of the accused are being more sincere than others but, as mentioned above, the truth will come out in the wash.
It is a shame that the individual investors trusted their friends, accountants etc and agreed to invest relying solely on their word that the scheme was true. Had investors been allowed to see copies of the orders, accounts, insurance info on the fact that members of the Saunders family had previously been disqualified from being directors of UK companies and much, much more, then possibly not as many people would have invested and lost their monies in the scam
Whilst some will get some money back due to insisting on personal guarantees or charges placed on assets, most won’t .
Mr Stone and his solicitors continually blame all parties in their sworn affadavit, yet it is clear that some of this sworn statement is of questionable veracity that and even this innocent went ahead after instructing his solicitors and withdrew nearly £2m the day before the freezing orders were made…
What a mess! And all this to the above-mentioned in return for them paying or getting paid over 7% each month for monies loaned and borrowed, although it is now clear that they chose not to pass on these type of returns to their investors.
And to those of you out there thinking, yes I am an investor who has lost a substantial amount of money and I know many others who have also lost many many hundreds of thousands of pounds…..
I am wondering how everyone is commenting and mentioning names and yet Spencer Steinberg’s name has been left out of everything. He is involved in this mess and had many investors (friends of mine & his) and clients at his accountancy firm, that have also been left penniless. He’s just ignored everyone, won’t take their calls, won’t meet them. Spencer & Jolan Saunders just started up again in business — I’d like to know on who’s money.
And Jolan is definitely in America on another holiday!! (on who’s money ??). I am about to have my phone, gas & electric cut off — this really isn’t fair. I am a single mum with a 12-year-old child.
Jolan & Spencer have no morals or principals and are still leading a high life on our money! This is not justice! Where are they getting the money from, if as they claim they have nothing! They are laughing at all of us and making Michael, a decent upright honest man the scapegoat.
Are you claiming that Steinberg and Saunders have started up in business separately or together?
Also, Mrs Strubel, if the Segal gentleman is correct and you and/or your husband did receive a letter from an audit firm stating that the accounts supplied by Saunders for potential investors were falsified/forged, why did you not take the matter further?
Possibly you find the world of audits and accounts as confusing as most of us. But if so, why did you not seek the advice of your accountant with regards to the documentation’s meaning?
ANON – I AM NOT CLAIMING THAT SAUNDERS & STEINBERG HAVE SET UP BUSINESS TOGETHER. THEY ARE TOO GREEDY TO SHARE ANYTHING – THEY HAVE SET UP BUSINESSES SEPERATELY. ANYONE WHO COMES IN CONTACT WITH EITHER OF THEM – FOR YOUR OWN SAKES – STEER CLEAR !
Mrs Strubel. I would be interested to hear your comments as to why your husband did nothing but take more money when he received this letter from the auditors in 2009?? Thanks
I fear wishful thinking to get a reply, Mr Littlejohn. If they knew and did nothing then I imagine all their investors would want to know why they allowed them to have any funds in a scheme in the knowledge that the accounts may be false
Alternatively, if they sought and indeed got advice from an accountant they trusted, then at least they did try and take steps to verify the information
Clearly such information, if known, would have affected people’s decisions to invest and with the rates being as high as suggested in previous comments, the longer it went on the more that some benefited
Maybe the blog is being used by the Strubels to chuck mud at Saunders in the hope of avoiding any suspicion of collusion post the scheme ending?
ANON – YOU SAY THIS SITE IS BEING USED BY THE STRUBELS – AS FAR AS I CAN SEE – DENISE STRUBEL HAS ONLY COMMENTED TWICE AND IN A VERY LADYLIKE MANNER. NO ONE HAS ASKED ANYONE TO PUT ANYTHING ON THIS SITE. AS AN INVESTOR AND SOMEONE WHO KNOWS THEM I AM ONLY STATING WHAT I KNOW TO BE THE CASE ! WHY WOULD I PUT LOVELY THINGS ABOUT MY FRIENDS IF I FELT THAT THEY HAD DONE WRONG TO ME AND MY CHILD WHO INVESTED HIS LITTLE SAVINGS ALONG WITH MY FRIENDS ? WE ARE NOT CHUCKING MUD AT ANYONE – MERELY STATING FACTS !
Does anyone know what CAN be done to try to get investors monies back to them????? what course of action should we all take??? we all need help not arguments.
There is nothing we can do as of yet. First the courts have to decide who is the guilty party. This takes time and costs money. If you ask me, they were all in on this together.
Whatever assets will be sold and money recovered, it is likely that only fractions of what was invested will then be divided equally (in the best case scenario) or on a ”first claim comes first” basis (in the worst case scenario), meaning the guys fighting them in court may have priorities. Also, if they chose to settle / and reasons to why is another story.
It all depends on proving how much was invested or what profits were made through time. If the investor made large profits (other people’s money), then since there never was anything to invest in, it won’t be considered as you’re money to keep.
In Bernie Madoff’s case the new numbers are a return to investors of 30c to a dollar or so. Better then nothing. Also there are rumours that he has stashed about $9 billion away.
I know those are US laws, however this case turning out to get bigger by the minute Madoff may just be used as precedent even here. Check this out:
Clearly this is an emotional topic because so many people have been affected. The problem is, maybe for obvious reasons, that the parties mentioned on this blog have not clarified anything. All that has been done is to point accusing fingers.
If Mr and Mrs Strubel did receive a letter in 2009 from an audit firm questioning the validity of the accounts being used to entice investors then it would be good to know what actions they took. If they sent it to their accountant, then it would be good to know from them who it was. Understanding it is a complex situation is one thing, but surely simply clearing up that point could help clear the Strubels of the blame some persons are apportioning on them. No answer, one might argue may only simply add to more questions about their role in the scheme.
I think on receiving monies back depends on who you gave money to. If those who you deposited monies with have assets/money from the scheme, then that should be distributed to their creditors. Those collectors who deposited with Saunders I imagine have to chase them.
With the suggested real rates being much higher than those investors received, can any of those collecting really believe that things were “kosher”. I am no expert in these fields but I expect things to take some time to unwind.
Another point to consider is that investors in the scheme who are net gainers may be asked to put those proceeds back as they are proceeds of crime. That may upset a few smug people.
Given the murky aspects of this scheme, it’s hard to believe that whilst some of the collectors may have operated legitimate companies to collect the money and made payments via correct ways such as CHAPS payments, I’d be surprised some cash wasn’t creamed off without the knowledge of the tax man.
If any of the collectors did this and bought assets or stored their proceeds either here or abroad, they may be open to a much sterner investigation from other authorities as questions of money laundering and tax evasion may also arise. For that reason, they may opt to use any gains from the scheme and settle with the creditors of the particular vehicles.
I can see from reading the comments here the pain and devastation that has been caused by this scandal, and I would ask people to consider others’ feelings even if you do not have shared allegiances.
The person I feel most sorry for here is Judy Lewis. She is clearly a trusting lady, who desperately wants to see the good in people. Preying on people’s trust is exactly why these schemes work and exactly how Michael Strubel and Jolan Saunders were able to rape and pillage their close friends and community (just like Mr Bernie Madoff). Judy wants believe that one of the highest courts in the land was wrong in granting a global freezing injunction against Strubel/Saunders. One day she is going to wake up, just like many of Strubel’s long-term friends have already done, and recognise that Strubel/Saunders are filthy, horrible, psychopathic bullies who spent her hard earned cash on fast cars, boats, holidays and properties. If Denise Strubel had any dignity or self-respect, she would put her head down and try to move on. Maybe some charity work would help give her peace of mind. If Judy Lewis had any sense, she would admit that she doesn’t really know or understand what happened here. She would wait to see how it pans out and not get sucked into the Strubel/Saunders propaganda battles.
Respect : Thank you for your thoughts. You are right. I am a trusting lady who wants to see good in people. I must state, I only trust and see good in the people who deserve it!! Respect is something that has to be earned! I am given to understand that when a freezing injunction is served against a person, while investigations are taking place they should be INNOCENT UNTIL PROVEN GUILTY. Denise has always done her utmost for charity. Denise & Michael had a charity event at their home recently (their 16-year-old daughter arranged this off her own back) on behalf of a daughter of Spencer Steinberg. Denise has dignity & self respect — why shouldn’t she — she has done nothing wrong. I’ve never seen Michael bully any one (in 20 years). He is a gentle giant with a big soft heart !
You are trusting — a wonderful quality — and you’re right to believe that persons should be innocent until proven guilty. However naivety is also a weakness. In earlier comments there were remarks about how high monthly returns were. I think investors should look at the lifestyles of those to whom they gave money and see if there was any noticeable change in their lifestyles and expenditure.
