Dubai , United Arab Emirates-  May 07, 2011: ( L )  Coline Jobe and  Guy Coghlan (R ) victims of  Ponzi Scheme pose during the interview in Dubai . ( Satish Kumar / The National ) Story by Martin Croucher
Colin Jobe (L) and Guy Coghlan were among the Dubai investors in Montague Morgan Slade.

Dubai investors go to court in US over lost cash

DUBAI // Colin Jobe poured hundreds of thousands of dollars he had saved for his retirement into a highly recommended investment company. Now the 62-year-old faces financial ruin after being blocked from withdrawing his money from the fund.

He is one of at least 20 Dubai-based investors who have filed a complaint in the New York Supreme Court against Montague Morgan Slade (MMS), a company that the plaintiffs' lawyers claim acted fraudulently.

Also implicated in the complaint are Stephen White and Martin Kinsey, two Britons who operated a Dubai-based brokerage called ExPat Solutions, which are said to have had close links with MMS. Mr White and Mr Kinsey deny any wrongdoing.

Mr Jobe, a Briton who is managing director of the car rental firm Diamond Lease, says he invested Dh1.8m of his and his daughter's money in MMS after Mr White assured him the company was legitimate.

"I worked hard and saved for 11 years," he said. "That money was put aside for my pension. I haven't got time to save for another pension. It hurts so much for me.

"If I go back to the UK, I don't know what I'll do. I'm faced with living off the state because I've been cheated. Someone should put these men in jail because they will hurt someone else too."

The suit, in papers lodged in New York, accuses the MMS partners, Gordon Spedding, Anthony Heald and Michael Brown, of using investors' money "as if it was their own".

"The key overarching fact that must be understood in order to understand the MMS enterprise is that there is no MMS beyond the Wall Street virtual office," it states.

"In reading the prospectuses for MMS's various funds it is easy to forget that there is no fund, there are no files, there are no investments; it is all a sham created to cause investors to transfer money for the sole purpose of funding the scheme and stealing the investors' money."

The suit alleges that at one stage MMS was sharing an office with ExPat Solutions in Dubai. It also claims bank records show White and ExPat Solutions received more than Dh730,000 from MMS.

Mr White is said to have solicited investors for MMS through the Dubai Ferrari Owners Club, of which he was the events manager.

That was where he met Frans Plaggenburg, the chief executive of Dubai-based MK Investments, who went on to invest more than Dh6.38m in MMS and its subsidiaries through ExPat Solutions.

"What's unfortunate is that most of the people have known Stephen for a long time and he was considered to be a friend," said Mr Plaggenburg, also a plaintiff in the lawsuit. "Some of the people have known him for more than 20 years.

"All our investments were made on a trust basis. Unfortunately he took advantage of that trust and got us into this."

Mr White is now believed to be based in Prague in the Czech Republic, from where he is operating a new business with Mr Kinsey.

Mr White was unavailable for comment but has previously denied any wrongdoing and said he was an investor in MMS himself.

The civil suit was filed in New York as MMS operated what is alleged to be a virtual office from Wall Street.

The document, dated April 18, gives the respondents 30 days to reply.


Director: Yasir Alyasiri

Starring: Baraa Alem, Nour Alkhadra, Alanoud Saud

Rating: 3/5

The Secret Kingdom

Director: Matt Drummond

Stars: Alyla Browne, Alice Parkinson, Sam Everingham

Rating: 3/5


Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5


Director:Assad Al Waslati

Starring: Omar Al Mulla, Badr Hakami and Rehab Al Attar

Streaming on: ADtv

Rating: 3.5/5

UAE currency: the story behind the money in your pockets
Dengue fever symptoms
  • High fever
  • Intense pain behind your eyes
  • Severe headache
  • Muscle and joint pains
  • Nausea
  • Vomiting
  • Swollen glands
  • Rash

If symptoms occur, they usually last for two-seven days


1. Mathieu van der Poel (NED) Alpecin-Fenix - 3:45:47

2. David Dekker (NED) Jumbo-Visma - same time

3. Michael Morkov (DEN) Deceuninck-QuickStep   

4. Emils Liepins (LAT) Trek-Segafredo

5. Elia Viviani (ITA) Cofidis

6. Tadej Pogacar (SLO UAE Team Emirates

7. Anthony Roux (FRA) Groupama-FDJ

8. Chris Harper (AUS) Jumbo-Visma - 0:00:03

9. Joao Almeida (POR) Deceuninck-QuickStep         

10. Fausto Masnada (ITA) Deceuninck-QuickStep

About Seez

Company name/date started: Seez, set up in September 2015 and the app was released in August 2017  

Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer

Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon 

Sector:  Search engine for car buying, selling and leasing

Size: (employees/revenue): 11; undisclosed

Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A 

Investors: Wamda Capital, B&Y and Phoenician Funds 


Chelsea 1 (Hudson-Odoi 90+1')

Manchester City 3 (Gundogan 18', Foden 21', De Bruyne 34')

Man of the match: Ilkay Gundogan (Man City)

Company profile

Company name: Hayvn
Started: 2018
Founders: Christopher Flinos, Ahmed Ismail
Based: Abu Dhabi, UAE
Sector: financial
Initial investment: undisclosed
Size: 44 employees
Investment stage: series B in the second half of 2023
Investors: Hilbert Capital, Red Acre Ventures

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed


Main display: 7.6" QXGA+ Dynamic Amoled 2X, 2176 x 1812, 21.6:18, 374ppi, HDR10+, up to 120Hz

Cover display: 6.2" HD+ Dynamic Amoled 2X, 2316 x 904, 23.1:9, 402ppi, up to 120Hz

Processor: Qualcomm Snapdragon 8+ Gen 1, 4nm, octa-core; Adreno 730 GPU

Memory: 12GB

Capacity: 256/512GB / 1TB

Platform: Android 12, One UI 4.1.1

Main camera: Triple 12MP ultra-wide (f/2.2) + 50MP wide (f/1.8) + 10MP telephoto (f/2.4), dual OIS, 3x optical zoom, 30x Space Zoom, portrait, super slo-mo

Video: 8K@24fps, 4K@30/60fps, full-HD@30/60fps, HD@30fps; slo-mo@60/240/960fps; HDR10+

Cover camera: 10MP (f/2.2)

Inner front camera: Under-display 4MP (f/1.8)

Battery: 4400mAh, 25W fast charging, 15W wireless charging, reverse wireless charging, 'all-day' life

Connectivity: 5G; Wi-Fi, Bluetooth 5.2, NFC (Samsung Pay)


Cards: Nano-SIM + eSIM; 2 nano-SIMs + eSIM; 2 nano-SIMs

Colours: Graygreen, phantom black, beige, burgundy (online exclusive)

In the box: Fold 4, USB-C-to-USB-C cable

Price: Dh6,799 / Dh7,249 / Dh8,149

Specs: 2024 McLaren Artura Spider

Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now

The UAE Today

The latest news and analysis from the Emirates

      By signing up, I agree to The National's privacy policy
      The UAE Today