18 days ago
Some folks have just got no shame: that vicar bird from the Post Office with her CBE, Julie “Lingerie on Expenses” Meyer CBE and, it seems Dave Richards MBE of Wandisco (WAND) infamy. Less than a year from the near collapse of, once $1 billion capitalized Unicorn, Wandisco, he is back on the scene. You will remember that Wandisco almost folded after it emerged…
270 days ago
The FCA Investigation into Wandisco (WAND) and its fraudulent sales continues. I wrote to it last week about the way that ex CEO Dave Richards MBE and CFO Erik Millar were given huge bonuses solely because of fraudulent sales figures. Now I have written again on the subject of payoffs.
273 days ago
The FCA Investigation into Wandisco (WAND) and its fraudulent sales continues. I do not expect it to affect the business going forward but I hope that it results in ex CEO Dave Richards MBE and CFO Erik Millar being thrown to the wolves if not into jail. I have dropped the FCA a note focusing on the issue of 2022 bonuses, as you can see below
277 days ago
Following my three exposes yesterday I put a number of questions to Wandisco (WAND) via its PR firm FTI Consulting. I have also reported Dave Richards to the Charity Commission with whom I had a fruitful conversation. Next up will be the taxman but that is a bit complicated.
277 days ago
The phone call that was today’s person from Porlock was my mother-in-law who had just come home from an appointment to find smashed windows in her house just across the river from here. My 93 year old father-in-law, deaf as a post, had slept while burglars stole everything of value throughout the house. What a world we live in. From that I move onto the scandals of Dave Richards and Wandisco (WAND), Canadian Overseas Petroleum (COPL), Miriad (MIRI), Bidstack (BIDS), Supply@ME Capital (SYME) and Oxford Nanopore (ONT) and dual US listings.
277 days ago
277 days ago
Earlier I looked at the obscene bonuses awarded to ex Wandisco CEO and CFO David Richards MBE and Erik Millar in a year when they brought the company to the verge of bankruptcy. I still cannot see how this can be allowed. Now let’s move on to the stinking related party deals involving Richards which, in a way, are even more shocking.
340 days ago
Oh dear, oh dear, the bad news just keeps on coming at the $1 billion AIM fraud Wandisco (WAND). But before we get to the bad news I invite you to read the 2022 report on corporate governance read by now ex CEO pompous Dave Richards MBE HERE. Did he believe this shite or just publish it anyway to allow ESG investors and woke FCA employees to get an easy jerk off. Anyhow back to the fallout from the fraud.
353 days ago
It was just six months ago that smug bien pensant Davie Richards MBE was boasting that putting his staff on a four day week but paying them for five days had seen sales rocket. Then it emerged that most of those booked sales were completely bogus, booked by one rogue saleperson. As CEO, Richards, and his hapless CFO, had not bothered to call any of these big new customers, had not verified the contracts indeed had done nothing even as bills were not paid. Richards was too busy being one of the “great and the good.” Today, the price of Richards’ ineptitude became clear as Wandisco (WAND), battling to stay solvent, has started mass layoffs.
373 days ago
Wandisco (WAND) already has an internally driven enquiry underway into the industrial scale fraud, c/o FRP Advisory. But marking your own homework is not good enough in a case like this and now the FCA had stepped in. For ex CEO Dave Richards and ex CFO Erik Miller, who were resigned on April 3 this is not good news.
384 days ago
Having boasted how putting his staff on a 4 day week had seen sales rocket, pompous Dave Richards MBE was forced to admit on March 9 that all of that sales growth at Wandisco (WAND) was bogus. Today the company confirm the scale of the fraud and Richard and CFO Erik Miller have walked the plank. Quote right: they were not involved in the fraud but the lack of oversight defies belief. Miller and Richards have gone because events suggest they are utterly incompetent.
431 days ago
I have a lot of time for Wandisco (WAND) boss David Richards and his tech business clearly has some traction. But the valuation is surely insane.
524 days ago
Apparently the 92 year old chain needs an emergency refinance this week. If it gets it it is a slow death in 2023. If not it is a quick death before Christmas and 16,000 P45s. I look at the red flags in this case over the past year and why I own no retail or no property stocks – there are lessons for both sectors here. Then I ask if Dave Richards of Wandisco (WAND) has gone mad or simply stuck his own moral compass where the sun don’t shine?
677 days ago
A week ago, Dave Richards – CEO of Wandisco (WAND) – was tweeting pictures of himself suited and booted, as well as his Mrs dressed up to the nines, as they headed to the residence of comrade Elizabeth Windsor. Today, he proudly waffles on about 2021 results from Wandisco. Only when you read the notes buried at the bottom, are you reminded of the dire realities. It could go bust, and will inevitably do a bailout placing – but is that enough? This is a train crash, and, rather than serving up nauseatingly misleading statements, Richards should admit to the facts.
899 days ago
I follow up on yesterday’s bearcast on Wandisco (WAND) and the deal done by CEO Dave Richards with the hoods at Equities First Holdings (EFH). Dave called me up. I explain why he is naive not dishonest but why he needs to grill his advisers. Was there a brown envelope? Who penned the RNS which now looks even more dishonest with what I tell you today? Dave should shoot and/or his advisers as they have landed him in the reputational soup. I then look at today’s latest disgusting revelations on the Charlie Wood Hydrogen and Helium SPAC spoof IPOs, at the utter naivety of Aquis and I have advise for certain City folk on what they should do as the regulator has failed. Liam, Fungai and he who shall not be named you know what to do. I look at Bowleven (BLVN) and also at Caracal Gold (GCAT) asking who is selling?
1907 days ago
I have always liked Dave Richards of Wandisco (WAND) and indeed own a few shares. In the video below he tells the BBC how his firm was almost ruined and wiped out by folks parachuted on to the board from big corporations. But that is only half the tale. The question is who imposed them and backed them? The answer is City advisors and institutional fund managers. I spoke to someone close to Dave this morning and Dave will spill the beans on the City grandees who almost screwed his company up. He's a brave guy for speaking out. This is going to be illuminating and entertaining and will cause some real discomfort in the Square Mile. Bring it on...
2189 days ago
Is it Dave or David? I get confused by so much these days. Whatever he presented a compelling case. And after the Dragon's Den he did I became a shareholder as you can see HERE. Wandisco (WAND) is proof of how vital management is. It was heading for disaster then management changed and now its zooming ahead as Dave/David explains below.
2760 days ago
On Thursday 29 September 2016 at 10.41 AM Wandisco (WAND) boss Dave Richards resigned. Or so we were told. The RNS prepared by Non Exec chairman Paul Walker (who agreed to take a massive pay hike and go Exec) stated that Richards was "stepping down.". No reason was given. In fact Richards had been fired by Walker, head of the "Sage crew" within the firm who had been battling Richards for a good while, the main issue being costs: Richards ( the founder) wanted restraint, the men from the "big company" had other ideas. Today Richards was reinstated. It gets better still and more farcical.
