By Tom Winnifrith, The Sheriff of AIM | Sunday 19 March 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.
You will remember the case of poor Mr Bagot, an elderly client of WH Ireland (WHI) who had his life saving stuffed into a range of utterly inappropriate penny stocks, many of them corporate clients. Mr Bagot has got a bit of his money back but not most. He fights on. Mr Bagot has this update:
In December I finally got an appointment to see Richard Killingbeck, he agreed to see me for half an hour, my wife came with me and he had another man there who took notes the whole time.
He made it very clear that he was very angry with me for carrying out my ( campaign ) against WHI protesting outside their office and the newspaper stories and especially the video that was filmed at last years Investors Show.
He told us he would not be giving us one penny, he didn't accept that WHI had done anything wrong which was ridiculous seeing how they lost my retirement money and ruined my life. When I asked him about the FCA fine of 1,250.000 he told me not to believe everything you read in the papers.
I have to tell you how ill this has made me, I cannot get over it or move on, my Doctor has told me I am making myself ill and I know I am but feel so strongly against WHI and can't seem to get anyone to do anything about this situation.
The ombudsman told WHI to get an actuary to calculate our losses but they never did, when I signed the ombudsman final decision I added that I accepted as long as WHI paid me what the ombudsman recommended which was all my losses plus 8% interest. I still can't work out why my broker at WH Ireland, Molyneux, didn't just buy blue chip shares, surely he would have earned just as much commission and they wouldn't all have gone bankrupt like the ones he sold us.
What amazes me, other than his clear dislike of free speech or a free press, is that head honcho Richard Killingbeck seems still to believe that his firm has done nothing wrong. I can only conclude that the culture of moral bankruptcy at WH Ireland starts right at the top. Shamed broker Mr Molyneux may have left the building but until WH Ireland accepts that he ripped off his clients only can only assume that such behaviour is still deemed acceptable. On that basis you'd be mad to use this firm as your broker.
As an aside, the way that Killingbeck has threatened poor Mr Bagot for speaking out is fascistic. The press, including me, has also been threatened by WH Ireland. This firm is clearly run by utter fascists.
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