By Ben Turney | Saturday 4 July 2015
Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
At the start of the New World Oil & Gas (NEW) forward selling fiasco Liam was cited as being one of the “innocent” forward sellers, who “accidentally” got himself embroiled in this mess. In fact, Liam was the primary example used to paint a human face on perhaps one of the most reckless market acts ever witnessed on AIM. Unfortunately for those who chose Liam as the forward sellers’ poster-boy, he has not behaved well. Posting under the username “Awkward Turtle” across social media, Liam is quite removed from being an “ordinary” private investor. Mr Turtle, as it is perhaps more appropriate to call Liam, is a small, yet revealing, part of something far more sinister and well coordinated.
At the start of the New World forward selling fiasco, Mr Turtle had a unique opportunity. I won’t go into details. I don’t need to. He knows what I am talking about. While he might make a few grand on New World, there are some experiences in life money can’t buy. Rather than spend his time on what was important, foolish Mr Turtle threw himself into the coordinated misinformation campaign directed at New World’s shareholders.
Although the forward selling of New World’s placement was not illegal, this episode has shone a bright spotlight on some of the darker corners of AIM.
Unfettered corrupt practices grip this market and anyone who has survived long enough in this game reaches the inevitable conclusion that to succeed you have to cheat.
Mr Turtle is a perfect case in point. In terms of his involvement in co-ordinated social-media propaganda campaigns to drive stock prices higher and lower, Mr Turtle is a latecomer to these efforts. Despite this, having committed himself to the cause, Mr Turtle threw himself with gusto into pushing the New World party line between 29 April and 30 April. You can check out his posting history on the LSE Asylum for confirmation of this, but my favourites are these two little gems:
So having been “tempted to put a pilot” in, Mr Turtle was going to “chip away at a holding” on 29 Apr with a 0.1p target. How interesting.
Mr Turtle was most definitely NOT forward selling unconfirmed placement shares!!!
Suddenly, on 01 May Mr Turtle fell silent – not a peep!
Now why could that have been?
Answers on an e-postcard please to firstname.lastname@example.org
From 02 May, when NWOGaction was launched, Mr Turtle sprang ferociously back to life, hammering away at anyone who recognised that New World’s unconfirmed placement had been forward sold.
Why the sudden change of heart?
If Mr Turtle were simply long the stock, as he suggested above, wouldn’t the short squeeze have been a good thing for him?
To coin one of Mr Turtle’s favourite catch phrases… hmmmmm….
Read the rest of his posting history, from 02 May until today, and it looks like his involvement in New World has been one hell of an emotional roller coaster ride for Mr Turtle. From sheer panic to elation back to terror again, Mr Turtle went through it all. Now it looks like Mr Turtle is in triumphalist mood, as New World’s directors do their best to bail out the forward sellers and naked shorters.
Even though he is a relative newcomer, Mr Turtle is just one of a number of pawns who have been put to extremely effective use on AIM over recent years. Playing heavily on sentiment, through coordinated campaigns of misinformation, Mr Turtle and his ilk have preyed on unsuspecting private investors for too long. What happens on a daily basis is rampant market abuse and at some point the FCA is going to have to act. Corruption is not acceptable in Britain.
As an obedient pawn, Mr Turtle lacks perspective on the wider issues now facing him. But I suppose that is the job of the pawn. Pawns do the heavy lifting in the early stages of a game, only quickly to get sacrificed once their usefulness has expired.
For the last six weeks, I’ve repeatedly asked Liam (Mr Turtle) for an email address, so I could give him the chance to respond prior to my publishing this piece. He has refused to supply me one. I have just tried again. This was his reply:
Never miss a story.
This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Search ShareProphets |
Stock market news |
Recent Comments |