By Tom Winnifrith, The Sheriff of AIM | Wednesday 11 January 2017
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.
With shares in the AIM listed fraud Cloudtag (CTAG) having slumped from a peak of 25p to c7p there are already many investors who have lost money. Over the next few months as the share price dwindles towards zero there will be legions more. But help may be at hand from Grant Thornton's fraud insolvency and recovery team.
I met with a leading member of that team, Ian Richardson at the Offshore Alert fraud conference in London in November where I was one of the speakers. Richardson and his colleagues are wondering if they can assemble enough out of pocket investors to make it worthwhile assembling a team to pursue this matter.
The Grant Thornton strategy should be clear from its website where it states:
Whilst a large part of the monies invested will almost always have been moved or misappropriated by the fraudsters, we look at strategies to recover what hasn’t yet been spent or passed to associates, as well as looking at claims against professional advisers who may have allowed their name and reputation to be used to promote the frauds.
The adviser here is Cairn Financial which has signed off on a number of statements that are simply not true. The firm will have Professional Indemnity Insurance in place so is almost certainly fair game and good for the cash.
Presumably the longer Cairn stays in-situ, the greater its liability. Why it has not quit so far is beyond me.
If you have lost money on this fraud, read about GT's services and how to make contact with the team HERE
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