110 days ago
I have written to the Financial Reporting Council today regarding the interims of the Standard listed cons Supply@ME Capital (SYME) and Regtech Open (RTOP). Both companies are, as I have demonstrated on this website, technically insolvent and if the FCA was not so utterly clueless and pointless it would be suspending the shares NOW! But pro tem, the issue is interims on 29th September.
119 days ago
Part 1 of this report will be passed to the Financial Reporting Council today as will this article. Both Tintra (TNT) and its tin pot auditors BSS & Co need a formal censure and fine. I continue…
136 days ago
On 29 September 2023 at a leisurely 11.00 am, Standard Listed, Alpha Growth (ALGW) released its interim results for the six months ended 30 June 2023. Although total revenue was up from £1,633,445 to £2,498,710 reporting losses were £292,432.
171 days ago
Yesterday Eight Capital Partners (ECP), the bastard cousin of the fraud Supply@ME Capital (SYME) released both its revised 2021 accounts and its delayed 2022 accounts. I start with the revised 2021 accounts as I had previously reported Eight to the Financial Reporting Council on 18 July 2022 about those numbers. So, yes, this is yet another win and validation of my work. When Eight fessed up to the FRC ongoing investigation on 3 July it stated that revised accounts were being prepared but with no indication of the scale of the revision.
187 days ago
My good pals at the accounting regulator FRC have acted against numerous companies and enablers who I have snitched on. Next up I hope are the enablers of the utterly dodgy Regtech Open IPO of last week. I have written to the FRC.
274 days ago
Eight Capital Partners (ECP) shares remain suspended as a result of my letter to the Financial Reporting Council about its inappropriate accounting treatment of its investment in the 1AF2 Limited bond described below in Eight’s RNS of 3 July 2023:
290 days ago
On 18 July 2022, I wrote to the Financial Reporting Council (FRC) reporting what I considered to be material non compliances with IFRS accounting standards in the accounts of Eight Capital partners (ECP), the bastard offspring of the Supply@ME Capital (SYME) fraud, for the year ended 31 December 2021. Natch’ the morons said I did not know what I was talking about or that nobody would pay any attention. Today 100% vindication with a share suspension.
373 days ago
Your starter for 10: When was audit firm KPMG last fined and reprimanded by the accountancy watchdog, the Financial Reporting Council (FRC)? The answer is: Five days ago. The previous slap on the wrists was last July. And today we learn that another enquiry is under way, into the 2021 audit of Carr’s Group (CARR). As far as I can see KPMG has a season ticket at the FRC but does anyone care?
554 days ago
When I started exposing the fraud at Zoetic, now Chill Brands (CHLL) the shares were 76p. They are now 2.4p and, FWIW, running out of cash again so a sell. The other side fought hard. Seth Freedman – who had harassed Harvey Weinstein’s victims for Harvey - was engaged by a shareholder to threaten, menace and harass me and also two other writers here and a PR girl who is known to be a friend of mine. Shame on Freedman and those who defend him like Evil Knievil. I was not bullied into silence and so, after the massive Worthington vindication earlier, here is another one a, a letter from the Financial Reporting Council.I complained to it about Chill’s accounts. Hey presto, the FRC took action and – as you can see below – forced Chill to restate.
564 days ago
I have written to Aquis Regulation, ccing in the Financial Reporting Council, if Aquis needs some help with basic accountancy, on the subject of interims from Richard Poulden’s Valereum Blockchain (VLRM). These numbers need to be restated with Poulden deserving a public slap on the wrists
640 days ago
Following my expose of the amateur and rule breaking accounts of Eight Capital Partners (ECP), the bastard little brother of the Supply@ME Capital (SYME) fraud, I have written to my good pals at the Financial Reporting Council asking for a formal investigation into Eight and its auditors PKF LittleJohn and audit partner Zahir Khaki. The letter is below:
669 days ago
The Financial Reporting Council is currently investigating this deception; now, Chill Brands (CHLL) has assisted with that enquiry by fessing to the total cost of the (pointless) domain name, Chill.com – a transaction that suggests the company may soon need yet another bailout. Let me explain.
678 days ago
So, who do you believe: the fraudsters at Supply@ME Capital (SYME), or The Financial Reporting Council? Er…the FRC.
