The Serious Fraud Office announced last week that it is investigating "suspected fraud in relation to the activities of the Raedex Consortium, including the companies Buy2Let Cars, PayGo Cars, Raedex trading as Wheels4Sure and Rent2Own Cars".
One individual has been arrested and another interviewed. Two residential properties were searched.
The identity of the individual arrested, and why the SFO suspects fraud may have occurred, is yet to be revealed.
In a filing with Companies House, High Street Group's former auditors, Big Four accounting juggernaut PWC, have finally revealed why they resigned from their post.
PWC's declaration is damning: it states that it resigned because it couldn't trust the figures HSG was giving it, making an auditor's job impossible.
Moreover, HSG's management consistently blanked PWC's attempts to obtain reliable information.
The administrators of Basset & Gold, the collapsed unregulated investment scheme promoted by West Ham FC, have released their latest update.
Basset & Gold's funnelled investor funds into payday lender Uncle Buck, via an intermediary shell company, River Bloom UK Services (aka RBUK).
The bad news for investors is that the administrators predict total losses, regardless of how much is recovered from Uncle Buck, due to another River Bloom company, registered in Cyprus, outranking Basset & Gold investors.
Osmai FX claims to provide a "reliable alternative investment opportunity" that generates returns from Forex trading.
In a video and performance table on their website, the scheme claims to have generated 42% annual returns since 2016. It also claims to offer "medium to long-term growth with minimal risk" and "slow and steady returns".
for a review of Osmai FX's forex investment.
The interminable saga of London Capital and Finance returned to the newspapers this week when John Glen, secretary to the Treasury, provided an update to the Sunday Telegraph on the announcement that the Treasury would set up an ad-hoc compensation scheme to compensate LCF investors who have so far missed out.
The update, three months after the compensation scheme was announced at the cig-end of 2020, is that there is no update at all.
In another blow for Buy2letcars investors, the Financial Conduct Authority revealed yesterday that the whole scheme has gone into administration, less than a month after the FCA effectively stopped the scheme from taking in new investor money.
All three of Buy2letcars' constituent companies: Buy 2 Let Cars Ltd, Rent 2 Own Cars Ltd, and the holding company Raedex Consortium, went into administration on Tuesday 15 March, with RSM Restructuring Advisory appointed as the administrators.
The administrators of collapsed minibond scheme Asset Life plc have released their latest six monthly report.
Unfortunately there's been little reportable progress, with the two investments that form the ashes of Asset Life plc, Kyrgyzstani gold hunter Aprelskoe and Armenian metal grubber Lori Iron and Steel, continuing to blank the administrators. The administrators continue to attempt to extract blood from both stones but say they "do not anticipate material realisations in this regard".
The administrators of collapsed cryptocurrency bond scheme Viderium have released their initial report.
Following last week's FCA shutdown of new investment into Buy2LetCars, Smith & Williamson has unceremoniously dumped CEO and owner Reginald Larry-Cole from an "Entrepreneur's Hall Of Fame".
Google's cache shows that on Friday 19th, the day of the FCA's intervention, the hall of fame entry was still up. But at some point after this it was quietly removed.
Redhat Group claims to provide an "FCA Approved Managed FX Account" which "rewards our clients with above average returns by utilising our sophisticated Redhat Trading Platform."
Past performance data on Redhat's website claims that their investment delivered returns of 146% in 2019 and 153% in 2020.
There is also a live webpage on Redhat's website offering a "Loan Note" paying 24% over 24 months, although it is orphaned (i.e. not accessible from the main website and only reachable with a Google search).
for a review of Redhat Group's forex investment.