Astute Capital publishes accounts, scrubs critical posts from Internet

Astute Capital logo

Astute Capital plc, which issues bonds listed on the Irish Stock Exchange paying up to 8.9% per year, has filed its accounts for the year ending March 2019.

The accounts were filed two months late, leading to Astute's bonds being temporarily suspended from the Irish Stock Exchange.

In the year to March 2019, Astute Capital made a marginal loss (£2k) and finished with net liabilities of £82k. The directors assume the company will continue to operate on a going concern basis.

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Satchi Wealth subject to strike off notice

Satchi Wealth, which offers three year unregulated bonds paying up to 11% per year, has been issued with a strike off notice after failing to file an up to date confirmation statement.

Failure to file a confirmation statement on time is a criminal offence under the Companies Act. If Satchi fails to file an up to date confirmation statement within two months of the notice and no objections are receiver, the company will be struck off the register and will forfeit its assets to the Crown.

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Did the FCA withdraw scam warning after legal threats?

An article in Private Eye about the cryptocurrency Ponzi scheme OneCoin caught my eye last week.

OneCoin was one of the earliest and biggest cryptocurrency Ponzi schemes. You handed over money in exchange for OneCoin tokens, which OneCoin and its agents claimed would steadily increase in value, allowing you to cash in your tokens later for more money (or money's worth).

Large recruitment commissions were also paid in a multi-level marketing (aka pyramid) system.

OneCoin never made any serious attempt to claim that it had external revenue to fund its ability to pay investors more than they'd invested - plus recruitment commissions. Using new investors' money to allow existing investors to cash out more than they'd invested, while also paying multi-level commissions, made it a Ponzi scheme.

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Prime ISA goes dark, receives strike-off notice

Prime ISA, which offered bonds paying some sort of interest between 5% and 7% (its literature couldn't decide), appears to have vanished. Its website has been replaced with a webhost error message. The company has also been overdue with its accounts since August and has now been issued with a strike-off notice.

If the company fails to submit accounts within two months of the notice, and no objections are received, the company will be struck off the Companies House register and its assets will be forfeited to the Crown.

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Consternation as Blackmore delays interest again

Blackmore logo 2019

Blackmore Bonds has delayed paying quarterly interest on its bonds for a second time.

Investors received an email from Blackmore director Patrick McCreesh saying that the payment due in two days' time would be delayed until 29th November.

Blackmore's last interest payment at the end of July was also delayed by a few weeks. In that case Blackmore blamed a "clerical error". This time around Blackmore has blamed "circumstances outside their control". At least they didn't try to blame Brexit.

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