767 days ago
Auditor PKF LittleJohn will already be considering the unenviable task of auditing the accounts of its fraudulent client Chill Brands (CHLL) for the year ending March 31 2022. Given that Chill is now already teetering on the brink of insolvency I would suggest that PKF asks for payment up front. In light of the shocking admission today, I felt it wise to mark the card of PKF and my good friends at the Financial Reporting Council on two matters. My letter is below:
889 days ago
Now that ShareSoc is no long run by he who cannot be named it is, on occassion, sounding almost half sensible. Like my colleague Nigel Somerville, it has been sticking it to the disgraced Edge VCT (EDGI) and in that vein Cliff Weight has written to the Financial Reporting Council, FRC, asking it to intervene. It would not be the first regulator I’d think of in such circumstances but it all helps and Cliff pulls no punches in his letter which is below.
936 days ago
My good pals at the FRC have today announced that it will be launching a full enquiry into the clean sign off given by audit firm Crowe UK into the accounts of the fraud Akazoo for the calendar years 2016, 2017 and 2018. You will remember that Gabriel Grego exposed this UK registered but Greek based and US listed company as a complete fraud in April 2020 and the SEC is now running a full probe. But … the FRC needs to go further.
956 days ago
Following my bombshell earlier about how Jeffreys Henry signed off accounts that PKF LittleJohn refused to put its nsme to and which were prepared by Connie Van Nieuwkerk, a lady banned from financial services after cooking two sets of PLC books, I have now written to my good friends at the accounting watchdog, the FRC.
1003 days ago
Sometimes when I read what BBMs write about me even I start to wonder if I am a bad guy even though I know all their defamatory slurs are false. But those who matter know otherwise and also take me seriously. Today, another letter arrives thanking me for my work which has caused another PLC to have to restate crook accounts. The Sheriff of AIM vs Eden Research (EDEN) and KPMG (again). For the second time in 4 years my work has spurred the Financial Reporting Council to act against Eden & KPMG. I have now lost count of how many such missives I have received from my good pals at the FRC but it is quite a lot. The letter is below.
1026 days ago
On February 5 2021, for the second time, I reported Eden Research (EDEN) to the Financial Reporting Council, the FRC, claiming that its accounts were crook. Back in 2017, the FRC agreed with me and forced Eden to restate its numbers which had been signed off by KPMG. Well guess what….
1037 days ago
On 7 June 2021, Eden Research (EDEN) issued an RNS titled “Notice of AGM, investor conference & Accounts” which included the following statements:
1088 days ago
My good friends at the FRC have launched investigations into a number of companies as a result of my work, oft agreeing with my assessment of accounting malpractice and on a good number of occasions forcing them to restate results. The most recent thank you note from the FRC arrived just last week. I have today written to the FRC asking it to force Supply@ME Capital (SYME) to restate two sets of interims which are fraudulent and breach IFRS rules and to ensure that forthcoming, but delayed, prelims do not repeat the same crime. The letter follows.
1090 days ago
To those like market abusing foul mouthed troll and penny share huckster Chris Akers who calls me a TWat or to the legions of Bulletin Board morons owning shares in frauds such as Zoetic (ZOE), Supply@ME Capital (SYME), etc who insist that I am a complete joke who can be ignored as they know better, this is for you. Yet again the Financial Reporting Council, the FRC, has taken direct action against a listed company because I alerted it to wrong doing – in this case it is St James House (SJH). Yet again it writes to thank me. Folks that count take the Sheriff of AIM seriously, foul mouthed penny share hucksters and morons you are deluding yourselves.
1168 days ago
The pleasure of reviewing a truly dismal 2020 trading statement from Eden Research (EDEN), a perennially loss making pustule on the arse of corporate Britain for more than 25 years, comes later. First to business: once again reporting this historically fraudulent enterprise to my good friends at the Financial Reporting Council, FRC, for cooking its 2019 books.
1206 days ago
The Financial reporting Council has today released the report below, running to almost 300 pages into the crooked accounts of Autonomy and the behaviour of Deloitte and the two audit partners Mr Richard Knights and Mr Nigel Mercer. The key takeaway here is that abetting white collar crime DOES pay.