Whilst certain collectors may have been a victim of deceit higher up in the chain, can they honestly look in the mirror and be comfortable in the knowledge that the image looking back provided investors with the full information they had at their own disposal?
Why would they do that, if Steinberg is one of the characters that you say cheated all your friends together with Saunders, yet your pals the Strubels are holding a party for their daughter, albeit for charity?
If a pal of mine had cheated me out of millions and used my name, I doubt I would be having a charity do, in my house.
Still you seem to want to blame everybody else, bar your good pals. There are people I know who see things very differently.
Judy Lewis — accusing their accountant Spencer Steinberg is an easy option. If he didn’t have sight of the 2009 letter questioning the validity of the accounts, then it doesn’t seem fair to point accusing fingers at him. For all we know, he could have been deceived by the Strubels.
If the Strubels would like to clarify that they sent him the letter, then that may provide you with some comfort in that at least they took steps to check, and possibly, on advice given, believed everything to be okay.
Something on this forum may help clarify the situation and prevent any further mud-slinging. I think wishful thinking. The sums involved seem huge. I am sorry for your financial circumstance, but if the Strubels, like other collectors, were receiving high rates of return from the Saunders over a 4-5 year period, it’s hard to believe they don’t have any money to pay you back.
You can only put on here what you believe to be true. For Denise or Michael Strubel, the implications of putting false information or comments about individuals may carry possible actions later. If what you stated earlier about the role of their accountant is true, then they should have no problem stating it here. The fact they don’t suggests that may be you’ve been a victim, as Respect suggests.
Hope is out there. Like others, you have invested in a vehicle that paid out handsomely over a certain period of time. If these people have any morality left, they should dig deep and repay their investors. It’s hard to believe that certain collectors didn’t realise that the scheme was not quite as they may have wrapped it up to investors.
Voice of Reason – I would have thought it was obvious, that the charity evening took place a few months before all this came out. It wasn’t a party – it was a charity evening.
Peter – there are some rumours that various persons collecting for Saunders received large cash payments.
Judy Lewis – unfortunately you appear too loyal. Ask the Strubels if they received cash and what they did with it.
Regarding the 2009 letter you claim their accountant checked and Mrs Strubel also mentions accountants checked. Maybe she and her husband wouldn’t know if accounts need to be signed off and were legitimate but she has yet to confirm any of this. If ,as you suggest, Steinberg saw the letter and did the due diligence around the accounts then why doesn’t she say so.
The answer is because maybe they didn’t and possibly held back papers from Steinberg which could have helped him and his investors.
The floor awaits Mrs Strubel. One might argue that any silence confirms that they were closer to Saunders and never gave others only the information that would keep the scheme going.
I have just seen the property of Jolan Saunders in Florida BOCA RATON which he paid $100,050.00 for in August 2008. I am sick to feel that other people’s hard earned cash has probably gone to pay for these luxuries. I pray to GOD that they will have to pay every penny back. And I am sorry if I am offending anyone else but I believe in my heart that Saunders and Strubel are both guilty, that is my gut feeling, the more I look the more I am finding that there are other companies still running under these names.
It’s not gossiping. You and your husband are central characters in a scheme. The questions being asked around letters and accounts are factual. Judy Lewis seems to have a loyalty towards you and accuses Spencer Steinberg as your accountant. Surely for Mr Steinberg’s family’s sake, you can clear that up. By failing to, readers of these comments will draw their own conclusions as to you and your husband’s involvement.
It’s not gossip. Fact: through your companies you took investors money. Fact:the scheme was fraudulent. Fact: you seem unwilling to clear up the previous points which leaves possibly innocent parties having mud slung at them.
Maybe you guys played your accountant rather than the other way around. It seems you cannot answer, not because of gossiping but because of incrimination. Read Judy Lewis’s comments. She still believes in you. Do you want to tell her about the tooth fairy — or shall I?
FACT – WHAT ABOUT THE STRUBELS BEING INNOCENT PARTIES AND HAVING MUD SLUNG AT THEM ??
FACT – SPENCER STEINBERG – WAS THE ACCOUNTANT – HE IS EXCELLENT AT PLAYING – NOT BEING PLAYED – WHY HAS HE RUN AWAY FROM ALL HIS CLIENTS & LIFE LONG FRIENDS WHO INVESTED ? ( SURELY, IF YOU ARE INNOCENT YOU FACE AT LEAST YOUR FRIENDS ???? ).
by the way – I KNOW ALL ABOUT THE TOOTH FAIRY !!!!
FACTS : JOLAN SAUNDERS & SPENCER STEINBERG HAVE NOT TAKEN ANY CALLS FROM ANY INVESTORS. FACTS: JOLAN SAUNDERS & SPENCER STEINGBERG HAVE NOT MET WITH ANY OF THE INVESTORS. IF ANYONE TRIES TO CONTACT THEM, THEY RECEIVE A LETTER FROM THEIR SOLICITORS STATING THIS IS THE ONLY MEANS OF COMMUNICATION ! ( I’D LOVE TO KNOW WHO IS PAYING THEIR LEGAL FEES – WHERE’S THE MONEY COMING FROM ? ). AS ANON, THINKS – I MUST BELIEVE IT’S FROM THE TOOTH FAIRY !!!! FACTS : MICHAEL STRUBEL IS THE ONLY GENTLEMAN WHO HAS MET AND SPOKEN WITH ALL HIS INVESTORS, AND DOES SO ON A REGULAR BASIS. ( NO NEED TO HIDE BEHIND SOLICITORS or ANYONE ELSE !) FACT: JOLAN SAUNDERS TELLING HIS SOLICITORS -MICHAEL STRUBEL MADE HIM DO IT – I SUPPOSE – MICHAEL MADE HIM BUY HIS HOME IN FLORIDA, HIS HOUSE IN ENGLAND, ALL HIS CARS, PRIVATE SCHOOL FOR HIS CHILDREN etc. etc. and EVEN NOW – THAT MICHAEL HAS NOTHING TO DO WITH JOLAN – HE IS MAKING HIM AND HIS FAMILY – TRAVEL ON WONDERFUL HOLIDAYS !!!! ( THIS IS AN EXCUSE WE ALL USED WHEN WE WERE 6 YEARS OLD !)
FACT: Jolan has nothing in comparison to Strubel. He lives in a modest house on a morgage. Drives a Kia. And lives in the US on and off since he was a child. His father used to live in Florida waay back. Nevertheless he is most likely just as guilty.
In contrast to Strubel who has numerous TOP end cars, yacht and very very pricey properties. Flashing about.
Since no matter how good business may have been since the two or ”TRIO” got together, the turnover couldn’t possibly been as lucrative so soon after hooking up as to going and accumulating this pricey lifestyle. All within the last 5 years, most the last 2. You explain that please?
Judy Lewis – blinded by loyalty. The Strubels clearly won’t answer questions about letters etc. I wouldn’t suggest they are the only ones who knew what deception was going on. But do you honestly think they didn’t know anything?
I take it they can read. If you get a letter and it states false accounts are being used what do you do? Keep quiet and continue to accept investors’ money? You’d think they’d verify. They have answered nothing. Only you claim their accountant checked it.
From that, I take it they told you of the letter before you invested, so you could assess the risks.
It seems Saunders has admitted to his part. The Strubels, from what you say, have the ability to turn water in to wine so must have funded their lifestyle legitimately.
I think the best all these people who collected can do is to put back what they have taken out to help investors.
Rumour has it that Steinberg has met with investors and is prepared to put money back. Maybe he is the one with a sense of morality or perhaps he has assessed the risk that, if this doesn’t go away, then a full investigation by police, customs and excise, HMRC etc may make things worse.
I do sympathise because clearly your loss is great but do you honestly believe the Stubels told you everything they knew about this scheme?
As Saunders seems to be blaming your friend Michael, they seem to be blaming Steinberg. You mention innocent until…. but you have no qualms about accusing Steinberg
Hard to believe they are all free of any blame. Hey but at least Michael came and said sorry so its all okay!
