First Alternative Group, which offered a "secure" spread-betting investment paying 3 - 6% per month, has disappeared from the Internet.
The registration of firstalternativegroup.com was last updated on 11 August 2018 and remains anonymous. Google's cache shows that the website was still operational on 21 August 2018, but it has since been replaced with a blank page and internal pages have been removed.
Back in February I reviewed a bond supposedly being offered by Grove Developments, an established property company which is part of the Arora Group.
I noted a number of discrepancies in the literature, most notably that parts had been copied and pasted from Blackmore Bonds and at least one other unrelated investment, and that a picture of a Grove Developments director differed from their own website. At the time I ascribed this to incompetence rather than malice.
My suspicions were recently raised again when Grove Developments released their latest accounts, which appeared to contain no indications of any bond raise.
A few months’ ago I reviewed the RVS Closing Price System, which claimed to enable users to generate returns of 225% per annum through share trading.
I concluded that investors should not invest unless they expected to lose all their money.
Others have commented that the RVS Closing Price System appeared to be a reboot of the HSL Smart Market System, to which it showed remarkable similarities, although I didn’t include this in the review as a) I couldn’t 100% verify it and b) it seemed unnecessary.
The anonymous admins of RVS Closing Price System have now apparently done a runner. The website https://price-systems.com/ shows a blank page, and an investor has informed me that RVS admins are not responding to calls or emails.
London Capital & Finance has delayed filing its accounts for the period ending April 2018 by using a well-known (among accountants) loophole in the Companies Act.
Traditionally, public limited companies are supposed to file their annual accounts within six months of their accounting end date. This means London Capital & Finance's April 2018 accounts would have been due for filing by the end of October 2018.
However, less than a couple of weeks before this deadline expired, London Capital & Finance shortened its accounting reference date by a day, which under UK companies law gives it a further three months to file its accounts, i.e. 17 January 2019.
Four days before it was due to be dissolved over its failure to file annual accounts with Companies House, Independent Portfolio Managers has had the strike-off action against it suspended.
The reason the action has been suspended is not known for certain, but the most likely reason is an objection by a creditor. If IPM had been dissolved, all its assets (if any) would have become property of the UK Government.
As I previously covered, in July and August IPM was ordered by the Financial Ombudsman to compensate three investors in Secured Energy Bonds for its failings in producing Secured Energy Bonds' literature, and for giving a false impression that Secured Energy Bonds were more secure than other unregulated corporate loan notes.
Just ISA is offering five year bonds paying interest of 8% per year.
Money invested in Just ISA (a trading name of Just ISA Bond Co 1 Limited) will be loaned to an operating company in Jersey, which in turn will finance litigation funding, specifically in the area of professional negligence.
Continue reading for a review of Just ISA's bonds.
Buy2LetCars, which offers unregulated investment in cars paying up to 11% per annum, has filed its accounts for 2017.
There are three companies in the Buy2LetCars group: Buy 2 Let Cars Limited, Rent 2 Own Cars Limited and Raedex Limited. Raedex Limited is the holding company for the first two.
Due to its small size, the company's accounts were exempt from independent auditing, and the information that can be obtained from them is limited.
At the balance sheet date of 31 December 2017, the liabilities of the holding company exceeded its assets by £2.9 million. This was an improvement from December 2016 when net liabilities were £6.8 million. A large contribution to this improvement was £4.8 million of goodwill which was put on the books in the 2017 financial year, described as "the expected value of future profits dervied from existing contracts".