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. 

Graham Arnott of Inchmead Accountants
A picture of Graham Arnott

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. 

Inchmead Accountants reviews

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. 

See also  Tauheed Hassan - Cocaine, Drug Supply and Jail

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. 

Inchmead Accountants reviews

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. 

Inchmead Accountants reviews 2

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. 

Inchmead Accountants reviews 4

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:

Inchmead Accountants review
Inchmead Accountants review 1

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. 

See also  Jay Jackley

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. 

See also  The 650 Team Morgan Stanley is a Group of Scammers

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”

Inchmead Accountants

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. 

See also  Hennion and Walsh

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:

Inchmead Accountants
Inchmead Accountants
Inchmead Accountants

2021 Update: No Update from Inchmead Accountants, Graham Arnott or Marcello Developments

Inchmead Accountants

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

Graham Arnott
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Graham Arnott complaint

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. 

See also  Conservest Capital Advisors

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.  

Conclusion

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.

1.9 Total Score
No care for clients

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.

2.5Expert Score
Trust
2.4
Experience
2
Communication
3.3
Concern for Clients
2.4
Ethics
2.5
1.2User's score
Trust
1.5
Experience
1.1
Communication
1.3
Concern for Clients
1.3
Ethics
1.2
PROS
  • None
CONS
  • Stopped communicating with investors once Marcello Developments received the funds
  • No regard for clients
  • Has received numerous complaints
  • Involved in a multi-million scam
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22 Comments
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  1. I pray for everyone who trusted the lies of Graham Arnott. Some of us lost our hard-earned savings to Inchmead Accountants and Marcello Developments. Many of us are still struggling to recover from the damage.

    I pray all of you are able to recover from this loss and get above all this.

  2. Has anyone received their investment back? I have been waiting for years and there has been no update…it would be very helpful if someone knew about what’s happening.

    These last few months have been very hard on me. Any good news would be amazing.

  3. 0.6
    Trust
    20
    Experience
    10
    Communication
    10
    Concern for Clients
    10
    Ethics
    10

    Graham Arnott lies and lies. There is no end to his treachery.

    It is obvious that even if Marcello thought of paying some investors, Graham Arnott would want to get paid first.

    If there’s one thing people should know after seeing all this it’s that the man running Inchmead Accountants is extremely greedy.

    + PROS: None
    - CONS: greedy scammer swindler
    Helpful(0) Unhelpful(0)You have already voted this
  4. 0.9
    Trust
    10
    Experience
    20
    Communication
    20
    Concern for Clients
    20
    Ethics
    20

    Inchmead Accountants needs to be shut down. Thank you whoever wrote this review. I was considering doing business with them but you opened my eyes. No way I would trust them with my money let alone my books.

    Helpful(0) Unhelpful(0)You have already voted this
  5. 0.7
    Trust
    10
    Experience
    10
    Communication
    20
    Concern for Clients
    20
    Ethics
    10

    The reviews of Keith are helpful for future investors as they have exposed Inchmead Accountants everywhere. These companies behave shamefully. They scam investors by not returning their funds, showing their real intentions.

    Helpful(1) Unhelpful(0)You have already voted this
    • I agree. I believe more victims need to raise their voices against Graham Arnott and his criminal past. As long as we stay silent we would only help that crook get away with this fraud.

  6. 0.7
    Trust
    20
    Experience
    10
    Communication
    10
    Concern for Clients
    20
    Ethics
    10

    Graham Arnott took the help of multiple firms to scam people. It is shameful how those companies are helping these scammers to cheat the investors.

    Helpful(0) Unhelpful(0)You have already voted this
    • Yeah man, it’s disgraceful. Sadly our government is too busy embezzling funds and scamming citizens to do anything serious about criminals like Graham Arnott. There should be some serious punishments for scams like Marcello Developments.

  7. 0.6
    Trust
    10
    Experience
    10
    Communication
    10
    Concern for Clients
    10
    Ethics
    20

    Inchmead accountants’ behavior toward the investors is really brutal, they are neither bothered by the users nor have any fear of the relevant authorities. Some of the companies have lowered their reliability to the level where people could never talk about investing in their schemes.

    Helpful(0) Unhelpful(0)You have already voted this
    • Things are so bad these days that people like Graham Arnott aren’t even afraid of going to jail. They know nobody will do anything and if something happens, he can pay people off.

      • Arnott possibly believes he can return to South Africa to avoid prosecution in the UK, or alternatively, go to some other country that cannot extradite him to the UK. If he is convicted in the UK for fraud/theft/scamming he can be prosecuted and hopefully deported back to South Africa.

  8. 0.6
    Trust
    20
    Experience
    10
    Communication
    10
    Concern for Clients
    10
    Ethics
    10

    Being a Security Trustee they didn’t do their job. Instead, they betrayed their investors, which makes them professional scammers. They left the investors to fend for themselves after not getting refunds, which shows the cruelty of the company.

    Helpful(0) Unhelpful(0)You have already voted this
  9. The company is not fulfilling any promises which they made before the investment which makes them the real bluff master. Never trust the people of Inchmead.

  10. I had also invested in Marcello because it offered high returns, as well as, offered some interest per month, which seemed to be a lucrative scheme but the months passed, and the company stopped paying the returns. The main problem with these firms is that they will never respond to your complaints, which will irritate you.

    • I know what you are going through. My mother lost a lot of her investment. We all thought Inchmead accountants will take responsibility and perform its duties but they turned out to be just as fishy as MD.

      I have lost all faith in them and Arnott.

  11. 0.7
    Trust
    20
    Experience
    10
    Communication
    20
    Concern for Clients
    10
    Ethics
    10

    One of my friends was scammed by Inchmead Accountants too. He had invested with them thinking they would act as his trustees but sadly, nothing happened. The company didn’t refund him his money. The only answer to such incidents is to be aware before investing in such companies.

    Helpful(0) Unhelpful(0)You have already voted this
  12. Reply
    Send Graham Arnott to Jail
    August 28, 2022 at 8:51 am
    0.5
    Trust
    10
    Experience
    10
    Communication
    10
    Concern for Clients
    10
    Ethics
    10

    These accountants have been taking advantage of their clients’ trust. They represented their scheme in such a way that it appears to be a lucrative and honest policy to invest in. But in the end, it is the investors who suffer a lot after losing money and not getting the refunds.

    + PROS: None
    - CONS: Scammers Untrustworthy
    Helpful(1) Unhelpful(0)You have already voted this
  13. Marcello Developments needs to address the issues and start giving the investors their rightful funds. Inchmead Accountants ltd is likely a front so Graham Arnott can hide the skeletons in his closet.

    • In my review of inchmead accountants, it isn’t good because of the unworthy behavior of the company towards its customers. I will never invest in a company that doesn’t respond to the problems of the investors.

  14. Their association with Marcello Developments makes them a no go for me. Thanks for the report Gripeo.

    • This report brings the truth about fake advisors, investment schemes, and also the firms which act as investment companies but in the end, it is found that the company just wanted to scam people.

    • There are so many reviews available on the internet about how Graham Arnott is scamming people. Many investors are still waiting to get their funds from companies, while others are actively looking for investors to scam them.

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