3547 days ago
The way that the AIM Casino is set up is based on one great enormous conflict of interest and that is why companies can and do tell lies to investors – that is the Nomad (Nominated Advisor) system.
A company must, under AIM rules, have a Nomad. If its Nomad quits the shares are suspended. If no replacement Nomad is found within a month the stock is booted off the Cesspit for good. The Nomad must verify every statement that is put out by a company and ensure that it complies with the rules. As such it is the Nomad who is at the front line of regulation and it works FOR the LSE.
3745 days ago
The Silverdell (SID) scandal is hotting up but its Nominated advisor FinnCap, headed by self-important Sam Smith (pictured), is still insisting that in trousering hundreds of thousands of pounds in fees, it has done nothing wrong. Sure thing Sam, but would you mind answering a few questions for me concerning share dealing in Silverdell shares?
You will remember that Sam’s compliance officer Mr Tubby has conducted a “full review” and found that his firm was not in any way negligent of its responsibilities
You can read Mr Tubby’s protestations of innocence and why they do not wash HERE
But before Mr Tubby goes to read a bed time story to the little Tubby’s tonight ( Three little piggy’s made their way to stockmarket, etc, etc) I have a series of new questions for him courtesy of yet another informant.
3755 days ago
In an article earlier today I suggested that the UK’s regulators had (for once) acted with wisdom and foresight with regard to the demise of Libertas as a Nominated Advisor (Nomad) on the AIM Cesspit. I publically apologise for that suggestion. Now that I have got my paws on a shock letter sent yesterday by Libertas to its clients it is clear that the Regulators fucked it up as per normal.
My earlier piece can be found HERE
My comments on how AIM Regulation and the FCA has failed everyone concerned with AIM yet again are below but at this stage I pass over to Libertas head honcho Jonathan Hall who wrote to the firms Libertas acted for yesterday. As is often the way, confidential letters which many on the AIM Cessoit would rather that I did not see, just seem to drop into my lap so that I can have a bit of fun. Gotcha!
Over to you Johnny Boy…
3755 days ago
A flurry of “change of adviser” announcements this morning shows that Libertas is no longer operating as a Nominated Adviser (Nomad) to AIM companies. Was it a voluntary act or was it pushed? Will other Nomads now follow suit?
As of Monday Libertas was still in the game with its main corporate financier, Mr Sandy Jamieson, appearing on an RNS for Cesspit posterboy stock Leed Resources (LDP). But as of today Mr Jamieson is now working for Cairn Financial and most of Libertas’s clients including the pointless Leed, have followed him. The rest have gone to other advisors.
One CEO to whom I have spoken
