Inchmead Accountants – £5 Million+ Scam & Complaints
Inchmead Accountants is an accounting firm in Woodley, England. Their address is 61-63 Crockhamwell Rd, Woodley, Reading RG5 3JP, UK and their contact number is 118 969 7884.
Some of the notable people at this firm are:
- Graham Arnott
- Hybre Lewis
- Susanna Hanks
- Navpreet Suri
- Diana Chaika
- Neaz Mobarok
The accounting firm offers multiple services to its clients including General Practice Accounting, Due Diligence, Statutory Audit, Wealth Protection, Corporate Finance, Escrow & Security Trustee Service and Tax Advisory.
On paper, Inchmead Accountants seems like a genuine firm with reliable professionals. However, the firm has received a lot of criticism for its association with the notorious finance scam, Marcello Developments.
Marcello Developments had attracted investments by promising lucrative returns on their bonds.
More on this scam in the next section of the review:
Marcello Developments: How They Scammed Numerous Investors and Their Connection with Inchmead Accountants
In 2018, Marcello Developments had promoted its 5-year investment bonds which claimed to offer 8% return in the first 2 years, 9% in the third and fourth year and 10% in the fifth year.
Furthermore, the company claimed that investors can redeem these bonds in full after one year.
According to the firm, they were going to use these bonds to purchase properties in the UK and generate returns through them.
Clearly, the offers sounded too good to be true. And they were.
Many people invested in Marcello Developments and Graham Arnott, one of the leaders at Inchmead Accountants, recommended it to several of them.
Graham acted as a Security Trustee for many investors of Marcello Developments. Like most shady investments, the firm stopped responding to the investors after taking their funds.
It’s 2022 now and many people still haven’t received their funds.
Most investors didn’t receive the interest payments which Graham Arnott of Inchmead Accountants had assured them of. Hence, they started asking him about the company.
In response, he started ignoring them.
You can find plenty of complaints against Inchmead Accountants as they were the Security Trustee for many investors of the Marcello Developments scam.
When the complaints became overwhelming, Graham started making excuses. First, he claimed that he was ‘looking for a receiver’. Then, when he found one, he blamed the pandemic and claimed that the receivers had closed their offices.
Through such stalling tactics, Marcello Developments and Inchmead Accountants kept delaying payments to investors.
Below are some of those complaints I found against Graham Arnott which explain this scam further:
How Graham Arnott and Inchmead Accountants Took Advantage of Their Clients:
Keith posted his first review in 2020.
Here, he believed that Inchmead Accountants were out of their depth and incapable and unqualified to perform certain activities even if they claimed to be experts.
For example, he highlighted that they claim to be accountants but hire third-party actuaries to do the work. Moreover, Keith said their lack of knowledge has turned into a dangerous thing.
He had loaned money to Marcello Developments (UK) Ltd through Inchmead Accountants. According to Keith, they handled this matter with incompetence, unprofessionalism and a total lack of respect for the investors.
Furthermore, he highlighted that Graham Arnott of Inchmead Accountants who is also Partner: Complex Matters is also the Company Accountant and Company Secretary for Marcello Developments.
Also, he is the sole owner of Jade State Wealth (The Security Trustee) for that firm.
Keith wonders if it’s legal and says that it’s a clear case of “conflict of interest”.
He has worked with Inchmead Accountants for 5 years.
Initial Conversations Between Keith and Graham Arnott of Inchmead Accountants:
The first letter Keith received from Inchmead Accountants had the signature of Graham Arnott (Partner: Complex Matter). He received it on February 8 2016.
It said that his load had been issued and was enclosed with the letter. They had appointed Accounting Worx as the administrators of the loan and would be Keith’s first point of contact for anything related to administration.
In September 2017, Keith forewarned Graham Arnott of Inchmead Accountants that he would be redeeming his investment in February 2018 as it would be two years for his investment then.
Graham replied that day. He said they had sent a copy to the Investor Relations team at Marcello for you.
Also, he added that Keith should send him a letter with the original certification on the maturity date. He specified that Keith should write to: Jade State Wealth, Atlantic House, Imperial Way, Reading, RG2 0TD.
Graham added that he will notify the directors at Marcello at the same time to redeem his bond and make the funds available to him to make the payment.