The Strubels have answered everything to solicitors and investors known to them. Saunders has admitted to his part – HE COMMITTED THE FRAUD!! Michael turned water into wine from many years of hard work before he even met Jolan. I’ve actually spoken to a best lifelong friend of Spencer (another investor) who thought his friendship was more like that of a brother — but he won’t take his calls or speak to him. I’ve also spoken to clients of Spencer who have said the same thing — who has he met with personally — Jolan?? Michael is not blaming Spencer. It is me who is telling you these facts — not Michael. Michael never said sorry to anyone. He explained to all concerned what has gone on. Why should he say sorry — when he has nothing to be sorry about! He too is a victim! I have know Jolan and his parents all my life – Jolan has NEVER lived in America and NEITHER has Eddie — what a load of LIES & RUBBISH !!! IF YOU’RE GOING TO PUT COMMENTS, THEN PUT THE TRUTH, IF YOU EVEN KNOW WHAT THAT MEANS. Everyone knows that Jolan doesn’t live in a MODEST house! Where is his Bentley, Porsche &a Range Rover and his home in America cost one and half million dollars. Michael doesn’t own any homes abroad.
Also I thought that Jolan and the Strubels didn’t know eachother up until 2005. But if you have known the Strubels for 20 years and Jolan all his life. That means they must have known of eachother pretty well?
Jolan has owned the house he has in Florida for many years and I believe it’s worth $800 000.
The bottom line is it’s hard to believe that none of them knew things weren’t exactly as they led investors to believe. What we can be sure of is that, given the sums of money and the high payments they all received none of the names on the blog accused of involvement can plead poverty unlike some investors now.
If they have any decency left then hopefully they will return these gains to investors. It’s likely that much of what they have purchased over these 4-5 years is not from hard, honest graft, but effectively investors’ money. They can either leave a legacy that may haunt them and their children for the rest of their lives or return the gains and make the best of a bad situation.
I don’t think it’s worth spending time accusing this one or that one and debating who is the saint or who the sinner. Many have seen documents that the collectors saw, and recognised within a few minutes of reading that any scheme attached to these would be risky.
Are any of them blameless? Maybe some are more blameworthy than others. Even looking at the freezing order. There are rumours that there is email traffic suggesting they can see money coming in from investors which was given to them rather than from monies from hotel chains. If that’s true, then seems a bit rich freezing peoples assets when in reality you are taking effectively being paid by other investors not hotels.
It’s murky but I think what would be helpful would be to share any information about how anyone could get money back or advice. Interesting that in the Madoff scheme funds, specialist debt funds will buy the debt. Maybe in time given the sums, they will look at this once more information comes to light. I am positive that some monies and assets will be returned to investors. Maybe not all, but still a meaningful recovery.
Repeat … I have just seen the property of Jolan Saunders in Florida BOCA RATON for which he paid $100,050.00 in August 2008. I am sick to feel that other people’s hard earned cash has probably gone to pay for these luxuries. I pray to GOD that they will have to pay every penny back. And I am sorry if I am offending anyone else but I believe in my heart that Saunders and Strubel are both guilty, that is my gut feeling. The more I look, the more I am finding that there are other companies still running under these names. This can be checked on the internet. Have a look at the house Michael owns in Camlet Way, Hertfordshire. Check it out on http://www.192.com
Keep looking and you’ll probably find that the three amigos also have a few assets like property together. Two things seem of high certainty.
1) They all still have valuable assets earned through the life of the scheme. 2) You won’t find it in their current accounts.
Hopefully they will bring it to the table when they try and sort things out with investors. Its too much money just to completely disappear.
However, for time being, expect the same old finger-pointing. For all we know they could all still be colluding and liquidate assets for themselves once the dust settles.
AFFECTED (LIAR) – JUST BECAUSE I HAVE KNOWN THE SAUNDERS ALL MY LIFE & THE STRUBELS FOR OVER 20 YEARS DOESN’T MEAN THEY KNEW EACH OTHER. THEY MET approx 5/6 years ago UNDER TOTALLY DIFFERENT CIRCUMSTANCES WHICH HAD NOTHING TO DO WITH ME OR WHO I KNEW. YOU MUST LIVE IN A VERY SMALL WORLD! I THANKFULLY, HAVE MANY, MANY FRIENDS AND NO, THEY DON’T ALL KNOW ONE ANOTHER.
JOLAN SAUNDERS HAS NOT OWNED HIS HOUSE IN FLORIDA FOR MANY YEARS – WHY ARE YOU STATING THESE LIES? HE HAS OWNED IT FOR 3 YEARS. I AM NOT LIAISING WITH YOU ANY MORE.
FIRSTLY YOU DON’T HAVE THE GUTS TO PUT YOUR NAME AND EVERYTHING YOU PUT IS A LIE — I WILL NOT STOOP SO LOW TO ANSWER YOUR LIES! YOU FORGET THAT MANY PEOPLE ARE READING YOUR COMMENTS AND KNOW THEY ARE LIES, WHOEVER YOU ARE — YOU ARE MAKING A FOOL OF YOURSELF AND PEOPLE ARE LAUGHING AT YOU !
I think that all the investors should get together to decide what they should do ..but alas I cannot see that happening!! But I for one will not let the dust settle.
Sheila – you seem to be a real lady – I hope for all our sakes – the dust doesn’t settle until this awful situation comes to a satisfactory conclusion for all the investors.
I know that all assets are being frozen and is also with various valuation departments ready to go into receivership. I have no doubt that the assets will be sold off for a pittance and most investors will get very little money back compared to what has actually been invested. I can also make you all aware that a few friends of mine are now in discussions with the serious fraud squad and crime divisions ready to take criminal action Messrs Strubel, Saunders and Steinberg as most action so far has been civil. I am amazed it has taken this long to filter into the hands of the police and that the accused have been left to pull the wool over their “friends” eyes! Mts Strubel your new silent stance speaks a thousand words.
I don’t think anyone will get answers from here. Too much mud-slinging is going on and you can see that perople’s feelings are getting affected.
If i can make a suggestion. I think investors should go back to their respective collectors and ask them to put down what assets they are going to ringfence for investors. I don’t think there is really anyone on this blog that believes these people have not accumulated significant assets during the scheme’s lifetime.
If they tell you they have nothing, you can draw your own conclusions regarding character and honesty.
I expect the truth is they have much but certain assets are likely to be interlinked between themselves. That is the likely complication. Ask away. It would be interesting to hear the responses.
John – There was a very intimidating awful message left on this site for Mrs Strubel which Ian Fraser removed. Her silence is simply because, as she stated in her last entry – she is no longer looking or communicating on this site.
John, you seem quite sure its just those three and all of them rather than some or others. Wasnt there somebody who removed approx 2m before freezing. Also, did someone not get a debenture put on Saunders Elec after a debenture that was in place was allegedley fraudulantly replaced at comp house.
I am not aware too many people are going down the criminal route at this point as that is a long painful process that may achieve little.
So far you seem to be using this site to try and harrass Mrs Strubel. Regardless what may or may not have happened she is a woman and in my world a man needs to speak to a woman in a certain manner.
You also seem to be deflecting things away from other groups who have been responsible for collecting large sums of money.
Please lets keep this factual, informative and supportive to victims and not abusive.
Anon. I can tell you that it was in fact Mr Strubel who removed the £2,000,000 from the scheme but have no idea where this went. I would not say I am harassing anybody or making any form of intimidating comments. I am just here to find the truth as it is not nice to see your friends suffering and not able to pa bills or even feed their families properly without amassing more debt. I am sorry if you feel I have been offensive and can assure you that is not my aim. I will now leave this in the hands of the courts, police and g-d. Good luck to all who have lost money and I hope the truth comes out sooner rather than later.
June 2nd, 2010 at 9:18 am
Ironically, it looks like Brown’s twin legacies, the financial crisis and huge fiscal deficits, have put paid to plans for a single financial crime agency. See this David Leigh story from The Guardian, published Wednesday 2 June 2010.
June 18th, 2010 at 9:14 am
Chris
I too have had a few friends lose money with Michael Strubel and Jolan Saunders. Seems like a true Ponzi scheme to me. Apparently there was more than £50 million involved. I know that various people are taking action against them but don’t hold out much hope of recovering any funds.
June 26th, 2010 at 8:25 pm
Yes, I am not sure if it was in the US or UK, however I know his assets have been seized and the police are now involved. Not sure how the scheme worked though.
July 4th, 2010 at 9:57 pm
COMMENT REMOVED BY ADMINISTRATOR
July 6th, 2010 at 7:47 pm
I am an investor myself along with some friends – we too have lost everything. Michael Strubel is a very honourable man and he too is a victim of this scam. Jolan Saunders should not be allowed to walk free from this situation as it is he that has committed and admitted to these actions. It’s always easy to blame someone else. Michael only ever did good by Jolan and everyone he has ever known. Don’t always believe rumours until you know the truth and you know the characters you are dealing with. To blacken Michael’s name is disgraceful as he is as innocent as all the other victims.
