October 2016, a contract has been signed with First Fidelity Trust AG(FFT) to secure and purchase a trust company. a 20% depsoit was paid and according to Mr. Andrew Sarafin; its director, the aged trust was reserved. Immediately, FFT requested for the balance of the full payment plus extra for the change of name. By 26th of October 2016, the full payment was TT to their designated bank account; which was a different name other than FFT BUT they claimed to be a subsidiary of FFT. According to Andrew Sarafin, the transfer of the trust will take 2-3 days while the change of name will take about 1 week. However, after 1 month, Andrew Sarafin claimed that the TT was not received BUT according to our banking telex with UBS which was the bank Andrew Sarafin used; confirm receipt of the funds. It was then that Andrew Sarafin agreed to proceed. He appointed a compliance officer by the name of Jonathan Cruci from Titanium Finance to be the compliance officer and director. Various documents from the registrar of business from Geneva were presented to us. However, when we did an online search, the expected company of choice was not transferred nor was the name change done.
Till then it was already in early December 2016. Andrew Sarafin claimed there was a mess up by the officers in the Swiss registrar and reqested some time to amend and rectify the issue. We concurred as we wanted to give Andrew Sarafin our benefit of the doubt; as he claimed that he has been in business for more than 10 years and their reputation has no doubts and no complains. We also requested him to proceed with the FINMA registration of which he had instructed Jonathan Cruci to handle. Thus, in January 2017, Jonathan Cruci confirmed that the documents for the FINMA regsitration has been filed and it would take about 8 weeks to complete. At this point in January 2017, FFT's Andrew Sarafin has yet to complete the registration and when asked about the possible affect on FINMA application, Andrew Sarafin confidently claim that these are 2 different issues. Subsequently, on early March 2017, Jonathan Cruci informed us that our FINMA licence will be ready anytime and requested payment from us. As till then; Mar 2017, Andrew Sarafin has not even proof to us that the trust was formed, we have our reservations of the FINMA completion. Thus, we held back the payment. We commuincated with Andrew Sarafin again on mid Mar 2017 and he claimed that the mess up was not resolved and he would either refund or reallocate a new trust company.
By this time, suddenly there was no news from Jonathan Cruci on our FINMA licence. Andrew Sarafin then inform us that Jonathan Cruci was admitted to ICU and there was total silence on the issue of FINMA. On early Apr 2017, Andrew Srafin confirmed to us that the new trust transfer and registration is on going. But till now, end Apr 2017, nothing has been heard from Andrew Sarafin and when we requested the firmma number of the new aged trust that he claimed transferred to us, it was not produced. We have every reason to believe that Andrew Sarafinn has been presenting fake documents to us trying to convince us that he has transferred the requested trust. FFT's Andrew Srafin promises to redeem their mistakes for the mess up and delayed time is nothing but a pack of lies. We have in numerous incident told Andrew Sarafin and Jonathan Cruci that all we wanted was for the trust we requested and paid for to be registered. We have also given them the time and opportunity to rectify whatever issues that is needed. It is deploarble to know that FFT that claims to be a reputable firm for their 30 years of Swiss standard world leading supplier of trust companies will take 6 months and yet not even able to register and transfer a company. I hope readers can be alerted of FFT's scam and rediculous profesionalism. While I will seek the relevant authority to look into this; including the Swiss authority, I hope something cam be done to stop FFT, Andrew Sarafin and all concern in their financial scam. What they have done as truly tarnished the reputation of the Swiss standardof professionalism.
To the writer of above post: Would you please provide your contact information? We are a U.S. investigation entity currently reviewing possible improper dealings regarding this firm. Thank you.
In February 2015 I entered into an agreement with First Fidelity Trust AG to purchase a "Vintage Trust" formed prior to 1981. The purpose of this acquisition was to access certain characteristics of this grandfathered entity which included some of the following appealling abilities, as outlined in an email to me prior to purchase:
Automatically qualify for listing on the German stock exchange.
Qualify to apply for SWIFT membership with the service's central office in Brussels.
The power to issue and trade LC's with all international banking institutions.
The power to open and maintain bank accounts, including trust, escrow, commercial, merchant accounts with any bank worldwide including US based institutions.
The power to open and maintain sub-accounts for third parties under the umbrella of the Trust.
The power to accept and invest funds on behalf of third party customers.
The power to offer and service a complete range of worldwide fiduciary services.
The power to participate in life insurance with fix or variable annuity or life settlements policy.
The power to acquire, develop, hold, sell, trade, exchange, dispose, mortgage or real property, precious metals as well as natural resources.