1622 days ago
Shares in PureCircle (PURE) remain suspended as it struggles to publish its June 30 2019 accounts. But we are already warned that there will be restatements of 2018 and possibly 2017. But these restatements, which relate to the carrying value of inventory, were repeatedly predicted by ourselves for many years as you can see HERE. My good friends and keen admirers of my work, The Financial Reporting Council must launch an urgent and full investigation. I have written to the FRC today as you can see below.
1669 days ago
The Financial Reporting Council has announced that it is to open an enquiry into the accounts of Thomas Cook (TCG) for the year ended 30 September 2018. Too little too late you say. Well perhaps, but what is at stake here is the poison at the heart of capitalism, the incestuous relationship between auditors and PLCs.
1700 days ago
PR spinners for Burford (BUR) have responded to the Muddy Waters dossier by getting their poodles in the deadwood press to suggest that the bear raider was up to no good and was being investigated by regulators on both sides of the Atlantic. Oh dear..I have shocking and bad news for Burford…
On August 8 I wrote to the Financial Reporting Council asking it to investigate the 2013 accounts of Burford as you can see HERE. The FRC has replied as you can see below.
1713 days ago
Burford (BUR) does not have to prove it is innocent of the Muddy Waters allegations bit the longer it opts NOT to give full disclosure the more suspicions will grow. And perhaps the Oxymorons at AIM Regulation or my friends at the FRC, who I have asked to look at the accounts, may force its hand. In that vein I have written to the Nomad, Jonny Allison at Macquarie asking him to force Burford to come clean. I have cc’d in the Oxymorons and the FRC. The letter is below
1724 days ago
As you know the Financial Reporting Council are big admirers of my work most recently thanking me for nailing First Derivates (FDP) HERE but inter alia, commending me for my work in exposing the Quindell (QPP) fraud HERE. As such I have been in touch asking that the FRC open a full investigation into the accounts of Burford (BUR) which, I believe, require a material restatement.
1747 days ago
To those who say that ShareProphets is a joke site run by a fool or a knave, stick this letter below from the Financial Reporting Council where the sun don’t shine. Yet again the FRC is marking my homework with A*s. To those cretins on the Bullettin Boards who abuse me daily I ask: when was the last time you got a regulator to force an £800 million market cap company to change its, overly aggressive and misleading, accounting policies? Ouzo time yet again for the Sheriff of AIM.
1782 days ago
I am delighted to say that my good friends at the Financial Reporting Council have acknowledged receipt of my dossier on Diversified Gas & Oil (DGOC) and are now looking at accounts which clearly need massive restatements. Meanwhile I see that the company is hosting a lunch for private investors on June 26 in London. Sadly I’m busy that day, as it is the day major renovations start at my Welsh hovel but if you want to attend email James Husband DGO@buchanan.uk.com . More pressing are the forthcoming interims….
1787 days ago
Yesterday I highlighted the numerous issues which make Diversified Gas & Oil (DCOG) the most overvalued oil stock on AIM. The crux of the issue is that its freported profits since IPO have been generated almost entirely from aggressive accounting as opposed to producing hydrocarbons. I believe its accounts breach IFRS 3 and must therefore be completely restated which will wipe out nearly all of its retained profits. Let me explain.
1991 days ago
As you may be aware, the accounting watchdog, the Financial Reporting Council (FRC) is a great admirer of the work of The Sheriff of AIM. And always keen to give my good friends a pointer, I have today submitted a formal request to investigate the last three year’s accounts of First Derivatives (FDP). The issue is whether stated earnings represent the underlying picture. My letter, below, is to the point.
2098 days ago
Globo (GBO) was a fraud which claimed to have cash but did not and is now bust. Its downfall was precipitated by ShareProphets publishing a Gabriel Grego dossier after the FT and snot-gobbler Dan McCrum merely tipped off the CEO allowing him to dump all his shares and failed to publish. Now the Financial Reporting Council says that it is letting auditor Grant Thornton off the hook and dropping its enquiry.
2147 days ago
For its 2013 financial year, the fraud Quindell (QPP) switched its auditors from RSM Tenon – already fined by the Financial Reporting Council as a direct result of my work – to KPMG. But unusually for a firm claiming to be so large it chose the small Southampton office headed up by Senior partner William Smith to check its books.
