83 days ago
There are still folks out there, not least shareholders in First Class Metals (FCM) protesting that all will be well with the 79th Group ponzi fraud and that I know nothing about mini bonds and am talking out of my posterior. I think that if I go on Mastermind, mini bond ponzi frauds might just be my specialist subject if they do not allow questions on the life, loves and songs of Ms Cheryl Cole . One mini bond fraud that I exposed in October 2019 and where, natch, the FCA did SFA to protect investors was the Buy2Let cars, an £88 million fraud.
1495 days ago
I first wrote about the High Street Group 426 days ago. It was the sixth mini bond scheme I had written about. Of the first five, four being London and Capital Finance, Blackmore Bond, Bassett & Gold and Buy 2 Let Cars and all in administration and in the case of London and Capital Finance and Buy 2 Let Cars, the Serious Fraud Office are investigating the Directors. Wellesley Finance managed to pull off a Creditors Voluntary Arrangement and persuade investors to take a significant haircut in order to let the group restructure and avoid administration.
1518 days ago
RSM has filed its joint administrators’ proposal dated 7 May 2021 at Companies House which effectively confirms that Buy 2 Let Cars Limited was a circa £50 million Ponzi scheme with new investors paying for existing investors’ interest and returns of capital. This is revealed on page 14 of its report which discloses that:
1581 days ago
What does the perfect fraudster look like and how does he like to be depicted? Earlier I showed why Buy 2 Let cars was a ponzi, a fraud, where £35 million of punters cash will almost certainly go to money heaven and where the FCA was – yet again – criminally negligent in ignoring my warnings. Now meet Reginald Larry-Cole the crook behind it. Born in Sierra Leone he has an Atilla from a new University. Nothing remarkable there. Nor the drink drive rap where he was so drunk he collapsed out of the car but still pleaded not guilty, blaming the cops. So he is a liar.
1581 days ago
I think they have and, given how much warning I gave the FCA, this will go down as yet another epic fail by a regulator who did nothing until it is too late. Once again the regulator addresses the concerns of the middle classes yakking on about the gender pay gap and diversity among very well paid white collar employees but in terms of protecting financially unsophisticated lower middle class and working class folks, its actual job, it fails. Screw the plebs, it is not as if senior FCA staffers have any social contact with the dirty oiks, is it? Like the 14 year old girls in Rotherham, they are just trash. They don’t matter. As for Buy to Let, its boss, Reginald Larry-Cole, might tick all the FCA’s diversity boxes but he is a crook. He needs to go to jail.
1582 days ago
The pattern has always been the same. We issued explicit warnings about London & Capital Finance, Blackmore Bond, Bassett and Gold, Buy 2 Let Cars, The High Street Group and Wellesley Finance. Companies such as my beloved West Ham United screwed over their fans and continued to support these rogues. The FCA was too busy publishing papers on the gender pay gap, Brexit, climate change or LGBT awareness to do anything until tens of millions of pounds had been lost. But heck it is was only the great unwashed who suffered.
1599 days ago
Following the FCA’s decision to finally act on Raedex Consortium Limited (which owns Buy 2 Let Cars) a mere 485 days after I warned it was a financial car crash BOUND to happen, some retail investors have apparently rushed to its defence on Trust Pilot providing gushing reviews praising the fact that it has always paid on time in the past, provided great service and that the FCA is acting irresponsibly and destroying a great entrepreneurial business which the country needs more of (see link below for examples):