It may engage in the general leasing business, franchising, money funds, mutual funds, formation of general limited partnership and real estate investment trust.
It may acquire and sell both private and commercial property worldwide.
Act as a holding company for banks, savings and loans, insurance companies, small business investment corporations and stock brokerage firms.
It may hold and own financial institutions worldwide, including banks, brokers, Forex etc.
Reinsurance for political risk/trade and permium financing.
The signature of any commercial paper, debt obligatin, bonds, stocks, securities, subscription agreements and any other evidence of indebtedness document or agreement binding upon such terms and conditions as determined by this and its Trustees.
The power to act as natural persons.
The power to act as attorney-in-fact.
The power to act as officers, agents, employees.
The power to make and sign contracts.
The power to create agencies and joint ventures.
The power of investments.
The power to deal in goodwill.
The power of donation.
The power of guarantee.
The power of trustee.
The power to act as investment advisor.
The power to act as consultant.
The power to deal in securities, commodities and fixed income brokerage.
The power of inventory financing.
The power to create correspondence banking relationships.
The power of collections.
The power to hold patents.
The power to make acquisitions.
The power to be registered in foreign countries.
The power to sell annuities.
The power to re-insure.
The power to counter-insure.
The power to create or set aside outside of the company a special fund.
The power to sell endowments.
The power to act as pension adviser.
The power to deal in insurance brokerage.
As can be noted above items number 1,2,3,5,6,7,9,10,11,17,20,21,24,25,26,30 and 41 were of particular interest and the prime motivators for the purchase of a "Vintage Trust". I agreed to pay 100,000 chf and put $20,000 usd as a down payment towards the purchase in February 2015.
It must be noted, inorder for a North American company to provide the above listed services it has to enter into multiple lisencing arrangements with various regulatory authorities in its domiciled jurisdiction. Upon further investigation including discussions with Andrew Serafin and legal representation I was lead to believe the trust I was to purchase did not need any lisencing to enter into the above services; most interesting in regards to item numbers 6,7,21,25,26,30,35,36,37,39,40 and/or 41. Also a trust is a corporation. It is not a separate entity as in North America. The trust and corporation are one and the same.
I entered into an agreement for purchase of the trust/company, paid $20,000 usd down and agreed to pay the balance in October of 2015. In the agreement no interest was charged on the outstanding balance and no mention was made regarding the payment of any fees incurred while under the purchase arrangement.
Until the company was paid in full I had no authority nor ownership of the entity. The balance was paid in October 2015 and transfer of resident director was intitiated. On January 27, 2016 I was in receipt of the bearer shares and now had ownership of the company.
It was at this time that I was informed I owed First Fidelity Trust AG by Andrew Serafin that 13,000 chf was owed for the registration, directorship, taxes and representation fees for 2015. I mention to Mr. Serafin I was not the owner of the trust/company in 2015 and was not going to pay the fees for 2015. I mentioned to Mr. Serafin outlined in the purchase agreement the first years fees were to be paid out of the purchase price and these fees would be applied towards the 2016 year.
In October of 2016 due to repeated threats by First Fidelity Trust AG and Mr. Serafin they would cancel any representation of my company if the 2015 fees were not paid I called and talked with Mr. Serafin. We came to an ammicable agreement whereby I agreed to pay half of the 2015 fees when the fees for 2017 were due; January 27, 2017. On January 13, 2017 I received notification that First Fidelity Trust AG is cancelling the agreement to represent my company effective immediately. I am now without a resident director nor representation in Switzerland which creates duress and significant pressure for me to now be bullied into paying the fees early.
In addition to the fees to be paid it has come to my attention the outlined points of interest above do require lisencing by the SIX, FINMA and Swiss regulatory authorities. This is in complete contradiction to what I was provided and told prior to purchasing the "Vintage Trust". I have all the notes and coorespondence associated with the purchase.
Upon further investigation I have found out I could have purchased a company for 5,000 chf and it can do exactly the same functions as outlined above except it would not qualify to be automatically listed on the German stock exchange.
The above situation seems to represent a number of serious concerns: bait and switch tactics, misleading advertising, breach of fiduciary responsibility, breach of consumer trust, extorting money for non-contractual fees, blackmail and price gouging.
Beware of purchasing any companies from First Fidelity Trust AG and/or Andrew Serafin due to the aforementioned reasons or you may end up with your business being held up due to unforeseen non-contratual exorbitant fees and left trying to find a replacement resident director and company representative.
To the writer of above post: Would you please provide your contact information? We are a U.S. investigation entity currently reviewing possible improper dealings regarding this firm. Thank you.
