Couples blame investment firm for losing their life savings
Four couples have filed a judicial letter against All Invest Company Limited and its manager, claiming they had lost their life savings after being mis-sold financial products.
Vincent and Carmen Spiteri, Joseph and Doris Borg, Marthese and Gino Cremona and Joseph and Deborah Borg said they had invested a total of more than €43,000 and were now calling on the company to reimburse them.
Lawyer Stefano Filletti, representing the couples, said his clients had lost their life savings because of “abusive and misleading behaviour” by the company.
One couple had invested a lump-sum pension which they wanted to secure for their disabled daughter to use after their death.
Dr Filletti said the Malta Financial Services Authority last month upheld their claim and ruled that All Invest had acted incorrectly and in an abusive manner when it sold the financial product to the four couples.
The MFSA also made several remarks about shortcomings by All Invest in the sale of these financial products.
Dr Filletti called on the company to reimburse the funds with interest and compensation for the damages suffered.