Blackmore: director says only £5m left, FCA’s “Operation Dump It On Other Countries’ Doorsteps” is dismal failure

July 1, 2020June 29, 2020 ~ Brev ~ 4 Comments

Administrators Duff and Phelps have released their initial report into collapsed property minibond scheme Blackmore.

Of £46 million raised from investors, director Patrick McCreesh has estimated in a Statement of Affairs that less than £5 million is likely to be realised to pay them back.

MJS Capital update: most of investors’ £42 million written off by directors

June 16, 2020June 4, 2020 ~ Brev ~ 2 Comments

The liquidators of MJS Capital have released an update into the first year of its winding up.

In total MJS Capital raised £42 million from investors, including via unregulated introducers. Claims for £36 million have been received by the liquidators and they estimate a further £6 million is yet to be claimed.

Allansons LLP goes into voluntary liquidation

June 11, 2020June 9, 2020 ~ Brev ~ Leave a comment

Allansons LLP, the solicitors behind a collapsed investment scheme which offered returns of 50% over 6-18 months, described as "zero risk" and "100% secure" by its third-party introducers, has gone into voluntary liquidation.

Voluntary liquidation indicates that sole director Roger Allanson instigated the process rather than investors doing so.

Accumulate Capital follows Signature playbook, threatens legal action, claims 8 x 3 is not 24

June 4, 2020June 4, 2020 ~ Brev ~ 1 Comment

Accumulate Capital is run by an ex-alumni of Signature Capital, Paul Howells, who formerly described himself as a "Partner" at Signature. Its corporate entity was originally incorporated as EQT Capital Limited by Sarah Schofield, a director of two Signature companies. Signature Capital collapsed into administration in April.

Let's be very clear - the fact that both Accumulate's once and current owner were ex-Signature alumni does not mean that Accumulate is the same company as Signature.

One thing Accumulate and Signature do share however (apart from ex-Signature staff) is a predilection for pointless legal threats, while withholding information from their own lawyers.

Westway Holdings collapses into administration

June 1, 2020May 31, 2020 ~ Brev ~ 19 Comments

Westway Holdings has collapsed into administration, according to the Gazette.

Reviews left on Trustnet suggest the company stopped repaying investors around November 2019.

I reviewed Westway Holdings in January 2018 and concluded that, despite Westway's brochure claiming "income underpinned by Government allowances", its bonds were inherently high risk.

“Scam” introducer at the heart of Mirror investigation promoting High Street Group

May 21, 2020May 21, 2020 ~ Brev ~ 14 Comments

Last week the Mirror's Andrew Penman investigated one of the introducers flooding Google Ads with high-risk unregulated investments targeted at savers looking for non-high-risk savings. His article, Scamming with impunity: the GoogleAd sham investment comparison websites, is well worth a read.

Penman turned the spotlight on Ilian Stoimenov, who had parked his caravan on the Google search results for "good ISA rates". One of the first hits was for sterling-isa.com, aka Lead Generation Limited.

I can reveal, thanks to a reader who has asked to remain uncredited, that excellent-bonds.com is promoting High Street Group.

Fuzzy Brush reprieved from strike off, finally files 2017 accounts

May 19, 2020May 18, 2020 ~ Brev ~ 4 Comments

Fuzzy Brush Products Limited has finally filed its accounts for December 2017, resulting in a strike-off notice that had hung over it since December 2018 finally being lifted.

Fuzzy Brush offered preference shares paying up to 14.43% per year to investors, and also promoted investment in Fuzzy Brush vending machines paying up to 19.7% per year.

Administrators appointed to Signature Capital

May 5, 2020May 4, 2020 ~ Brev ~ 7 Comments

According to the Gazette, the parent company of Signature Capital, Signature Living Hotel Limited, has been put into administration.

Duff and Phelps were appointed as administrators. Other collapsed unregulated investment schemes currently administered by Duff and Phelps include Blackmore Bonds and Carlauren.

Whisky Cask Company in false “Oxford professor” CEO claim; Viderium investors to lose their money?

April 28, 2020April 27, 2020 ~ Brev ~ 1 Comment

A puff piece in the London Daily Post for Whisky Cask Company makes the eye-catching claim that the CEO is an Oxford professor and that the investment scheme, which promoted itself as a "sure-fire" investment paying 8-12% per year, and is endorsed by rugby legend Chris Robshaw.

Breaking: Blackmore Bonds collapses into administration

April 23, 2020April 23, 2020 ~ Brev ~ 24 Comments

After months of delayed and missing payments and failure to file legally-required accounts, Blackmore Bonds is finally to be taken out back and put out of investors' misery.

Administrators Duff and Phelps have been appointed by a security trustee (presumably Oak Fund Services (Guernsey) Limited), according to IFA trade rag Money Marketing. The news is little surprise as D&P were originally approached by Blackmore investors in January, seeking answers after months of delayed and missing interest payments.