First Fidelity Trust AG Reviews
October 2016, a contract has been signed with First Fidelity Trust AG(FFT) to secure and purchase a trust company. a 20% depsoit was paid and according to Mr. Andrew Sarafin; its director, the aged trust was reserved. Immediately, FFT requested for the balance of the full payment plus extra for the change of name. By 26th of October 2016, the full payment was TT to their designated bank account; which was a different name other than FFT BUT they claimed to be a subsidiary of FFT. According to Andrew Sarafin, the transfer of the trust will take 2-3 days while the change of name will take about 1 week. However, after 1 month, Andrew Sarafin claimed that the TT was not received BUT according to our banking telex with UBS which was the bank Andrew Sarafin used; confirm receipt of the funds. It was then that Andrew Sarafin agreed to proceed. He appointed a compliance officer by the name of Jonathan Cruci from Titanium Finance to be the compliance officer and director. Various documents from the registrar of business from Geneva were presented to us. However, when we did an online search, the expected company of choice was not transferred nor was the name change done.
Till then it was already in early December 2016. Andrew Sarafin claimed there was a mess up by the officers in the Swiss registrar and reqested some time to amend and rectify the issue. We concurred as we wanted to give Andrew Sarafin our benefit of the doubt; as he claimed that he has been in business for more than 10 years and their reputation has no doubts and no complains. We also requested him to proceed with the FINMA registration of which he had instructed Jonathan Cruci to handle. Thus, in January 2017, Jonathan Cruci confirmed that the documents for the FINMA regsitration has been filed and it would take about 8 weeks to complete. At this point in January 2017, FFT's Andrew Sarafin has yet to complete the registration and when asked about the possible affect on FINMA application, Andrew Sarafin confidently claim that these are 2 different issues. Subsequently, on early March 2017, Jonathan Cruci informed us that our FINMA licence will be ready anytime and requested payment from us. As till then; Mar 2017, Andrew Sarafin has not even proof to us that the trust was formed, we have our reservations of the FINMA completion. Thus, we held back the payment. We commuincated with Andrew Sarafin again on mid Mar 2017 and he claimed that the mess up was not resolved and he would either refund or reallocate a new trust company.
By this time, suddenly there was no news from Jonathan Cruci on our FINMA licence. Andrew Sarafin then inform us that Jonathan Cruci was admitted to ICU and there was total silence on the issue of FINMA. On early Apr 2017, Andrew Srafin confirmed to us that the new trust transfer and registration is on going. But till now, end Apr 2017, nothing has been heard from Andrew Sarafin and when we requested the firmma number of the new aged trust that he claimed transferred to us, it was not produced. We have every reason to believe that Andrew Sarafinn has been presenting fake documents to us trying to convince us that he has transferred the requested trust. FFT's Andrew Srafin promises to redeem their mistakes for the mess up and delayed time is nothing but a pack of lies. We have in numerous incident told Andrew Sarafin and Jonathan Cruci that all we wanted was for the trust we requested and paid for to be registered. We have also given them the time and opportunity to rectify whatever issues that is needed. It is deploarble to know that FFT that claims to be a reputable firm for their 30 years of Swiss standard world leading supplier of trust companies will take 6 months and yet not even able to register and transfer a company. I hope readers can be alerted of FFT's scam and rediculous profesionalism. While I will seek the relevant authority to look into this; including the Swiss authority, I hope something cam be done to stop FFT, Andrew Sarafin and all concern in their financial scam. What they have done as truly tarnished the reputation of the Swiss standardof professionalism.
contact
To the writer of above post: Would you please provide your contact information? We are a U.S. investigation entity currently reviewing possible improper dealings regarding this firm. Thank you.
In February 2015 I entered into an agreement with First Fidelity Trust AG to purchase a "Vintage Trust" formed prior to 1981. The purpose of this acquisition was to access certain characteristics of this grandfathered entity which included some of the following appealling abilities, as outlined in an email to me prior to purchase:
Automatically qualify for listing on the German stock exchange.
Qualify to apply for SWIFT membership with the service's central office in Brussels.
The power to issue and trade LC's with all international banking institutions.
The power to open and maintain bank accounts, including trust, escrow, commercial, merchant accounts with any bank worldwide including US based institutions.
The power to open and maintain sub-accounts for third parties under the umbrella of the Trust.
The power to accept and invest funds on behalf of third party customers.
The power to offer and service a complete range of worldwide fiduciary services.
The power to participate in life insurance with fix or variable annuity or life settlements policy.
The power to acquire, develop, hold, sell, trade, exchange, dispose, mortgage or real property, precious metals as well as natural resources.