July 17th, 2010 at 10:03 am
I too am an interested party to the Saunders Electrical Wholesale Ltd fraud Jolan Saunders and Michael Strubel.
I know that Strubel terminated his directorship in Saunders Electrical in May this year. I am interested to find out if investors have any chance of getting their money back. If they have used a Ponzi scheme, none of the investors knew this. Please, if anyone has any further information, PLEASE let me know.
July 18th, 2010 at 10:23 pm
Can you tell me how, a few years ago, Strubel was allegedly a cab driver, and miraculously, went to buying yachts and Ferraris, etc, etc, etc. Some £40 million has gone missing (at last count) and time will tell who’s been honourable here. There all sorts of rumours floating around, including one that Strubel has confessed it all. The things you hear!
July 18th, 2010 at 11:29 pm
Sorry folks but I can’t be of much assistance with this one right now. My knowledge of Michael Strubel and Jolan Saunders is limited. I am aware from Companies House that Michael Strubel had his directorship with Saunders Electrical Wholesalers terminated on 26th May 2010. He became a director of the company on 17th March 2009. The only director prior to that date was Danielle Eva Saunders, born 23rd February 1977. The company was first registered in August 2006. Jolan Saunders does not appear to have been a director. All I can find out about him from the web is that he was photographed by the Jewish Chronicle in 2003 carrying a shark that had earlier stuffed and put on display in JD Electrical Supplies, an East London store owned by his dad Eddie Saunders. The shark appears to have been displayed there in 1989. Despite what I said above (about welcoming comments, etc) I am slightly uncomfortable about having serious allegations about these perhaps innocent men being posted on my website. If a representative of the victims group could contact me via private email, that would be infinitely preferable to continuing to air such claims here.
July 19th, 2010 at 12:01 am
Maybe I can shed some light on the matter. There are a whole load of ridiculous rumors being spread around the Jewish community in North West London. The facts are that Jolan Saunders has admitted to doing the fraud to to the lawyers, and has alleged that Michael Strubel made him do it!! Michael Strubel was doing very well financially before ever meeting Mr Saunders. The person who said hat Michael was a cab driver a few years ago obviously doesn’t know him, so should really not be commenting.
July 19th, 2010 at 12:56 pm
It seems that most of the people leaving comments here are not personal investors, nor, thankfully for them, have they had anything to do with this disgusting situation:- They just love to gossip – on hearsay!! (they know someone, who knows someone!)
There are many investors who really are in awful financial situations (including Denise & Michael Strubel & children). We are all trying to keep our heads above water and not let this break our spirit! (We’ve all got kids, we have to keep going for!) Meanwhile Jolan Saunders and his family keep travelling abroad on holidays. For all of us, this is a very bitter pill to swalllow! Please don’t make comments unless you personally know for sure that they are true!
P.S. MICHAEL STRUBEL HAS NEVER BEEN A CAB DRIVER!!
July 19th, 2010 at 1:57 pm
THIS MESSAGE IS TO: THE VOICE OF REASON !!!!!!!!!!!!!!
IF YOU TRULY BELIEVE WHAT YOU ARE STATING – WHY DON’T YOU HAVE THE GUTS TO STATE YOUR NAME ????????
July 19th, 2010 at 8:23 pm
COMMENT REMOVED BY ADMINISTRATOR
July 19th, 2010 at 9:34 pm
I do not know who is the guilty party here Michael Strubel or Jolan Saunders but I can assure you that I am personally affected by this fraud and NOT a person interested in gossip…I am looking for cold hard facts, and want to know anything that will lead to the truth. This is all affecting my health, if someone is responsible for taking people’s hard earned cash while they are sitting on millions something has got to be done and resolved. It will come to light, as too many people are affected by this and are not prepared to let it go.
July 19th, 2010 at 10:03 pm
COMMENT REMOVED BY ADMINISTRATOR
July 19th, 2010 at 10:35 pm
I know Jolan personally…….and Eddie and Rochelle and Jolan’s wife and his kids…….I am not an investor and each side seems to be throwing mud at each other.
The facts are tens of millions are missing, the facts will become known, no doubt at a trial, which could take years to happen.
I apologise if any earlier comment offended re Michael Strubel (the gossip mongers:-( ) however Strubel and Saunders were partners, and you have to sell a staggering amount of light bulbs etc to raise £41m ( as reported )
I also do not know if any of them are on holiday either.
Goes back to that old old saying
”if something is too good to be true, then usually it is, ” etc, etc
I hope everybody somehow gets their money back, although judging by the above comments, that does seem hard to believe.
July 19th, 2010 at 10:52 pm
Affected says : Firstly you know my name, so please don’t refer to me as DEAR !!!!! I AM NOT A FAMILY MEMBER. I AM AN INVESTOR WHO HAS LOST EVERYTHING AND A VERY CLOSE FRIEND TO BOTH DENISE & MICHAEL. DENISE & MICHAEL ARE NOT CRIMINALS AND WHEN THIS COMES OUT IN COURT – YOU WILL FEEL VERY STUPID !! YOU STATE – WHO AM I ? WHO ARE YOU ?? WHY DON’T YOU PUT YOUR NAME – OBVIOUSLY – YOUR NAME IS COWARD !
Voice of reason : Who ever told you the money was from selling light bulbs – get your facts right !
We all know that Jolan, his wife & Children are in America on holiday. you don’t have to be Columbo to find out !
July 19th, 2010 at 11:02 pm
Gossip Finance – You were right when you put – Jolan is out of the picture. Jolan is never in the country long enough to be in the picture – too busy going backwards and forwards on holiday – It’s alright for some !
July 19th, 2010 at 11:03 pm
Then you have been properly done double, friend AND an investor who lost money?
But they have plenty, why don’t they take care of you?
Sounds to me you have NO CLUE what you are talking about.
July 19th, 2010 at 11:06 pm
Also, you shouldn’t be defending these people AND post youre name.
July 20th, 2010 at 9:08 am
You are right for once – I have been properly done, along with many others – but not by Denise & Michael.
They don’t have plenty of anything – how do you know? Who are you – coward ???
I will defend these people (my friends for over 20 years). I will always put my name to anything that I believe in. Which is more than I can say for you. If you really feel what you are stating is true, why wouldn’t you post you’re name ???? Stand up and be counted! We will know who you are when we see you – cos you’ll be the one with the yellow stripe down your back!!
July 20th, 2010 at 10:10 am
I must agree with Judy, if you are prepared to make such strong accusations, and believe what you are saying is true, why wouldn’t you leave your name. Why shouldn’t Judy leave her name you make it sound like she should be worried to do so. Obviously each parties friends will defend them, and very nice it is, but this blog is just making it possible for people to be very nasty without knowing the truth. There are some true facts that have emerged so far, but no criminal case as yet. I would like to ask Ian Frazer to put a stop to people using his blog in this way.
Thankyou
July 20th, 2010 at 7:15 pm
Looks like my question has opened up a whole can of worms.
I hope that the truth eventually comes out, but I am well aware that many perpetrators in such Ponzi schemes convincingly portray themselves as victims.
Ian,
I am sorry to have inadvertantly hijacked your blog on this issue.
July 21st, 2010 at 8:57 am
Chris, don’t worry about opening a can of worms. The can was already opened when this terrible situation was exposed. I too am hoping that the truth will come out, enabling ALL VICTIMS to understand and know what has really happened.
July 21st, 2010 at 10:49 am
Judy & Denise,
One thing that I find difficult to understand is how someone like Michael Strubel, who I believe is Head of Securities & Finance at LBBW, could be taken in by an obvious Ponzi scheme. Surely he would have been well aware of how these schemes operate?
He also seemed to use two of his companies to pass money through to Saunders Electrical, even though it is obvious from their accounts at Companies House, that they are a very small company with virtually no assets.
July 21st, 2010 at 7:40 pm
Michael Strubel Head in anything, is this a joke?????
I think this site is entirely for the Strubel family and friends defending themselves/ each other. Clearly.
There is no “Strubel’ in any head of finance or head of anything listed, WORLDWIDE.
Clearly just Strubel himself disguised as someone else here on this lonely site…….
July 21st, 2010 at 8:46 pm
A) The site currently gets about 8,000 unique page views per month. So ‘lonely’ isn’t really an appropriate adjective for it.
B) The site is not “for” Strubel and his defenders. If the site has been colonized by Strubel, his family and friends, then this has absolutely nothing to do with me.
