Failed property investments are often used by scammers and taken advantage of. Scammers market themselves to the victim as being an alternative investment or come with the offer of guaranteed returns or buy back arrangements from previous investments. One of the names we’re hearing more about is High Street Group – a property firm which entered administration and is being used by scammers to offer false promises to victims.
Fake liquidators and administrators are claiming to recover funds lost through property investment scams in exchange for “fees” and offer false promises of recovery. In our latest blog, one of our solicitors, Grace, looks into the High Street Group scheme and how we can help.
What Happened With The High Street Group Administration?
In 2021, North East property company High Street Group went into administration. It was found to be in debt of more than $200m and, since then, administrators have been dealing with the fallout of the company. They were in line to be involved in numerous high-profile projects around the North East, including a hotel, an office building and a housing scheme.
However, since the administration was filed, it has been found that property investment scammers are targeting Loan Note Holders. Naturally, investors in the High Street Group projects are anxious about their financial future following the administration and are looking to reclaim their lost investments and it is these vulnerabilities which scammers are targeting.
A new threat has emerged where scammers are posing as liquidators and administrators who offer false promises of recovering lost investments. These scammers will offer to help recover investments, only to defraud investors. In many cases, these scammers will claim to disgruntled investors that they can recover funds for Loan Note Holders in exchange for an admin or management fee.
High Street Group administration scammers may also get in touch by email or telephone and will appear very convincing. If you receive any communication from someone claiming to recover money for Loan Note Holders from the administration of High Street Group, then you should ignore this and not engage any further.
Property investment scams can range from fake property listings or, in the case of the High Street Group scam, fake administrators looking to act on behalf of investors to reclaim their money. Scams are becoming more sophisticated and detailed, meaning more victims are losing increasingly larger sums of money.
How WRS Can Help With High Street Group Administration Scams
Our expertise in financial recovery and fraud prevention can help to ensure that you are protected from further harm and financial loss. Scammers, in particular, are becoming increasingly more sophisticated with their tactics and approach. At WRS, we provide services which identify and stop any fraudulent attempts that exploit your situation.
If you have sent someone posing as an administrator, money, please get in touch.
Steps To Take If You Have Been Contacted By Scammers
- Do Not Engage: If you receive unsolicited communication from individuals claiming to be liquidators from Skis or any other recovery firm mentioning HSG, do not provide any personal information before ensuring their legitimacy.
- Verify The Source: Always verify the legitimacy of any entity claiming to offer recovery services. Contact the official administrators handling the High Street Group case to confirm their identity.
- Report Suspicious Activity: Get in touch with us if you have sent any money to any third parties claiming to be able to get your money back.
If you have invested in High Street Group and are concerned about potential scams from companies that have contacted you offering false promises of money on the provision that you pay them first, please get in touch.
