Thoughts on Finance, Current Affairs and General Consumer Ripoffs - Damn Lies and Statistics

 Some more excellent investigation work by Jim Armitage at the London Evening Standard highlighting the £70million lent by London Capital & Finance to Prime Resort development which was run by 2 convicted fraudsters. Any genuine lending company would be doing due diligence on their borrowers! The 2 individuals were Paul Seakens and Terence Mitchell. Read the full article here https://www.standard.co.uk/business/london-capital-finance-lcf-fraudsters-lakeview-cornwall-fraud-sfo-b936592.html LCF was setup by Simon Hume Kendall who has been interviewed by the SFO about his role in the collapse Simon Hume Kendall who setup LCF

 The administrators of the companies in the Buy2Let Cars group have released an initial report of the situation which doesn't make great reading if you were an investor. B2L Cars in numbers 834 investors 3609 investments (loan agreements)  596 vehicles listed Only 435 vehicles actually leased out £40 million owed to investors  So each investor had on average made  over 4 separate investments into the company yet overall only 596 vehicles existed for 3609 investment agreements.  Average amount per investor is £47,961 Average cost per vehicle is £67,114 These are quite astonishing numbers particularly the value per vehicle. If £40 million was invested and only 596 vehicles exist then the average cost per vehicle is is £67,114. Based on the credit worthiness of the borrowers paying high rates of interest there is no way the cars they leased were anywhere near that number. As I pointed out back in 2019 when I was offered an opportunity to invest at a seminar this was a high risk invest

 I've seen a number of these pop up over the last few weeks where people have been contacted by email or phone to offer what are described as guaranteed bonds paying high rates of interest allegedly from high street companies. These are all scams. In all of these cases the criminals will take your money and leave you with nothing. Unlike scams such as London Capital & Finance they won't even bother to make any interest payments, they will just walk away with your money as the bond doesn't exist.  High Interest Scam Bonds - Email Phone Call Offers - SSE/M&S/Morgan Stanley/Tesco/BT If you look up on Google you may find some of these companies do have corporate bonds with coupon (interest) payments that look high. However these bonds are not available with those rates now and if you bought them through the stock market you would be paying well above the offer price thus getting a much lower interest rate. Most importantly you would have no guarantees of the value. If y