2231 days ago
It is individuals that commit financial crime not corporates. And thus, as I have noted so many times before, the only way that we will clean up financial markets in the UK is by starting to throw the book at individuals who sin, making sure that all transgressions, however small, go punished. And that brings us to today's news that the Financial Reporting Council (FRC) has started an investigation into the conduct of Mr Richard Adam and Mr Zafar Khan, former Group Finance Directors of Carillion (CLLN) and members of the ICAEW.
2280 days ago
The only UK financial watchdog that is anything other than a poodle has again bared its teeth and again it is the auditors at KPMG that are in the firing line, this time over Carillion (CLLN). Still being investigatred over its role in the Quindell fraud, let off the hook on HBOS, KPMG at least knows how the Financial Reporting Council works.
2286 days ago
The Financial Reporting Council has today fined audit firm ArrandCo, formerly known as RSM Tenon, £1 million ( reduced by 30% for co-operating) and audit partner Jeremy Filley £80,000 ( reduced to £56,000) for allowing the fraud Quindell (QPP) to publish fraudulent 2011 accounts. No doubt Snot Gobbler Dan McCrum at the FT is again about to produce a timeline taking credit for this but the FRC has stated explicitly that it widened its enquiries to include the 2011 accounts only because of specific allegation raised by me as you can see HERE. These fines are down to my work, not that the deadwood press will ever acknowledge that. So how did Rob Terry and his associated in the Quenron gang, cook the books with the help of Filley and RSM Tenon.
2335 days ago
As you know, the folks round at the Financial Reporting Council are the one watchdog that is prepared to bare its teeth when it comes to wrongdoing on the AIM Casino and are also good pals of mine, truly appreciative of my work. And thus I have written to them about the holocuast denying fraudsters at MySquar (MYSQ) requesting that it launch a formal investigation into how it cooks its books.
To the FRC Re AIM listed MySquar
cc Marcus Stuttard at AIM Regulation
Dear FRC.
2446 days ago
Back before the world went crazy in the nineties when folks committed or abetted financial wrongdoing they were named, shamed and punished as individuals. That was a real deterrent to crime. Then the world changed and we started fining corporations, banks, accountants and other advisers. The regulators announce seemingly large fines which meant they got newspaper headlines and seemed smart. But the banks and other advisers just treated the fines as a cost of business and so were not deterred from breaking the rules going forward. At least my very good friends at the Financial Reporting Council seems to appreciate that. The FRC is, as such, the UK's best regulator.
2458 days ago
The big issues for AIM uber dog Servision (SEV) have always been its lack of cash generation which has forced bailout placing after bailout placing and its aggressive revenue recognition policies designed to boost the share price to allow the placings to take place. Lately there has also been an issue with withholding (bad) price sensitive information. On the revenue recognition issue I went into battle 19 months ago, reporting the company to the Financial Reporting Council and now we have another small win for the Sheriff of AIM. A letter from the FRC has just arrived...
2462 days ago
The Financial Reporting Council has announced that it has opened a formal investigation into the accounts of outsourcing group Mitie Group (MTO) for the years to March 31st 2015 and 2016. Mitie is in the spotlight and auditors Deloitte will also be investigated. So what has Baroness Ruby got to say about this?
2494 days ago
In a sense this is not that relevant as Advanced Oncotherapy (AVO) is within a couple of months of running out of cash and going tits up but on a point of principle I have written to the my very good friends at the Financial Reporting Council as there are aspects of Advanced's 2016 annual report and accounts which stink more than a pile of rotting kippers left out at a sewage farm in the scorching midday heat. The letter follows:
2517 days ago
I have today received a letter from the Financial Reporting Council about a complaint I made about the uber dodgy accounts of drowning in debt heading for insolvency Avanti Communications (AVN). You will remember that Avanti did 2 transactions which generated cash in of nil and cash out of $14 million and booked that as a sale of $25 million on a 100% EBITDA margin.
2991 days ago
I have today written to my good friends at the Financial Reporting Council asking for a full formal investigation into the audited accounts of Eden Research PLC (EDEN) for 2011, 2012, 2013 & 2014 which are all fraudulent and - ahead of schedule - for the 2015 accounts which will be fraudulent. The letter follows.