It may engage in the general leasing business, franchising, money funds, mutual funds, formation of general limited partnership and real estate investment trust.
It may acquire and sell both private and commercial property worldwide.
Act as a holding company for banks, savings and loans, insurance companies, small business investment corporations and stock brokerage firms.
It may hold and own financial institutions worldwide, including banks, brokers, Forex etc.
Reinsurance for political risk/trade and permium financing.
The signature of any commercial paper, debt obligatin, bonds, stocks, securities, subscription agreements and any other evidence of indebtedness document or agreement binding upon such terms and conditions as determined by this and its Trustees.
The power to act as natural persons.
The power to act as attorney-in-fact.
The power to act as officers, agents, employees.
The power to make and sign contracts.
The power to create agencies and joint ventures.
The power of investments.
The power to deal in goodwill.
The power of donation.
The power of guarantee.
The power of trustee.
The power to act as investment advisor.
The power to act as consultant.
The power to deal in securities, commodities and fixed income brokerage.
The power of inventory financing.
The power to create correspondence banking relationships.
The power of collections.
The power to hold patents.
The power to make acquisitions.
The power to be registered in foreign countries.
The power to sell annuities.
The power to re-insure.
The power to counter-insure.
The power to create or set aside outside of the company a special fund.
The power to sell endowments.
The power to act as pension adviser.
The power to deal in insurance brokerage.
As can be noted above items number 1,2,3,5,6,7,9,10,11,17,20,21,24,25,26,30 and 41 were of particular interest and the prime motivators for the purchase of a "Vintage Trust". I agreed to pay 100,000 chf and put $20,000 usd as a down payment towards the purchase in February 2015.
It must be noted, inorder for a North American company to provide the above listed services it has to enter into multiple lisencing arrangements with various regulatory authorities in its domiciled jurisdiction. Upon further investigation including discussions with Andrew Serafin and legal representation I was lead to believe the trust I was to purchase did not need any lisencing to enter into the above services; most interesting in regards to item numbers 6,7,21,25,26,30,35,36,37,39,40 and/or 41. Also a trust is a corporation. It is not a separate entity as in North America. The trust and corporation are one and the same.
I entered into an agreement for purchase of the trust/company, paid $20,000 usd down and agreed to pay the balance in October of 2015. In the agreement no interest was charged on the outstanding balance and no mention was made regarding the payment of any fees incurred while under the purchase arrangement.
Until the company was paid in full I had no authority nor ownership of the entity. The balance was paid in October 2015 and transfer of resident director was intitiated. On January 27, 2016 I was in receipt of the bearer shares and now had ownership of the company.
It was at this time that I was informed I owed First Fidelity Trust AG by Andrew Serafin that 13,000 chf was owed for the registration, directorship, taxes and representation fees for 2015. I mention to Mr. Serafin I was not the owner of the trust/company in 2015 and was not going to pay the fees for 2015. I mentioned to Mr. Serafin outlined in the purchase agreement the first years fees were to be paid out of the purchase price and these fees would be applied towards the 2016 year.
In October of 2016 due to repeated threats by First Fidelity Trust AG and Mr. Serafin they would cancel any representation of my company if the 2015 fees were not paid I called and talked with Mr. Serafin. We came to an ammicable agreement whereby I agreed to pay half of the 2015 fees when the fees for 2017 were due; January 27, 2017. On January 13, 2017 I received notification that First Fidelity Trust AG is cancelling the agreement to represent my company effective immediately. I am now without a resident director nor representation in Switzerland which creates duress and significant pressure for me to now be bullied into paying the fees early.
In addition to the fees to be paid it has come to my attention the outlined points of interest above do require lisencing by the SIX, FINMA and Swiss regulatory authorities. This is in complete contradiction to what I was provided and told prior to purchasing the "Vintage Trust". I have all the notes and coorespondence associated with the purchase.
Upon further investigation I have found out I could have purchased a company for 5,000 chf and it can do exactly the same functions as outlined above except it would not qualify to be automatically listed on the German stock exchange.
The above situation seems to represent a number of serious concerns: bait and switch tactics, misleading advertising, breach of fiduciary responsibility, breach of consumer trust, extorting money for non-contractual fees, blackmail and price gouging.
Beware of purchasing any companies from First Fidelity Trust AG and/or Andrew Serafin due to the aforementioned reasons or you may end up with your business being held up due to unforeseen non-contratual exorbitant fees and left trying to find a replacement resident director and company representative.
contact
To the writer of above post: Would you please provide your contact information? We are a U.S. investigation entity currently reviewing possible improper dealings regarding this firm. Thank you.