Following recent reports from several clients who have invested in VGM Business Ltd., Giambrone is announcing the imminent start of the legal class action to protect investors in relation to the contracts involving a joint venture promoted by British companies VGM Business Ltd and Innovative Investments Holding Ltd.
According to corporate information filed with the Companies House in the UK, VGM Business Ltd. was established on 12 November 2012 and on 19 July 2013, Mr. Vito Rizzo was appointed as a director until the firm’s removal from the Register of Companies in England on 06 September 2016 with a "compulsory strike-off" order.
The removal from the Register of Companies does not preclude all those who have invested money in the company from bringing legal action against the VGM, and also to request an investigation of the personal responsibility of the administrator, both in respect of civil and criminal proceedings.
The Commissione Nazionale per le Società e la Borsa (Consob), the Italian regulatory body overseeing financial markets has recently taken several measures to protect investors being exposed to similar investment offers which arise through various websites from equivalent types of bogus companies.
In particular, with resolution no. 19549 of 17 March 2016, Consob has already banned the financial investments offers of VGM Business Ltd. which were presented to investors, despite the absence of the required authorizations, through the website www.vgm-business.eu pursuant to art. 99, paragraph 1, letter d) of Legislative Decree. N. 58/1998 (Consolidated Law on Finance). Similar resolution had been adopted by Consob on 22 June 2016 in respect of Innovative Investments Holding Ltd.
The deadline for inclusion in the incipient legal action against VGM Business Ltd and Innovative Investments Holding Ltd. has been set for Friday, 4 November 2016.
Giambrone will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.
If you have invested with VGM Business Ltd and Innovative Investments Holding Ltd., please contact our Client Relations Team to arrange a discussion with one of our lawyers. Our international lawyers are able to provide assistance in English, Italian, French, Spanish, German, Italian, Arabic and Chinese.