Lost 140K with Forex fund manager Chelton Wealth
TLDR: I lost 140k from a 160k USD investment with Chelton Wealth, a forex fund manger(most likely fraudulent) based in Swizerland.
| Date | Event |
|---|---|
| Jan 2021 | I Invested 160k into a managed account. Fund managers Robert Jan Teuwissen and Richard Corvenius. |
| Apr 2021 | I communicated that my account performance(down 5%) is different from fund performance(up 2%). Chelton Wealth blamed on software issue. |
| Oct 2021 | Chelton Wealth says the losses from my account are hedged, and the funds are in Chelton Wealth’s hedged account. |
| June 2022 | Account balance drops to around 70k, Chelton Wealth says that they are waiting for the market to correct itself. |
| Sep 2022 | Account balance drops to around 30k, Chelton Wealth says they are still waiting for the market to re-correct. When asked about the hedged account, they said it no longer exists. |
| Oct 2022 | Close my accounts with Chelton Wealth and withdrew what’s left of 160k, which is around 20k |
| Dec 2022 | Signed contract addendum with Chelton Wealth for loss compensation via "Fillmore Corporation Limited" fund account. Chelton Wealth will increment my account monthly, but account withdrawal is restricted until Oct 31, 2023. |
| Nov 2023 | I waited a year, and when I contacted Chelton Wealth, they Claimed that the fund they managed, "Fillmore Corporation Limited" was sold without providing evidence. I was speechless. Chelton Wealth would not communicate all all on how they will compensate me |
| Hindsight | 1. Chelton Wealth’s fund’s performance numbers are fake. |
I am writing this post to ask for suggestions from the community on how to proceed with an fund manager Chelton Wealth based in Switzerland (or Netherlands or London or Bulgaria - as you can see below), who is not living up to its contractual, fiduciary, or just simply ethical standards.
There should also be a number other victims who suffered similar losses, if you see this post, contact me at “cheltonlosses at outlook.com”
So back in January 2021, I put $160k into Chelton Wealth, a Swiss fund manager, By October 2022, my investment was down to around $20k. That's a $140k loss. One must think how stupid I can be lose 140k over this time, well, I don’t blame you, I think I am an idiot too, but here is what happened.
Chelton Wealth, owned by Robert J. Teuwissens, seemed reputable. My main point of contact was Richard Corvenius, a director at the firm. However, after a few month, I noticed a significant deviation in my fund's results compared to the official results published by them.
In my numerous interactions with Richard, both through email and phone, he said these differences are due to technical issues and special market conditions and assured me that they would be able to recover the losses. Further, he said that they have hedged accounts setup, so part of our loss is in their hedged account, which Chelton will return to us. I chose to believe him for two main reasons: firstly, the firm is registered Switzerland, which gave it legitimacy, and secondly, driven by a desire to recoup my losses, I placed my trust in their promises.
Things looked up a bit in November 2021, but by March 2022, my investment was tanking. I was furious and demanded answers from Chelton. Richard then said they'd make up for my losses through another fund, Fillmore Corporation Limited's Diversified Currency Fund. But I had to wait a year before I could take any money out. I was desperate and agreed, even a contract was signed.
Since then, I've been receiving monthly reports from Fillmore stating that funds are being deposited into my account. Yet, when I attempted to withdraw my funds in November 2023, my requests were ignored at Chelton, and Fillmore rejected my withdrawal request.
After my request has been rejected, I looked deeply into Chelton Wealth and Robert J. Teuwissens, I realized it’s a very elaborate scheme, consisting of multiple companies in multiple countries, none of them regulated, making it very difficult for legal enforcement. (see People/Companies involved)
I am sharing my story now to warn others. It's a hard pill to swallow, acknowledging that I have been scammed.
My mission in life now is to expose this scam.