Posts

Where are we now? LCF Update Summary Sept 2020

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It's been a while since I did an overall update on the London Capital & Finance situation and there's been quite a lot happening in different areas. I'll try to summarise the main points under the different strands of action that have taken place 1) FSCS Compensation Some investors have started receiving their cheques from FSCS but due to the volume of claims this work is taking longer than anticipated. FSCS have stated that they are increasing the size of the team by 80% but it will not be completed by the original target date of 30 September 2020 and now not be complete before the end of December 2020. An additional 100,000 emails have been discovered and these are being examined to assist with the decision making process on cases. As of 27 August 2020 FSCS say they have paid out £20m in compensation to 1295 investors. Legal action to challenge the decision of the FSCS that LCF bonds were not regulated has been granted and is another route that may generate compensati

LCF Worldwide Asset Freezing Orders Upheld by High Court

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A case has been heard at the High Court  that was brought against various parties allegedly involved in the London Capital & Finance bond fraud to prevent their assets being sold.  It was detailed in the court papers that orders have been placed on the assets of 5 people related to LCF that prevent any disposal of any assets worldwide that they own. This order was being disputed by the 5 defendants, Simon Hume Kendall, Michael Thomson, Elten Barker, Spencer Golding and Helen Hume Kendall. Curiously the Worldwide Freezing orders were only granted in August 2020, some 18 months after the collapse of London Capital & Finance although Serious Fraud Office Criminal Restraint Orders were in place in March 2019 but these are more limited in scope. Simon & Helen Hume Kendall Michael Thomson, CEO of LCF Spencer Golding on the right Elten Barker on right Interestingly the continuance of the Worldwide Freezing order was accepted by all the parties except Spencer Golding and Elten Bark

Sorry Roll Call of Investment Losses

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Yet another scam investment has gone bust losing investor's money. It's a sorry list of losses that in many cases had been highlighted on this blog over the years. Most recently it was Aston Darby car parking that was highlighted in 2018. Sadly the investors have found the reality of  "guaranteed returns" are nothing of the sort. It appears from the information released that it was a ponzi scam with new investor money being used to pay out existing ones. Even if the 22% guaranteed return was given to investors it means they'd lose the other 78% of their investment. Crossrail bond was offered with no connection to Crossrail itself. Blackmore Bond has gone into administration  Basset and Gold went into administration but this one looks like FSCS may pick up the tab for the losses Top ISA rates website promoted the range of dodgy mini bond investments Capital Bridge investments was disclosing 20% commission payments as per Blackmore Bond. It's reported that Capit

UK Deaths from Covid19 Coronavirus ONS

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The latest ONS (Office for National Statistics) data on UK deaths has been released today and paints a worrying picture about the increase in fatalities since the Coronavirus pandemic struck. As mentioned in my previous post these numbers lag the official daily Coronavirus deaths as they are based on registered deaths across the country not just those that happened in hospital. The numbers have shown a significant jump compared to the average for the last 5 years and for the first months of 2020. While the official UK numbers of Coronavirus deaths was reported as 14576 up to 17th April 2020 the numbers using the ONS data are significantly high, in fact they are almost double the numbers recorded. It's important to note that these can also include deaths where the person didn't get medical treatment for another condition but a large majority of these excess deaths are likely to be Covid-19 related. Using this ONS data it shows there were over 26,000 excess deaths compared

LCF Collapse - Spotlight on Robert Sedgwick of Buss Murton Solicitors

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There are a number of people who have been in the news over the £237 million failure of London Capital & Finance including the famous five who have been arrested by the Serious Fraud Office (SFO) investigating the collapse of the company. In addition to the main players there were a number of other people who helped the directors of London Capital Finance to carry out there activities. One of those was Robert Mannering Sedgwick from Buss Murton Law a firm of solicitors based in Wellington Gate, 7-9 Church Road, Tunbridge Wells, Kent. His name and their details appear on many of the documents produced to support the loans taken out between companies and he was also director of a number of the LCF related companies at different times including Global Security Trustees that was meant to protect bondholder interests. In fact he is still currently the only director of CV Resorts Ltd that borrowed £4.7 million from London Capital and Finance. LCF -  Robert Sedgwick of Buss Murton S

Blackmore Bond Administration Finally Happens

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It's taken almost a month from my previous post suggesting the administration for Blackmore Bond seemed to be inevitable and it's finally happened. Investors have not received their interest payments and now are looking at possible capital losses although the amount of recovery is yet to be determined. https://damn-lies-and-statistics.blogspot.com/2020/03/blackmore-bond-administration-inevitable.html Oak Trustees has appointed Duff & Phelps as administrators to manage the company and in their notice of doing so there are a couple of points for investors that are rather worrying. 1) Blackmore Bond have failed to be transparent with the trustees (no surprises there as Blackmore have still failed to file their 2019 accounts or to produce the accountant's report of the situation repeatedly promised) 2) It appears that Blackmore have taken out loans against properties in the last couple of months.   In the Trustee’s letter to Bondholders dated 16 April 2020 the Tru

Coronavirus True UK Death Rate Numbers from Covid-19

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It's been suggested for some time that the official UK statistics for Covid-19 deaths are under reporting the actual number of fatalities because they only include the deaths happening in hospital where the patient has been tested positive for Coronavirus. Other numbers that may shed some light on the true mortality rate for Coronavirus in the UK have a time lag compared to the daily numbers published by Public Health England but the latest ONS (Office for National Statistics) weekly updates on deaths from all causes are due tomorrow (21st April) If they are anything like the numbers from last week they will show a massive jump in the number of UK deaths over this time period. It's important to note that this increase in deaths is compared to the average for the last 5 years and not all may be directly attributed to Covid-19. Some may be as an indirect result such as patients not getting treatment for other conditions or may not have been officially recorded as Covid becaus