The AIM casino has hosted the London stockmarket's biggest fraud for almost 40 years (Quindell) and a raft of smaller frauds in recent years. One might almost say that fraud is endemic. Yet, in a consultation paper published this week, the London Stock Exchange (LSE) has insisted that it is not within the remit of its own AIM Regulation department to tackle fraud or indeed do anything about it. This shows a complete contempt for investors - we bank the fees, you bank the losses.
A busted clock and all that,Roger Lawson has posted something on the ShareSoc blog for his three readers which is actually bang on the money. Although it is written in his normal pompous and tedious style for once he is bang on the money. His comments refer to secret cautions by the FCA - a system which just does not work.
Environmental Recycling Technologies (ENRT) was slung off AIM today. But the former 3DM is not telling you something rather more serious which happened 11 days ago. This is a fraud that is now officially dead;. It has cost mug punters £65 million. I explain why it is a fraud (as I did back in 2005) and I name all of those on the roll call of shame including FSA (now FCA) officials who failed investors, nomads, brokers, tipsters, managers. And I explain my next step - write to the SFO.
Eleven years ago I did battle with Eden Research (EDEN) and Environmental Recycling Technologies (ENRT), then called 3DM which were both run by Witney lawyer Ken "Kenny-boy" Brooks. They sent me a slew of lawyers letters, their advisers John Finn, Johnny Townsend and PR man/tipster Mike Walters engaged in a filthy dirty tricks and smear campaign against myself and Lucian Miers, but it was team Kennyboy that ended up with TWO FSA censures. I am now officially "at war" with both companies once more and will today endeavour to show why both worthless entitities should be delisted at once. I start with a very gentle opening delivery for Eden, the strange case of the options.