I am writing this post to ask for suggestions from the community on how to proceed with an fund manager Chelton Wealth based in Switzerland (or Netherlands or London or Bulgaria - as you can see below), who is not living up to its contractual, fiduciary, or just simply ethical standards. There should also be a number other victims who suffered similar losses, if you see this post, contact me at “cheltonlosses at outlook.com” So back in January 2021, I put $160k into Chelton Wealth, a Swiss fund manager, By October 2022, my investment was down to around $20k. That's a $140k loss. One must think how stupid I can be lose 140k over this time, well, I don’t blame you, I think I am an idiot too, but here is what happened. Chelton Wealth, owned by Robert J. Teuwissens, seemed reputable. My main point of contact was Richard Corvenius, a director at the firm. However, after a few month, I noticed a significant deviation in my fund's results compared to the official results published by them. Chelton’s Reported Alternative I Fund Monthly Performance. In my numerous interactions with Richard, both through email and phone, he said these differences are due to technical issues and special market conditions and assured me that they would be able to recover the losses. Further, he said that they have hedged accounts setup, so part of our loss is in their hedged account, which Chelton will return to us. I chose to believe him for two main reasons: firstly, the firm is registered Switzerland, which gave it legitimacy, and secondly, driven by a desire to recoup my losses, I placed my trust in their promises. Things looked up a bit in November 2021, but by March 2022, my investment was tanking. I was furious and demanded answers from Chelton. Richard then said they'd make up for my losses through another fund, Fillmore Corporation Limited's Diversified Currency Fund. But I had to wait a year before I could take any money out. I was desperate and agreed, even a contract was signed. Since then, I've been receiving monthly reports from Fillmore stating that funds are being deposited into my account. Yet, when I attempted to withdraw my funds in November 2023, my requests were ignored at Chelton, and Fillmore rejected my withdrawal request. After my request has been rejected, I looked deeply into Chelton Wealth and Robert J. Teuwissens, I realized it’s a very elaborate scheme, consisting of multiple companies in multiple countries, none of them regulated, making it very difficult for legal enforcement. (see People/Companies involved) Evidence All telephone communications with Chelton Wealth were recorded, included the part where they said there are around a dozen investors who have suffered similar losses. - This might be the only NOT stupid thing I’ve done. All email conversations are saved People/Company involved: Chelton people’s linkedin and website looks super legit, and that’s why I chose to believe them again and again. Robert J. Teuwissens - Linkedin Profile Richard Corvenius - Linkedin Profile RocketReach Profile Below are companies owned by Robert J. Teuwissens. One has to question, why many different companies? Upon further investigation, I have not found a company that is under financial supervision. (details below). Different companies in different countries make jurisdiction determination and legal proceeding much more difficult. None of these companies owned by Robert are regulated. Chelton GmbH Switzerland Chelton AB Sweden Chelton Capital Limited UK Fillmore Corporation Limited Bulgaria Fillmore Corporation Limited Hong Kong Coeus Capital Netherlands Financial Supervision Status Search Results Chelton GmbH - no authorization granted from Switzerland financial authority FINMA. See link Chelton AB - Registered with Swedish Financial Supervisory Authority, but not under supervision. See Link Chelton Capital Limited - No authorization from UK financial authority. See Link Fillmore Corporation Limited (Bulgaria) - No authorization from Bulgaria financial authority. See Link Fillmore Corporation Limited (HK) - No authorization from Hong Kong’s financial authority. See Link
Your best recourse probably, is to find an attorney in the country where Chelton Wealth operates. If that is Switzerland, find an attorney there. Laws are different in every country and a message board is not the best way to solve your problem. In this case, professional advise and help from a qualified attorney in that jurisdiction is what can serve you well. They can tell you if they can help you recover a good chunk of your monies or not.
My goodness. You created a new nick just to voice your anger / frustration. I just read first few paragraphs. There is nothing wrong with the fund manager. Some fund managers are simply hopeless
Of all places in the world, I would think Swiss has one of the toughest financial regulations. So did you file a formal complaint with the regulators? Did you even contact a lawyer? If not, why not? Instead of coming here to vent your frustration, I suggest you go see your lawyer.
@smallfil I am in the process of doing so, it's my first time encountering this so I wanted to post and see what people suggested. @Tokenz, sorry about the links, it was written for a blog post, didn't mean to include so many links @maxinger, Yes, I want people to know this, so they don't fall victim the same way I did. The fund results were fake, Chelton Wealth uses fake fund results to get customers to believe in them. @schizo I wanted to post and see what people suggested. Thanks for your suggestions.
I can't help either. However, what was the reason you decided to go for active management? And why this firm in particular?
I looked up this coeus capital and this seems located in a small apartment for living(Amsterdam). This seems not a company location. The ‘company’ was founded in 2021 by 2 people indeed and 6 months later ownership was changed to this Robert. These 2 people cannot be found on internet search (linked in for example) which is very strange. Sorry for your loss, seems not legit at all
Hopefully your loss is not life changing. Unfortunately, you should have done better due diligence on it, as it didn't take you long to discover these people were a bunch of losers who sell smoke.
Honestly, you have to show greater distrust of people. This con man didn't use any sophisticated technique. So we wouldn't be fooled at all.