On Sunday I discussed how AIM listed stockbroker WH Ireland (WHI) ripped off a 78 year old pensioner for more than £500,000 but has only compensated him for £150,000. A WH Ireland spinmeister says that the actual loss for the poor defrauded pensioners was only £329,750. But the PR operative was less forthcoming when questioned about a swarm of other scandals.
First we deal with the fellow at WH Ireland who managed the discretionary account for these poor vulnerable old folk, shafting them by sticking nearly all their cash into AIM, Plus and unlisted penny stocks most of which cratered and most of which were WH Ireland corporate clients. I put it to WH Ireland that the pensioners who took action were just the tip of the iceberg – the chap responsible, Mr John Molyneux, has abused a number of other discretionary clients in exactly the same manner.
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