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The FCA is now investigating Quindell and Quindell itself is reviewing some of Rob Terry's dodgy deals. Terry should lube up and prepare for prison as explained HERE but instead the POS has issued a statement via his new fraud vehicle Quob Park which we translate for your benefit.
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Comments
Forty Two
As a man of superlatives let’s see if he can beat this:
AIT boss Rigby becomes first to be jailed for market abuse
Saturday 8 October 2005 00.00 BST
Carl Rigby, the former executive chairman at the call-centre software firm AIT, has become the first boss in Britain to be jailed for publishing a misleading statement to the stock exchange, in a move the Financial Services Authority hopes will send a clear message about how seriously it regards market abuse.
Rigby was last night beginning a three and a half year prison sentence for telling the stock market in May 2002 that AIT had “had a satisfactory end to the financial year”. The statement was issued after Rigby and colleagues persuaded auditors that the company had won three contracts at the 11th hour worth £4.8m. In fact, no binding agreements had been struck and the deals unravelled within weeks.
In August, Rigby and his finance director, Gareth Bailey, who received a two-year prison sentence, were convicted by a jury at Southwark court of recklessly issuing the misleading statement – the first convictions secured by the FSA for offences created under the Financial Services and Markets Act 2000.
Yesterday Judge Elwen told the court: “The reckless conduct of these directors cannot be taken as a mistake. They were not mere errors of judgment.” They would have received the maximum seven-year prison term had the jury not acquitted them on a more serious charge of deliberately misleading the market, he added.
Three years ago Rigby was at the helm of a £100m software firm supplying the likes of Marks & Spencer, Bradford & Bingley and NatWest. It was expected to make profits for the year to March 2002 of £6.7m, up 30%. But behind displays of confidence, a desperate Rigby was straining to cope with AIT’s sliding fortunes and rising debts – a fact he kept from almost everyone around him.
Only when three contracts proved worthless did auditors, bankers, investors and, ultimately, criminal investigators at the FSA unearth a trail of accounting abuses, secret letters and bogus paperwork. By then, AIT shares had fallen 94%.
Interviews with AIT clients revealed three secret side letters, which in effect undid contractual commitments in paperwork seen by auditors. Each had been drawn up in a year-end flurry of activity. One said: “If you confirm the project will not proceed then no outstanding commitment will be in place between our firms.”
Meanwhile, internal AIT emails between Rigby, Bailey and others provided snapshots of their struggle to hide the truth. “Suggest this doesn’t go in anything the auditors might review (or your board report) just in case!” says one email. In another, sent four hours before the May 2 statement was issued, Bailey says: “Unfortunately, this is worthless as audit evidence, given it says either side can back out at any time.”
Attempts at a cover-up were also revealed. During one auditor visit, Bailey emailed: “He’s trying to see me now so I’ll escape out the ‘side’ exit and call you!!!”
http://www.theguardian.com/business/2005/oct/08/4
wildrides
two typos ………. line 13 ( bold section)
no need to publish
TW - thanks - changedMartin Ashworth
Very well done Tom on QPP, u hav been very right all along. Lets hope that the FCA actually bring Rob Terry (and other Directors of Quindell) to book.
They richly deserve long prison sentences. Quob Park is just a P&D farce.
MrMoto
Not a word from one of the worst BB/Twitter offenders @lewisjd38 on Twitter today. Although the “I will 10,000% drive out….” has been removed recently.
This guy drove many PI off Twitter with his threats and abuse, just a little reminder….
https://twitter.com/search?q=%40LewisJd38%20qpp&src=typd
He holds £45k of WRN shares, hopefully will get some justice soon
Invetigate
It is quite funny on DAN and IMTK BB, they are calling it a shorting attack!!!!!!
I wonder what Qunidell is going to do about the Biosign loan?. Interesting times ahead for Quindell, S&G, DAN and RT.
Worthington the next Qunidell for FCA investigation or just another PI fraud?
Well done and congratulations Tom! @MrMoto you think that Worthington Group PLC is going to get FCA investigated just like Quindell or simply a bit of justice as @lewisjd38 makes a loss on his WRN holdings? Doug Ware, Craig Whyte and / or Aiden Earley as cell mates for Rob Terry perhaps. What do you think and when will WRN get sprung TW????????!