Savings lost after couples ‘misled’

Four couples yesterday filed a judicial letter against an investment services company claiming they had lost their life savings after being mis-sold financial products.

The protest was filed against All Invest Company Ltd and its manager, Wallace Falzon.

Vincent and Carmen Spiteri, Joseph and Doris Borg, Marthese and Gino Cremona and Joseph and Deborah Borg collectively invested more than €43,000 and are now calling on the company to reimburse them.

In his official letter, lawyer Stefano Filletti, representing the couples, outlined what he described as “abusive and misleading behaviour” by Mr Falzon and the investments company.

His clients’ hard-earned cash and lifetime savings had vanished into thin air, he said. One couple had invested a lump-sum pension that they wanted to secure for their disabled daughter to use after their death.

Dr Filletti explained that his clients had filed a complaint with the Malta Financial Services Authority, which on August 24 upheld their claim and ruled that All Invest had acted incorrectly and in an abusive manner.

The ordeal began when Mr Falzon visited the Spiteris at home to offer them the investment products and they then introduced him to the other couples.

They said they told All Invest they did not want financial products related to the company MFSP and that any financial product sold to them was to guarantee the capital. The company did not respect these conditions.

They also claimed they had been blackmailed by Mr Falzon, who told them several times that he would no longer try to recover their money unless they withdrew their complaint with the MFSA.

Mr Falzon even tried to talk them into signing a form exempting him and All Invest from all responsibility, shifting the burden entirely on to the company MFSP. Dr Filletti said this was not signed.