Cherish Wealth Management were established in 2008 and based in the Midlands.
In 2010 they became Appointed Representatives of Shah Wealth, an FCA regulated financial advice firm, also based in the Midlands.
Cherish Wealth are known to have recommended several high-risk investments to clients. One of the most notable is InvestUS Exit Strategy.
InvestUS Exit Strategy was a US property investment scheme involving repossessed properties in Detroit, Chicago and Florida. Billed as a “creative solution” in the wake of the mass foreclosures that resulted from 2008’s financial crisis. The scheme was to renovate the properties so they could be rented or sold.
It was registered in the Seychelles and run by British man Steven Wright, who was one of the founders of Cherish Wealth before leaving in 2011.
Despite promises to deliver returns of 15% per annum over 3 years, payments were been seriously delayed when the scheme ran into legal difficulties.
Many clients have also made complaints about the suitability of the advice they received from Cherish Wealth and Shah Wealth.
Some clients were introduced to InvestUS by Avacade, an unregulated introducer company who also had a relationship with Cherish Wealth.
In July 2020 the court ruled in favour of the FCA in a case which accused Avacade of making “misleading statements which induced consumers to transfer their pensions into self-invested personal pensions (SIPPs)”
Other investments that Cherish/ Shah have recommended, which were also created by Steven Wright include:
Shah Wealth also advised people to invest their cash savings in The Income and Exit Strategy, another unregulated investment that has failed.
Shah Wealth became deauthorised by the FCA in 2018.
Both Cherish Wealth Management and Shah Wealth are in liquidation.
Whilst each case is individual, as pension mis-selling specialists we know to look for certain signs that in our experience indicate mis-sold pension advice may have been given.
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