C) Perhaps unsurprisingly given the sums that have reportedly been lost, the alleged Saunders Electrical Wholesalers “Ponzi” scheme arouses a lot of passion among people — with a wide range of views as to who was responsible.
D) Nobody has yet explained how the alleged scam was actually pulled off, how it operated in practice. Nor have I even seen any evidence that the scam occurred! There appears to be no coverage anywhere else on the internet.
E) From this point on, I’m going to be much more selective about which comments relating to the alleged “Ponzi” scheme are allowed to appear/remain on this site.
July 21st, 2010 at 9:02 pm
Ian
It is true that investors including a member of my family invested with Saunders, and I believe that an investor has had Saunders assets frozen, and has complained to fraud squad. It is also true that it was Michael Strubel who signed the document when the cheque was handed over to Strubel the document also stated that it was Zac fashions, a company owned by Saunders electrical wholesale, regular payments were made as the agreement and all of a sudden they stopped, and she was informed by another investor who she knows that Sanders and co assets have been frozen, we know nothing more. I would like to get as much information as to the truth in this matter.
There must be a guilty party here, but who Saunders or Strubel???? If you could find anything I hope you will port it on your site.
July 22nd, 2010 at 1:27 am
I have known Michael Strubel for many years and is a kind and honourable man .
Everyone is so quick to slag him and Denise off, when they really have no clue about them or the situation. Stop gossiping and, if u want to gossip, have the guts to leave your name!!
July 22nd, 2010 at 11:50 am
Sheila – I feel sad for your member of family as I do for myself and all other victims. The person using the title “Affected” just seems to be slinging mud – but not doing anything constructive to help all the victims. I feel that only the people who know what they are talking about should put messages on this site. We will all find out the truth in the end and I am hoping that some miracle will happen and all victims will come through this awful situation!
July 22nd, 2010 at 1:14 pm
Judy Lewis ”
Voice of reason: Who ever told you the money was from selling light bulbs – get your facts right!
We all know that Jolan, his wife & children are in America on holiday. You don’t have to be Columbo to find out!”
Sadly, everything is being aired here, apart from the facts……all will out in time and you’ve taken my comments out of context with regards the light bulbs, and it’s true that the family are in the US although I’m not sure Jolan is with them.
Make what you want out of that…I don’t care…..if JS has committed this fraud, then he can rot in hell. I’m not on anyone’s side here
These cases are so complex it could take years for it to come to court. In the meantime, please feel free to continue to throw mud in my general direction.
July 22nd, 2010 at 2:42 pm
I must say there seems to be a lot of emotion on this site and I can understand why.
In the eyes of many investors who lost money is that all directors were as guilty as each other.
I understand people wanting to defend friends that they have known for years but the bottom line is that Mr Madoff also robbed his “close” friends to the sum of £26 billion.
It is impossible for somebody to not have a clue what was happening right under their nose. Mr Strubel I hear had a fantastic collection of cars, bikes, boats and properties and must have wondered how the business he was a director of was doing so well. He must have seen accounts etc or is it a case that Mr Strubel was just too stupid to see what was going on. You would have thought that if a man was going to his close friends and family who were not worth fortunes to get their hard-earned money, he would have had a better idea of where their money was going.
I’m open to your comments and am interested to see the results as a few of my close friends are now penniless.
July 22nd, 2010 at 5:06 pm
John Littleton… not that it is any of your business, but I would just like to put you straight, if you don’t mind.
Michael did see accounts and bank statements, as did accountants that were sent in by investors. The problem was they were all forged, by Jolan, who has openly admitted it. So stop trying to be so clever when in fact you are just guessing.
If you know every one so well, why do you think it is that Michael is the only one who is talking to people and has not turned his back?
July 22nd, 2010 at 5:53 pm
This case is ongoing starting back in May. Even mentioned the cover of Jewish news>>>>
http://www.totallyjewish.com/the_jewish_news/view/c-14070/jewish-news-jn-638-210510/?no_login=1
COMMENT EDITED BY ADMINISTRATOR
July 22nd, 2010 at 8:59 pm
I have read all the comments in regard to the above Saunders/Strubel allegations. I find it sad that the only way this matter is hitting the headlines in today’s day and age is via this blog site (sorry Ian!)
This case seems to involve well in excess of £60m and whilst this may be a few zeros below the Madoff type scandal there has been very little interest shown by the UK police and or press.
What is certain is that this scheme or scam has been going on for over 5 years and during this time the proceeds of investors hard-earned money has been used in a ‘lifestyle’ type ponzi scheme.
Sauders Electrical company borrowed investors’ monies both directly from investors as also via third parties such as Michael Strubel, Zac Fashions Ltd, Hole in One Ltd , Camelot Capital Ltd, JD Stone Ltd and various other companies.
The monies were meant to be used for purchases of electrical goods needed in the hotel industry & the supply to the Olympic village.
Yet whilst there was a company and certainly some legitimate orders by hotels lots of zeros were added onto invoices & accounts that would appear to have been forged by Jolan Saunders. Did Michael Strubel know about the forging of documents? Possibly not for a few years.
But in April 2009 he received a letter from one of the UK’s leading audit firms stating that the accounts that were being passed around to investors & then to their accountants who were doing relevant due diligence on the scheme were 100% forged. At the same time the auditors informed SOCA, the relevant police department for UK fraud. Did they put a stop to this scheme? Apparantly not.
It was not until May 2010 when Jeremy Stone & his solicitors Mishcon de Reya applied to the High Court for a worldwide freezing order to be made against all accounts and assets of both Saunders and Strubel that the shit hit the fan
Since this day all parties have been blaming each other via solicitors, with some using less profesional methods.
The bottom line is lots of innocent, maybe greedy, investors, have lost lots and lots of money, some of the accused are being more sincere than others but, as mentioned above, the truth will come out in the wash.
It is a shame that the individual investors trusted their friends, accountants etc and agreed to invest relying solely on their word that the scheme was true. Had investors been allowed to see copies of the orders, accounts, insurance info on the fact that members of the Saunders family had previously been disqualified from being directors of UK companies and much, much more, then possibly not as many people would have invested and lost their monies in the scam
Whilst some will get some money back due to insisting on personal guarantees or charges placed on assets, most won’t .
Mr Stone and his solicitors continually blame all parties in their sworn affadavit, yet it is clear that some of this sworn statement is of questionable veracity that and even this innocent went ahead after instructing his solicitors and withdrew nearly £2m the day before the freezing orders were made…
What a mess! And all this to the above-mentioned in return for them paying or getting paid over 7% each month for monies loaned and borrowed, although it is now clear that they chose not to pass on these type of returns to their investors.
And to those of you out there thinking, yes I am an investor who has lost a substantial amount of money and I know many others who have also lost many many hundreds of thousands of pounds…..
July 23rd, 2010 at 10:59 am
I am wondering how everyone is commenting and mentioning names and yet Spencer Steinberg’s name has been left out of everything. He is involved in this mess and had many investors (friends of mine & his) and clients at his accountancy firm, that have also been left penniless. He’s just ignored everyone, won’t take their calls, won’t meet them. Spencer & Jolan Saunders just started up again in business — I’d like to know on who’s money.
And Jolan is definitely in America on another holiday!! (on who’s money ??). I am about to have my phone, gas & electric cut off — this really isn’t fair. I am a single mum with a 12-year-old child.
Jolan & Spencer have no morals or principals and are still leading a high life on our money! This is not justice! Where are they getting the money from, if as they claim they have nothing! They are laughing at all of us and making Michael, a decent upright honest man the scapegoat.
July 23rd, 2010 at 12:54 pm
Ms Lewis,
Are you claiming that Steinberg and Saunders have started up in business separately or together?
Also, Mrs Strubel, if the Segal gentleman is correct and you and/or your husband did receive a letter from an audit firm stating that the accounts supplied by Saunders for potential investors were falsified/forged, why did you not take the matter further?
Possibly you find the world of audits and accounts as confusing as most of us. But if so, why did you not seek the advice of your accountant with regards to the documentation’s meaning?
July 23rd, 2010 at 2:07 pm
ANON – I AM NOT CLAIMING THAT SAUNDERS & STEINBERG HAVE SET UP BUSINESS TOGETHER. THEY ARE TOO GREEDY TO SHARE ANYTHING – THEY HAVE SET UP BUSINESSES SEPERATELY. ANYONE WHO COMES IN CONTACT WITH EITHER OF THEM – FOR YOUR OWN SAKES – STEER CLEAR !
July 23rd, 2010 at 2:48 pm
Mrs Strubel.
