Three investors file protests against All Invest over lost savings

Three plaintiffs have filed judicial letters in court claiming that financial services company All Iinvest and its representative Wallace

Falzon had misled them about their investments with the company.

Angela Incorvaja, 52, claimed that Falzon called her at her residence and convinced her to invest her money with All Invest. Although she claims the agreement was on conditions that her capital was guaranteed, the investment in the ARM Assured Income Plan did not safeguard her capital.

Incorvaja said she had only been made aware of the ARM investment when asked for her money back, knowing that the investment had incurred losses. She denied having withdrawn her capital.

Subsequently, the woman was asked to sign a declaration to transfer her investment to MFSP Financial Services. Incorvaja claimed she did not know what the declaration entailed, nor that it was prohibited by the financial regulator.

In a second protest, Maria Farrugia said the same company had repeatedly ignored her instructions on the capital she had invested in an ARM Assured Income Plan. When the investment was withdrawn, the capital was reinvested in the high-risk LM Australia X3. Farrugia also said she was asked to sign declarations that were prohibited by the Malta Financial Services Authority.

Alexander and Mansueta Farrugia, as a couple, also raised the same

claims against the investment company, which is based in Zabbar.

The judicial letters were signed by lawyer Stefano Filletti.