2998 days ago
I am still waiting for Servision (SEV) to man up and send the threatened lawyers letter to me as I am spoiling for a fight with this worthless POS as it rapidly runs out of cash. Just to keep PR Himbo Christian occupied as he briefs his new best friends the Bulletin Board Morons, I have today requested that my VERY GOOD FRIENDS at the Financial Reporting Council (FRC) open a formal investigation into the revenue recognition policy of Servision. The letter follows.
3067 days ago
Now that, post the fraud Quindell (QPP) I am such good friends with the only watchdog with teeth, the Financial Reporting Council (FRC) I have written to my pals asking them to investigate whether the 2015 accounts for Avanti Communications PLC (AVN) give a true impression of how the business is doing. I do not think they do. But Avanti also has other worries which is why the shares will crash.
The real problem is that having missed all operationg metrics with an admirable conistency, Avanti is not generating enough cash to cover its bloated PLC costs and humungous interest bill. I reckon that it will be out of cash but loaded with unrepayable debt by next June.
But the accounts for the year to June 30 2015 also trouble me greatly. Hence the letter to the FRC asking them to have a butcher's which is below.
3120 days ago
A letter received today from the Financial Reporting Council confirms that it extended its enquiries into the fraud at Quindell (QPP) to take in a wider remit as a direct result of my action. I am thanked for this and it gets better still.
3179 days ago
Crowe Clark Whitehill is the UK auditor of a number on AIM casino china frauds and its associate in Fujian, Crowe Horwarth Associates really gets fingers dirty. We know that the blatant long term fraud at Sorbic (booted off the casino), Naibu (booted off the casino) and Camkids (soon to be booted off the casino) as well as at Jiasen and JQW totally escaped its attention. In light of that we bring you the latest Financial Reporting Council review of Crowe.
We suspect that the case files it reviewed did not include any of the China frauds, oops I meant clients. Perhaps next time the FRC should have a butchers at one or two of our Oriental friends.
But we draw your attention to a couple of FRC observations:
3181 days ago
Auditors Crowe Horwath Associates have performed the local audit for five China AIM casino companies and at three we have already seen wholesale fraud as purported cash balances either were made to disappear or never existed at all. The Financial Reporting Council, FCA and the oxymoron that is AIM Regulation need to act NOW and shares in Camkids (CAMK), Jiasen (JSI), and Asia Ceramics (ACHP) must be suspended at once.
The companies where we know that there has been fraud and which got clean bills of health from CWA were: Naibu (NBU) –delisted -, Sorbic International (SBI) – delisted - and
3184 days ago
This week’s disclosures by Quindell (QPP) have shown conclusively that the gargantuan body of work which started back in April 2013 by ourselves and colleagues at ShareProphets was on the button. Along the way there were allegations of securities fraud, accounting fraud, VAT fraud, insider dealing, market abuse in what is simply a staggering litany of revelations. The evidence was passed to the FCA, AIM Regulation, the SFO and others in a series of submissions going back to April 2014. Yet the FCA and AIM Regulation utterly failed to act on the evidence handed over. The FCA took until June of this year to open an investigation – we rather suspect because of a me-too response, once it was known that the SFO was involved and that the Financial Reporting Council (FRC) had been looking at Quindell. AIM has yet to confirm any actions beyond a spot of belated flag-waving.
3204 days ago
I have this morning from the train contacted the Financial Reporting Council, AIM Regulation and the FCA regarding the 2012 and 2013 accounts of Daniel Stewart PLC regarding the issue I raised yesterday HERE. It has long been my contention that DS is not fit to be a listed company and in that spirit I have asked that its accounting which appears, at best, to be aggressive, be formally investigated. The letter follows.
To: The Financial Reporting Council, The FCA, AIM Regulation
cc: Roland Cornish of Beaumont Cornish, Nomad to Daniel Stewart.
Dear Sirs.
3527 days ago
Unusually among UK watchdogs and regulators the Financial Reporting Council is NOT a chocolate teapot. It has teeth. It will use them. And it will happily work with other agencies such as the FCA if they need to be drawn in. It is there to monitor accounts of all UK listed companies. I have today asked it to formally review the accounts of Quindell (QPP). The letter follows.
