By Tom Winnifrith, The Sheriff of AIM | Sunday 24 April 2016
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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.
Anyone who uses the phrase "to be honest " or "I'll be honest" before making a statement is usually lying and that brings us to fraudster Rob Terry who uses that phrase in today's laughable interview with the Sunday Telegraph. One claim is that he made £30 million from the Quindell (QPP) fraud. Natch: Terry is lying as he does every time when there is a Y in the day he is speaking.
Terry tells the credulous journalist who, happy for a scoop, challenges little of the rubbish the dwarfish crook spouts:
“I exited with sort of £35m, £40m, in that order of magnitude. “I’d invested personally over £12m so you could say the profit was about thirtyish.”
I will accept that Terry made c£40 million from share sales - those would be, in some cases, the ones that he told investors were Equity First Holdings buys at the time in another demonstration of his total inability to tell the truth. But did he invest £12 million?
Well sort of. He did buy some shares for cash. The bogus EFH trade and other token buys to try to keep the share price afloat. But most of his initial "investment" was non cash. So shall we say that the "cash profit" from this fraud was at least £35 million.
To that we must add: bonuses ( based on fraudulent accounts), dividends ( again paid out of fraudulently created earnings) and mega salaries. We should also add the benefits in kind Terry generated from things like Quindell shareholders paying for the birthday part of the charming Mrs T. Terry or for Rob's new swimming pool.
All in all, the cash takings from this fraud were at least £40 million. Not bad for, what Rob Terry would term, an honest day's work.
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