If you want to learn exactly how social housing investment scams work, watch the full video until the end. If you want to protect yourself from property scams, this is a must-watch!
Social Housing Investment Scam?: Is Jack Wicks from the Social Housing Group pulling off what I believe to be one of the biggest property scams in the UK right now? Is he stealing millions from unsuspecting investors every single month? In a recent video, I expose my thoughts on Jack Wicks and the wider scam happening in the name of “rent-to-rent social housing.”
People are investing large sums of money into social housing investment schemes without much in the way of security. Worse still, some investors appear to be paying for non-existent properties! In some cases, these schemes have all the hallmarks of a Ponzi scheme, where money from new investors is used to pay previous investors.
In this article, we will look at Jack Wicks’ Social Housing Group, which recently stopped paying out investors. We will take a look at the red flags from this scheme, what the contracts actually say, and how Jack Wicks intends to continue taking in more money!
By the end of this article, you will have a full understanding of what to look out for when it comes to assessing if a scheme is a social housing investment scam or not.
I want everyone to be able to spot a social housing investment scam a mile off! If you do too, please help get the word out! By sharing this article on social media, you can help keep your friends and family safe! Together, we can protect the community from property scams!
1. Social Housing Investment Scam?: The Red Flags!
When taking a look at Jack Wicks’ content, you will notice some red flags immediately. First of all, he targets inexperienced investors. Inexperienced investors often do not have the tools necessary to assess a deal or ask the right questions. If someone is specifically looking to attract these type of investors, this can be a sign they might have something to hide.
Secondly, he doesn’t support property education. This means that the inexperienced investors he targets are encouraged not to seek out training from experienced providers. This is likely because education could help them evaluate the deals he is offering them. This is another major red flag!
2. Social Housing Investment Scam?: The Contracts!
Of course, neither of these things make Jack Wicks’ Social Housing Group a social housing investment scam on their own. So what do the contracts he signs with investors actually say? Investors are often investing large sums of money with the Social Housing Group. When you are investing large sums, it is important to have security on your investment. This could be in the form of a charge against the property or a personal guarantee.
In the case of the Social Housing Group, the security is simply the contract with the housing association. This is rather weak security, but it gets worse! The contracts don’t identify the exact property being referred to. Some contain partial addresses, but when I checked into them, they appear to have nothing to do with the Social Housing Group!
3. Social Housing Investment Scam?: On To The Next Scheme!
The final piece of evidence that this is a social housing investment scam, is that they have stopped paying out investors. They claim this is an issue with the housing association and not them, but they are still taking in new investments. Wicks even says bringing in new investments will help pay out existing investors, which is how a Ponzi scheme works!
Jack Wicks’ Social Housing Group has also moved on to a new scheme, asking investors to put their money into litigation bonds. Investors who have lost money in the social housing scheme are now being told to invest in his new venture to recoup their capital!
What happens next…
The police are continuing their investigation into Jack’s company, Social Housing Holdings Ltd and into the company he was dealing with, Citygate Housing Ltd.
Jack’s defence is that he was a victim of Citygate himself and is totally innocent of the charges. Jack says once his bank is unfrozen he will be able to continue to make payments along with new income streams from selling property courses. If that turns out to be the case, then I will apologise unreservedly and put up a correction blog. For now, we just need to let the police do their job and continue to warn people about illegal schemes, posing as genuine property investment schemes.
If you have lost money with Jack Wicks Social Housing Group, Refundee may be able to help: https://www.refundee.com/socialhousingarticle
