London Capital & Finance Update - What's New 6th Feb 2019?
How Many Bondholders were affected by LCF administration?The administrators have now said there are 11,000 bondholders holding approx 14,000 bonds with a face value of £236 million
FAQs have been updated on the LCF website by the administrators
Further news on LCF & Surge Financial
As you'll have seen from previous blog posts the information posted about London Capital & Finance is all material that can be obtained and verified from public sources such as Companies House, Google searches, company websites and social media.
However as a result of the information on this blog I've received various information about LCF that isn't public domain and so comes with a certain degree of warning that the accuracy may not be 100%. Having said that, the information that has been received previously has proved to be correct but like investments it's not guaranteed.
It has been suggested that the only money left in London Capital & Finance bank accounts was around £4 million when the FCA acted in December 2018 to freeze the LCF . This would have been bond monies received from investors and presumably destined to pay interest to bondholders that were due their interest payments at the end of December and any repayments of bonds.
It has been suggested that the decision to appoint administrators was taken by the directors of LCF meeting Smith & Williamson at Harry's bar in City of London around 28th January.
It's also alleged that RP Digital that ran the marketing for LCF was deliberately targeting older savers by specific criteria on Facebook as well as the use of images such as below and use of the word Pensioner in other adverts.
There have been various posts made on MSE suggesting a range of vehicles and aircraft that may have been purchased as a result of the money raised as commission from the sale of London Capital & Finance bonds, either by people associated with LCF or those linked to their marketing partner Surge Financial based in Brighton.
These include Ferraris (above shows HF18CYA, Ferrari GT4 Russo), an Aston Martin, Range Rovers, Audi R8 as well as 2 helicopters, one of which has the registration details G-SRGE which was registered to Surge Air Ltd but was transferred to a new company as details of the FCA action became public. Surge Air is run by Paul Careless, CEO of Surge Financial and owned by Surge Group plc. How many small finance companies can afford to run their own helicopters?
With the details that are coming out about the activity around London Capital & Finance and the way funds appear to have been used, you wonder how long it will be before the Serious Fraud Office decide to get involved with the investigation.
Your money got spent on...
- 3 Helicopters -
- A Gulfstream G650 Private Jet -
- Cars : Rolls Royce, White Porsche, White Range Rover Sport, Black Lamborghini, Black Range Rover, Grey Porsche Panamera etc-
- Many watches and jewellery items -
- Horses, stables, horse boxes etc -
Plus the properties at Faircote, Danegate, Lakes by Yoo and others (no specific addresses noted)