I would be interested to hear your comments as to why your husband did nothing but take more money when he received this letter from the auditors in 2009??
Thanks
July 23rd, 2010 at 3:53 pm
I fear wishful thinking to get a reply, Mr Littlejohn. If they knew and did nothing then I imagine all their investors would want to know why they allowed them to have any funds in a scheme in the knowledge that the accounts may be false
Alternatively, if they sought and indeed got advice from an accountant they trusted, then at least they did try and take steps to verify the information
Clearly such information, if known, would have affected people’s decisions to invest and with the rates being as high as suggested in previous comments, the longer it went on the more that some benefited
Maybe the blog is being used by the Strubels to chuck mud at Saunders in the hope of avoiding any suspicion of collusion post the scheme ending?
July 23rd, 2010 at 5:49 pm
ANON – IN ANSWER TO YOUR LAST PARAGRAPH – MICHAEL DID SEEK ADVICE FROM THE ACCOUNTANT – GUESS WHO THAT WAS ?? NO OTHER THAN – SPENCER STEINBERG !!!!!!
July 23rd, 2010 at 6:20 pm
ANON – YOU SAY THIS SITE IS BEING USED BY THE STRUBELS – AS FAR AS I CAN SEE – DENISE STRUBEL HAS ONLY COMMENTED TWICE AND IN A VERY LADYLIKE MANNER. NO ONE HAS ASKED ANYONE TO PUT ANYTHING ON THIS SITE. AS AN INVESTOR AND SOMEONE WHO KNOWS THEM I AM ONLY STATING WHAT I KNOW TO BE THE CASE ! WHY WOULD I PUT LOVELY THINGS ABOUT MY FRIENDS IF I FELT THAT THEY HAD DONE WRONG TO ME AND MY CHILD WHO INVESTED HIS LITTLE SAVINGS ALONG WITH MY FRIENDS ?
WE ARE NOT CHUCKING MUD AT ANYONE – MERELY STATING FACTS !
July 23rd, 2010 at 6:31 pm
J. Lewis: ” They don’t have plenty of anything – how do you know? Who are you – coward ???”
Were you the one stating these facts?
Now if these are ”facts”, then anything you are posting is questionable.
July 23rd, 2010 at 7:09 pm
Does anyone know what CAN be done to try to get investors monies back to them????? what course of action should we all take??? we all need help not arguments.
July 23rd, 2010 at 7:38 pm
There is nothing we can do as of yet. First the courts have to decide who is the guilty party. This takes time and costs money. If you ask me, they were all in on this together.
Whatever assets will be sold and money recovered, it is likely that only fractions of what was invested will then be divided equally (in the best case scenario) or on a ”first claim comes first” basis (in the worst case scenario), meaning the guys fighting them in court may have priorities. Also, if they chose to settle / and reasons to why is another story.
It all depends on proving how much was invested or what profits were made through time. If the investor made large profits (other people’s money), then since there never was anything to invest in, it won’t be considered as you’re money to keep.
In Bernie Madoff’s case the new numbers are a return to investors of 30c to a dollar or so. Better then nothing. Also there are rumours that he has stashed about $9 billion away.
I know those are US laws, however this case turning out to get bigger by the minute Madoff may just be used as precedent even here. Check this out:
http://online.wsj.com/article/SB10001424052748703340904575285014178289280.html
July 23rd, 2010 at 8:52 pm
Clearly this is an emotional topic because so many people have been affected. The problem is, maybe for obvious reasons, that the parties mentioned on this blog have not clarified anything. All that has been done is to point accusing fingers.
If Mr and Mrs Strubel did receive a letter in 2009 from an audit firm questioning the validity of the accounts being used to entice investors then it would be good to know what actions they took. If they sent it to their accountant, then it would be good to know from them who it was. Understanding it is a complex situation is one thing, but surely simply clearing up that point could help clear the Strubels of the blame some persons are apportioning on them. No answer, one might argue may only simply add to more questions about their role in the scheme.
I think on receiving monies back depends on who you gave money to. If those who you deposited monies with have assets/money from the scheme, then that should be distributed to their creditors. Those collectors who deposited with Saunders I imagine have to chase them.
With the suggested real rates being much higher than those investors received, can any of those collecting really believe that things were “kosher”. I am no expert in these fields but I expect things to take some time to unwind.
Another point to consider is that investors in the scheme who are net gainers may be asked to put those proceeds back as they are proceeds of crime. That may upset a few smug people.
Given the murky aspects of this scheme, it’s hard to believe that whilst some of the collectors may have operated legitimate companies to collect the money and made payments via correct ways such as CHAPS payments, I’d be surprised some cash wasn’t creamed off without the knowledge of the tax man.
If any of the collectors did this and bought assets or stored their proceeds either here or abroad, they may be open to a much sterner investigation from other authorities as questions of money laundering and tax evasion may also arise. For that reason, they may opt to use any gains from the scheme and settle with the creditors of the particular vehicles.
I can see from reading the comments here the pain and devastation that has been caused by this scandal, and I would ask people to consider others’ feelings even if you do not have shared allegiances.
July 23rd, 2010 at 9:09 pm
Thank you for that, please if you have any further information or hear or anything please let me know.
July 23rd, 2010 at 9:46 pm
The person I feel most sorry for here is Judy Lewis. She is clearly a trusting lady, who desperately wants to see the good in people. Preying on people’s trust is exactly why these schemes work and exactly how Michael Strubel and Jolan Saunders were able to rape and pillage their close friends and community (just like Mr Bernie Madoff). Judy wants believe that one of the highest courts in the land was wrong in granting a global freezing injunction against Strubel/Saunders. One day she is going to wake up, just like many of Strubel’s long-term friends have already done, and recognise that Strubel/Saunders are filthy, horrible, psychopathic bullies who spent her hard earned cash on fast cars, boats, holidays and properties. If Denise Strubel had any dignity or self-respect, she would put her head down and try to move on. Maybe some charity work would help give her peace of mind. If Judy Lewis had any sense, she would admit that she doesn’t really know or understand what happened here. She would wait to see how it pans out and not get sucked into the Strubel/Saunders propaganda battles.
July 24th, 2010 at 1:24 am
Respect :
Thank you for your thoughts. You are right. I am a trusting lady who wants to see good in people. I must state, I only trust and see good in the people who deserve it!! Respect is something that has to be earned! I am given to understand that when a freezing injunction is served against a person, while investigations are taking place they should be INNOCENT UNTIL PROVEN GUILTY.
Denise has always done her utmost for charity. Denise & Michael had a charity event at their home recently (their 16-year-old daughter arranged this off her own back) on behalf of a daughter of Spencer Steinberg. Denise has dignity & self respect — why shouldn’t she — she has done nothing wrong. I’ve never seen Michael bully any one (in 20 years). He is a gentle giant with a big soft heart !
July 24th, 2010 at 10:54 am
You are trusting — a wonderful quality — and you’re right to believe that persons should be innocent until proven guilty. However naivety is also a weakness. In earlier comments there were remarks about how high monthly returns were. I think investors should look at the lifestyles of those to whom they gave money and see if there was any noticeable change in their lifestyles and expenditure.
Whilst certain collectors may have been a victim of deceit higher up in the chain, can they honestly look in the mirror and be comfortable in the knowledge that the image looking back provided investors with the full information they had at their own disposal?
July 24th, 2010 at 11:20 am
Why would they do that, if Steinberg is one of the characters that you say cheated all your friends together with Saunders, yet your pals the Strubels are holding a party for their daughter, albeit for charity?
If a pal of mine had cheated me out of millions and used my name, I doubt I would be having a charity do, in my house.
Still you seem to want to blame everybody else, bar your good pals. There are people I know who see things very differently.
The sooner the facts get out the better.
July 24th, 2010 at 2:59 pm
Judy Lewis — accusing their accountant Spencer Steinberg is an easy option. If he didn’t have sight of the 2009 letter questioning the validity of the accounts, then it doesn’t seem fair to point accusing fingers at him. For all we know, he could have been deceived by the Strubels.
If the Strubels would like to clarify that they sent him the letter, then that may provide you with some comfort in that at least they took steps to check, and possibly, on advice given, believed everything to be okay.
Something on this forum may help clarify the situation and prevent any further mud-slinging. I think wishful thinking. The sums involved seem huge. I am sorry for your financial circumstance, but if the Strubels, like other collectors, were receiving high rates of return from the Saunders over a 4-5 year period, it’s hard to believe they don’t have any money to pay you back.
