London Capital Finance - Update 22 January 2019

By J Drew -
London Capital & Finance have announced today that the board of Directors has passed management of the company to Global Security Trustees Ltd. It's too early to know exactly what this means and if it is a good or bad sign but remember that Global Security Trustees is run by a company in Malta so the assets of LCF are now potentially being managed by a company run from outside of the UK.

Curiously Global Security Trustees Ltd has no employees, no money in the bank other than £100 so who is paying for the management of LCF and who will be actually doing the management? There are 2 directors but what experience do they have running the business?

What do you think of the news? Good or bad? Add your comments below

Global Security Trustees Ltd Ownership Malta
Global Security Trustees Ltd Ownership Malta


There is a new article in the Evening Standard about LCF that reiterates much of the information that I've posted here over the last 2 weeks and confirms what I've previously stated. It's reassuring that despite being told the information posted is scaremongering that it's now being backed up by media investigations.

London Capital Finance money on pet projects Evening standard
London Capital Finance Update

https://www.standard.co.uk/business/bond-firm-lcf-lent-millions-on-pet-projects-a4044866.html

It's good to see that the issue of unregulated bonds is finally being given publicity but it's a shame that it has taken over 2 years for this to be raised from when I and others on the MSE forums started to flag the problems.

 https://www.standard.co.uk/business/jim-armitage-watchdog-must-raise-alarm-level-on-unregulated-bonds-a4030806.html

Despite this there are many companies still selling & promoting such high risk products to people who believe them to be equivalent to savings accounts.

Would you know that this product was high risk with the potential to lose 100% of your money?


Comments

  1. Unknown22 January 2019 at 08:29

    Its cost me a fortune and a heart attack

    ReplyDelete
    Replies
    1. J Drew22 January 2019 at 15:01

      Sorry to hear that, it's certainly not a good situation for anyone who invested money to have to wait to find out

      Delete

Post a Comment

Popular posts from this blog

Concept Capital Group Review - Is it Genuine or a Scam?

By J Drew -
Image
Investment in Concept Capital Group is being promoted on Facebook and Rightmove to solicit investment in their static caravans for rental to social housing tenants via Social Park Housing. Concept Capital Group are claiming to guarantee rental income of 10% but as investors in London Capital & Finance are fully aware, this sort of guarantee is fully dependent on the company making it still being in business. If the company fails for any reason then there will be no-one to support the guarantee or to return money to investors.  Update November 2024: It's reported on MSE that investors are struggling to get repayments of their investments with various excuses. If the company fails your guarantee disappears. Concept Capital Group have only existed since 2019 so have no track record of honouring investment guarantees over the long term. Concept Capital Group Risks - Is it a Scam? Concept Capital Group include a small link to a disclaimer page on their site that identifies the risks...
Read more

LCF - Where Are The Assets & People Now?

By J Drew -
Image
Where are the People and assets behind LCF & their agent Surge Financial? London Capital & Finance owned a helicopter purchased by Andy Thomson. LCF helicopter seized This has now been seized and is being held at Shoreham Airport in Sussex. According to the administrators one of the loans of £12 million was to a stables called Home Farm originally run by Spencer Golding but now owned by Sean Cubitt who was unable to provide any paperwork for the purchase of the company or for any of the horses. There were originally 85 horses apparently with a combined values of £15 million according to the owners but when the administrators visited they could only see 35 that had a value of less than £10,000 each. Sean Cubitt claimed that there was no bank account for the company that runs Home Farm. So a company with no bank account was loaned £12 million by LCF. Yet another example of the lies they told to investors about their lending process. We understand that the val...
Read more

Is Marshbell Group Solar A Scam? Review of Fixed Rate Bonds

By J Drew -
Image
  Latest UPDATE   Feb 2024  - Marshbell being struck off - act now!    A question has been raised on Marshbell Group investment in solar farms and whether it is a scam   The website is: marshbellgroup.com Offering 2 Years Fixed Rate Account at 8.4% p.a with monthly interest payments 2 Years Fixed Rate Account at 10.20% p.a with interests paid at maturity. Does anyone have any experience with/of them? Is it a legit company or a scam? UPDATE -December 2021 The FCA have now issued a warning about Marshbell Group operating without authorisation in the UK.  https://www.fca.org.uk/news/warnings/marshbell-limited-t-marshbell-group The FCA say:  This firm is not authorised by us and is targeting people in the UK. Marshbell claim the investment is only suitable for certain classes of investor - yet it is clear they sold to people that were not in these classes. Investors are reporting that they have not received interest payments from Marshbell - more deta...
Read more