Keith points out that Graham didn’t fulfil these statements in any regard. Furthermore, for the past 3.5 years he has not had the original bond. Basically, Jade State Wealth (Graham Arnott of Inchmead Accountants) stole the bond from him.
In March 2018, he mailed the original bond certification and the redemption request to Jade State Wealth. Note that Graham Arnott was the sole owner of this firm and it was acting as the Security Trustee for the investors of Marcello Developments.
Since March 2018, Keith says he has been trying to recover his investment and interests from the ‘appointed administrator’ Inchmead Accountants.
“Graham Arnott Stole the Bond from Us”
Also, Keith highlights that there are over 100 more investors who are in the same situation. Graham Arnott, Parter: Complex Matters, has told them “fairy tales and untruths” but there has been no positive progress in the recovery of funds.
Keith says that he and the other investors have been persistent in requesting and demanding that the Security Trustee fulfils its legal duty. However, they haven’t even acknowledged these efforts.
The last communication Keith had received from Inchmead Accountants was on 15th June 2020. There, Graham Arnott of Inchmead Accountants said that he will send further details later that week. At the time, he claimed to be in advanced discussions with the firm XXXX who are ready, willing and able to become the Receiver to deal with the matter.
Also, he said that they had provided some documentation to the firm it had asked for for due diligence.
Since that communication, Keith hasn’t heard anything from Inchmead Accountants even though they were the appointed administrators of the loans.
Moreover, Keith hasn’t heard anything from Jade State Wealth, Partner: Complex Matters, Marcello Developments and Graham Arnott.
Hence, he doesn’t recommend doing business with this accounting firm.
“Inchmead Accountants and Graham Arnott Fail To Give Any Updates to the Investors”
2 months after posting his initial complaint, Keith posted an update.
He pointed out that he didn’t receive any response from Inchmead Accountants after posting his review.
In fact, none of the investors he knew had heard anything from the firm about carrying out its obligations as the ‘appointed administrators of the loans’.
Moreover, they didn’t even respond to his Trustpilot review. Clearly, they were aware that it they can’t defend themselves so they were choosing to ignore such complaints.
Keith pointed out that he hadn’t heard nothing from Graham Arnott, the Partner at Complex Matters and the owner of Jade State Wealth.
Graham was the Security Trustee and with the charge of Marcello Developments (Charge code 0942 1841 0002).
Also, Keith highlighted that Complex Matters is not FCA regulated so it’s violating rules easily. He suggests everyone to think twice before doing business with Inchmead Accountants.
Later, Keith had to repost his complaints on Yelp and Trustpilot because the latter had removed his original reviews without his permission. He reposted the complaints on Yelp because he didn’t want to risk losing his reviews there as well:
2021 Update: No Update from Inchmead Accountants, Graham Arnott or Marcello Developments
In August 2021, Keith posted another update. He highlighted that he is yet to hear anything from Graham Arnott of Inchmead Accountants and Jade State Wealth.
He highlights that it has been 4.5 years now since he asked them to release his funds. So far, they have only told him fairy tales and lies.
2022 Updates: Graham Arnott Hasn’t Responded to Investors for Months
In March 2022, Keith posted several updates on his review.
He shared that Inchmead Accountants, Graham Arnott and Marcell Developments Ltd haven’t communicated for investors for months now. Keith suspects that they have took around GBP 5-7 million from gullible investors and it’s clear that they are unwilling to return any funds.
He highlights Inchmead Accountants have failed to act as the Security Trustee and perform their obligations. The investors need this firm to perform their legal and moral duties. Keith believes that the reason behind such delay is the obvious conflict of interest Graham has.
Note that he was the Company Secretary for Marcello Developments as well as the Security Trustee for its investors. Clearly, he would benefit more by delaying the repayment of interests as the investors might give up eventually.
After checking the numerous reviews and seeing the affiliation between Graham Arnott and Marcello Developments, it’s clear that Inchmead Accountants is an unreliable firm.
People have lost GBP 5 million+ because of this firm.
Hence, it would be best for you to avoid dealing with them and find a different accounting service provider. Luckily, there are plenty of such firms in the region.
Inchmead Accountants were the Security Trustee for the investors of Marcello Developments Ltd in the UK. However, they haven’t fulfilled any of their obligations and have left the investors to fend for themselves since 2018.
- Stopped communicating with investors once Marcello Developments received the funds
- No regard for clients
- Has received numerous complaints
- Involved in a multi-million scam