You can only put on here what you believe to be true. For Denise or Michael Strubel, the implications of putting false information or comments about individuals may carry possible actions later. If what you stated earlier about the role of their accountant is true, then they should have no problem stating it here. The fact they don’t suggests that may be you’ve been a victim, as Respect suggests.
Hope is out there. Like others, you have invested in a vehicle that paid out handsomely over a certain period of time. If these people have any morality left, they should dig deep and repay their investors. It’s hard to believe that certain collectors didn’t realise that the scheme was not quite as they may have wrapped it up to investors.
July 24th, 2010 at 6:10 pm
You should look into his assets in the United States. Fact of the matter is he paid £2 million cash for a house in a very nice part of town. Greed.
July 24th, 2010 at 6:35 pm
Voice of Reason – I would have thought it was obvious, that the charity evening took place a few months before all this came out. It wasn’t a party – it was a charity evening.
July 24th, 2010 at 8:28 pm
Peter – there are some rumours that various persons collecting for Saunders received large cash payments.
Judy Lewis – unfortunately you appear too loyal. Ask the Strubels if they received cash and what they did with it.
Regarding the 2009 letter you claim their accountant checked and Mrs Strubel also mentions accountants checked. Maybe she and her husband wouldn’t know if accounts need to be signed off and were legitimate but she has yet to confirm any of this. If ,as you suggest, Steinberg saw the letter and did the due diligence around the accounts then why doesn’t she say so.
The answer is because maybe they didn’t and possibly held back papers from Steinberg which could have helped him and his investors.
The floor awaits Mrs Strubel. One might argue that any silence confirms that they were closer to Saunders and never gave others only the information that would keep the scheme going.
July 24th, 2010 at 10:55 pm
I AM NOT PREPARED TO LEAVE ANY FURTHER COMMENTS. I AM NOT INTO GOSSIPING.
July 24th, 2010 at 11:04 pm
I have just seen the property of Jolan Saunders in Florida BOCA RATON which he paid $100,050.00 for in August 2008. I am sick to feel that other people’s hard earned cash has probably gone to pay for these luxuries. I pray to GOD that they will have to pay every penny back. And I am sorry if I am offending anyone else but I believe in my heart that Saunders and Strubel are both guilty, that is my gut feeling, the more I look the more I am finding that there are other companies still running under these names.
July 24th, 2010 at 11:50 pm
Mrs Strubel,
It’s not gossiping. You and your husband are central characters in a scheme. The questions being asked around letters and accounts are factual. Judy Lewis seems to have a loyalty towards you and accuses Spencer Steinberg as your accountant. Surely for Mr Steinberg’s family’s sake, you can clear that up. By failing to, readers of these comments will draw their own conclusions as to you and your husband’s involvement.
It’s not gossip. Fact: through your companies you took investors money. Fact:the scheme was fraudulent. Fact: you seem unwilling to clear up the previous points which leaves possibly innocent parties having mud slung at them.
Maybe you guys played your accountant rather than the other way around. It seems you cannot answer, not because of gossiping but because of incrimination. Read Judy Lewis’s comments. She still believes in you. Do you want to tell her about the tooth fairy — or shall I?
July 25th, 2010 at 9:48 am
Anon :
FACT- WHO KNEW THE SCHEME WAS FRAUDULENT ?
FACT – WHAT ABOUT THE STRUBELS BEING INNOCENT PARTIES AND HAVING MUD SLUNG AT THEM ??
FACT – SPENCER STEINBERG – WAS THE ACCOUNTANT – HE IS EXCELLENT AT PLAYING – NOT BEING PLAYED – WHY HAS HE RUN AWAY FROM ALL HIS CLIENTS & LIFE LONG FRIENDS WHO INVESTED ? ( SURELY, IF YOU ARE INNOCENT YOU FACE AT LEAST YOUR FRIENDS ???? ).
by the way – I KNOW ALL ABOUT THE TOOTH FAIRY !!!!
July 25th, 2010 at 10:48 am
FACTS : JOLAN SAUNDERS & SPENCER STEINBERG HAVE NOT TAKEN ANY CALLS FROM ANY INVESTORS.
FACTS: JOLAN SAUNDERS & SPENCER STEINGBERG HAVE NOT MET WITH ANY OF THE INVESTORS. IF ANYONE TRIES TO CONTACT THEM, THEY RECEIVE A LETTER FROM THEIR SOLICITORS STATING THIS IS THE ONLY MEANS OF COMMUNICATION ! ( I’D LOVE TO KNOW WHO IS PAYING THEIR LEGAL FEES – WHERE’S THE MONEY COMING FROM ? ). AS ANON, THINKS – I MUST BELIEVE IT’S FROM THE TOOTH FAIRY !!!!
FACTS : MICHAEL STRUBEL IS THE ONLY GENTLEMAN WHO HAS MET AND SPOKEN WITH ALL HIS INVESTORS, AND DOES SO ON A REGULAR BASIS. ( NO NEED TO HIDE BEHIND SOLICITORS or ANYONE ELSE !)
FACT: JOLAN SAUNDERS TELLING HIS SOLICITORS -MICHAEL STRUBEL MADE HIM DO IT – I SUPPOSE – MICHAEL MADE HIM BUY HIS HOME IN FLORIDA, HIS HOUSE IN ENGLAND, ALL HIS CARS, PRIVATE SCHOOL FOR HIS CHILDREN etc. etc. and EVEN NOW – THAT MICHAEL HAS NOTHING TO DO WITH JOLAN – HE IS MAKING HIM AND HIS FAMILY – TRAVEL ON WONDERFUL HOLIDAYS !!!! ( THIS IS AN EXCUSE WE ALL USED WHEN WE WERE 6 YEARS OLD !)
July 25th, 2010 at 11:03 am
FACT: Jolan has nothing in comparison to Strubel. He lives in a modest house on a morgage. Drives a Kia. And lives in the US on and off since he was a child. His father used to live in Florida waay back. Nevertheless he is most likely just as guilty.
In contrast to Strubel who has numerous TOP end cars, yacht and very very pricey properties. Flashing about.
Since no matter how good business may have been since the two or ”TRIO” got together, the turnover couldn’t possibly been as lucrative so soon after hooking up as to going and accumulating this pricey lifestyle. All within the last 5 years, most the last 2.
You explain that please?
July 25th, 2010 at 11:54 am
Judy Lewis – blinded by loyalty. The Strubels clearly won’t answer questions about letters etc. I wouldn’t suggest they are the only ones who knew what deception was going on. But do you honestly think they didn’t know anything?
I take it they can read. If you get a letter and it states false accounts are being used what do you do? Keep quiet and continue to accept investors’ money? You’d think they’d verify. They have answered nothing. Only you claim their accountant checked it.
From that, I take it they told you of the letter before you invested, so you could assess the risks.
It seems Saunders has admitted to his part. The Strubels, from what you say, have the ability to turn water in to wine so must have funded their lifestyle legitimately.
I think the best all these people who collected can do is to put back what they have taken out to help investors.
Rumour has it that Steinberg has met with investors and is prepared to put money back. Maybe he is the one with a sense of morality or perhaps he has assessed the risk that, if this doesn’t go away, then a full investigation by police, customs and excise, HMRC etc may make things worse.
I do sympathise because clearly your loss is great but do you honestly believe the Stubels told you everything they knew about this scheme?
As Saunders seems to be blaming your friend Michael, they seem to be blaming Steinberg. You mention innocent until…. but you have no qualms about accusing Steinberg
Hard to believe they are all free of any blame. Hey but at least Michael came and said sorry so its all okay!
July 25th, 2010 at 3:07 pm
The Strubels have answered everything to solicitors and investors known to them. Saunders has admitted to his part – HE COMMITTED THE FRAUD!! Michael turned water into wine from many years of hard work before he even met Jolan. I’ve actually spoken to a best lifelong friend of Spencer (another investor) who thought his friendship was more like that of a brother — but he won’t take his calls or speak to him. I’ve also spoken to clients of Spencer who have said the same thing — who has he met with personally — Jolan?? Michael is not blaming Spencer. It is me who is telling you these facts — not Michael. Michael never said sorry to anyone. He explained to all concerned what has gone on. Why should he say sorry — when he has nothing to be sorry about! He too is a victim!
I have know Jolan and his parents all my life – Jolan has NEVER lived in America and NEITHER has Eddie — what a load of LIES & RUBBISH !!!
IF YOU’RE GOING TO PUT COMMENTS, THEN PUT THE TRUTH, IF YOU EVEN KNOW WHAT THAT MEANS. Everyone knows that Jolan doesn’t live in a MODEST house! Where is his Bentley, Porsche &a Range Rover and his home in America cost one and half million dollars. Michael doesn’t own any homes abroad.
July 25th, 2010 at 3:24 pm
No, he has just been down to Florida fishing with Jolan as a kid…. Back in 1989
http://www.stuckism.com/Shark.html
July 25th, 2010 at 3:38 pm
Also I thought that Jolan and the Strubels didn’t know eachother up until 2005. But if you have known the Strubels for 20 years and Jolan all his life. That means they must have known of eachother pretty well?
Jolan has owned the house he has in Florida for many years and I believe it’s worth $800 000.
July 25th, 2010 at 4:59 pm
The bottom line is it’s hard to believe that none of them knew things weren’t exactly as they led investors to believe. What we can be sure of is that, given the sums of money and the high payments they all received none of the names on the blog accused of involvement can plead poverty unlike some investors now.
If they have any decency left then hopefully they will return these gains to investors. It’s likely that much of what they have purchased over these 4-5 years is not from hard, honest graft, but effectively investors’ money. They can either leave a legacy that may haunt them and their children for the rest of their lives or return the gains and make the best of a bad situation.
I don’t think it’s worth spending time accusing this one or that one and debating who is the saint or who the sinner. Many have seen documents that the collectors saw, and recognised within a few minutes of reading that any scheme attached to these would be risky.
Are any of them blameless? Maybe some are more blameworthy than others. Even looking at the freezing order. There are rumours that there is email traffic suggesting they can see money coming in from investors which was given to them rather than from monies from hotel chains. If that’s true, then seems a bit rich freezing peoples assets when in reality you are taking effectively being paid by other investors not hotels.
It’s murky but I think what would be helpful would be to share any information about how anyone could get money back or advice. Interesting that in the Madoff scheme funds, specialist debt funds will buy the debt. Maybe in time given the sums, they will look at this once more information comes to light. I am positive that some monies and assets will be returned to investors. Maybe not all, but still a meaningful recovery.
July 25th, 2010 at 5:04 pm
Repeat … I have just seen the property of Jolan Saunders in Florida BOCA RATON for which he paid $100,050.00 in August 2008. I am sick to feel that other people’s hard earned cash has probably gone to pay for these luxuries. I pray to GOD that they will have to pay every penny back. And I am sorry if I am offending anyone else but I believe in my heart that Saunders and Strubel are both guilty, that is my gut feeling. The more I look, the more I am finding that there are other companies still running under these names. This can be checked on the internet. Have a look at the house Michael owns in Camlet Way, Hertfordshire. Check it out on http://www.192.com
July 25th, 2010 at 5:06 pm
He is also a director of Camlet Capital and Hole in One Ltd. Easy to check out.
July 25th, 2010 at 5:14 pm
Check out the company ecube, whose newly appointed director Rochelle Saunders I think is Jolan’s wife. If not, she is a close family member.
July 25th, 2010 at 5:16 pm
ecube is at the same address as Saunders Electrical Wholesalers Ltd in Hainault
July 25th, 2010 at 6:09 pm
Keep looking and you’ll probably find that the three amigos also have a few assets like property together. Two things seem of high certainty.
1) They all still have valuable assets earned through the life of the scheme.
2) You won’t find it in their current accounts.
Hopefully they will bring it to the table when they try and sort things out with investors. Its too much money just to completely disappear.
However, for time being, expect the same old finger-pointing. For all we know they could all still be colluding and liquidate assets for themselves once the dust settles.
July 25th, 2010 at 6:38 pm
AFFECTED (LIAR) – JUST BECAUSE I HAVE KNOWN THE SAUNDERS ALL MY LIFE & THE STRUBELS FOR OVER 20 YEARS DOESN’T MEAN THEY KNEW EACH OTHER. THEY MET approx 5/6 years ago UNDER TOTALLY DIFFERENT CIRCUMSTANCES WHICH HAD NOTHING TO DO WITH ME OR WHO I KNEW. YOU MUST LIVE IN A VERY SMALL WORLD! I THANKFULLY, HAVE MANY, MANY FRIENDS AND NO, THEY DON’T ALL KNOW ONE ANOTHER.
JOLAN SAUNDERS HAS NOT OWNED HIS HOUSE IN FLORIDA FOR MANY YEARS – WHY ARE YOU STATING THESE LIES? HE HAS OWNED IT FOR 3 YEARS.
I AM NOT LIAISING WITH YOU ANY MORE.
FIRSTLY YOU DON’T HAVE THE GUTS TO PUT YOUR NAME AND EVERYTHING YOU PUT IS A LIE — I WILL NOT STOOP SO LOW TO ANSWER YOUR LIES! YOU FORGET THAT MANY PEOPLE ARE READING YOUR COMMENTS AND KNOW THEY ARE LIES, WHOEVER YOU ARE — YOU ARE MAKING A FOOL OF YOURSELF AND PEOPLE ARE LAUGHING AT YOU !
July 25th, 2010 at 7:05 pm
I think that all the investors should get together to decide what they should do ..but alas I cannot see that happening!! But I for one will not let the dust settle.
July 25th, 2010 at 8:51 pm
Bentleys gone, Range Rover has gone, replaced by a Saab… Jolan used to buy all Strubel’s cast-offs I believe…..
Going round in circles otherwise, aren’t we?
Anybody got an idea if there’s any money left and, if so, where it is?
July 25th, 2010 at 9:04 pm
There is property several in MS and JS names plus some in the names of family members who are directors of Saunders
July 25th, 2010 at 10:39 pm
Sheila – you seem to be a real lady – I hope for all our sakes – the dust doesn’t settle until this awful situation comes to a satisfactory conclusion for all the investors.
July 25th, 2010 at 10:41 pm
Thank you Judy… I hope for all our sakes we can get our hard-earned money back… I am praying.
July 26th, 2010 at 9:08 am
I know that all assets are being frozen and is also with various valuation departments ready to go into receivership.
I have no doubt that the assets will be sold off for a pittance and most investors will get very little money back compared to what has actually been invested.
I can also make you all aware that a few friends of mine are now in discussions with the serious fraud squad and crime divisions ready to take criminal action Messrs Strubel, Saunders and Steinberg as most action so far has been civil.
I am amazed it has taken this long to filter into the hands of the police and that the accused have been left to pull the wool over their “friends” eyes!
Mts Strubel your new silent stance speaks a thousand words.
July 26th, 2010 at 9:11 am
VOICE OF REASON – Michael has NEVER owned a Saab !!!
July 26th, 2010 at 9:15 am
I don’t think anyone will get answers from here. Too much mud-slinging is going on and you can see that perople’s feelings are getting affected.
If i can make a suggestion. I think investors should go back to their respective collectors and ask them to put down what assets they are going to ringfence for investors. I don’t think there is really anyone on this blog that believes these people have not accumulated significant assets during the scheme’s lifetime.
If they tell you they have nothing, you can draw your own conclusions regarding character and honesty.
I expect the truth is they have much but certain assets are likely to be interlinked between themselves. That is the likely complication. Ask away. It would be interesting to hear the responses.
July 26th, 2010 at 9:20 am
John – There was a very intimidating awful message left on this site for Mrs Strubel which Ian Fraser removed. Her silence is simply because, as she stated in her last entry – she is no longer looking or communicating on this site.
July 26th, 2010 at 9:59 am
John, you seem quite sure its just those three and all of them rather than some or others. Wasnt there somebody who removed approx 2m before freezing. Also, did someone not get a debenture put on Saunders Elec after a debenture that was in place was allegedley fraudulantly replaced at comp house.
I am not aware too many people are going down the criminal route at this point as that is a long painful process that may achieve little.
So far you seem to be using this site to try and harrass Mrs Strubel. Regardless what may or may not have happened she is a woman and in my world a man needs to speak to a woman in a certain manner.
You also seem to be deflecting things away from other groups who have been responsible for collecting large sums of money.
Please lets keep this factual, informative and supportive to victims and not abusive.
July 26th, 2010 at 10:26 am
Anon.
I can tell you that it was in fact Mr Strubel who removed the £2,000,000 from the scheme but have no idea where this went.
I would not say I am harassing anybody or making any form of intimidating comments. I am just here to find the truth as it is not nice to see your friends suffering and not able to pa bills or even feed their families properly without amassing more debt.
I am sorry if you feel I have been offensive and can assure you that is not my aim.
I will now leave this in the hands of the courts, police and g-d.
Good luck to all who have lost money and I hope the truth comes out sooner rather than later.