Keyword results: FRC

PREMIUM CONTENT

The Deep Drill on Finals from the Fraud, Supply@Me Capital: Part 3 – the accounting blunders

Earlier, I exposed numerous red flags concerning a) 2021 revenues and b) the Tradeflow deal; now, I turn to Supply's (SYME) accounting blunders from calendar 2021. Of course, the company is no stranger to accounting blunders, including:

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PREMIUM CONTENT

BREAKING: The fraud Supply@MECapital says FRC does not know what it is talking about!

So, who do you believe: the fraudsters at Supply@ME Capital (SYME), or The Financial Reporting Council? Er...the FRC.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast - 2 great pretences

In today's podcast, I discuss Asimilar (ASLR); Dev Clever (DEV); Simec Atlantic (SAE); Powerhouse Energy (PHE); Amigo (AMGO); and Vast Resources (VAST). It goes without saying, but I say so anyway: if you are among the 95%, PLEASE COUGH UP NOW, HERE.

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PREMIUM CONTENT

Eight Capital Partners' insane news; the end game approaches for the fraud, Supply@ME Capital

Follow the money… This is all about how Alessandro Zamboni, the CEO of Supply ME Capital (SYME), has dumped all his shares in the fraud, while pretending he has not. But the net is closing in on the scam, as today’s announcement from Aquis listed Eight Capital Partners (ECP), run by ex Supply chairman Dominic White, makes clear.

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PREMIUM CONTENT

Letter to the FCA & FRC- time to suspend shares in Supply, it is insolvent

In just two weeks, the new death spiral provider, Venus, has dumped 3.32 billion shares on Bulletin Board Morons. If it is allowed to, it will likely dump another 15-20 billion. But the fraud, Supply@ME Capital (SYME), is insolvent even with the Venus cash, as I noted earlier.  I have asked the FCA to step in and save private investors from being mugged.

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PREMIUM CONTENT

BREAKING: Chill Brands – FRC IS now investigating crooked interims

Earlier this week, I complained to the FRC about the grotesquely misleading interims, published by the fraud, Chill Brands (CHLL), on 28 January. Given the company has now undertaken a bailout fundraise, the FCA will have to act.  Moreover…

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PREMIUM CONTENT

BREAKING: the FRAUD Chill Brands – new lies in its interims exposed

One of the reasons the fraud, Chill Brands (CHLL), had to do a bailout placing this week, is the ridiculous purchase of a domain name. I can now reveal how the company has deceived investors about this fantastic money spunk.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: the big accountants are 'avin' a Turkish

I discuss proposals to replace the FRC; why attempts to stop the crook, Elon Musk, are so misguided; and new wildlife diversity at the Greek Hovel.

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Open Letter to PKF LittleJohn and the FRC re the fraud Chill Brands and its bogus revenue

Auditor PKF LittleJohn will already be considering the unenviable task of auditing the accounts of its fraudulent client Chill Brands (CHLL) for the year ending March 31 2022. Given that Chill is now already teetering on the brink of insolvency I would suggest that PKF asks for payment up front. In light of the shocking admission today, I felt it wise to mark the card of PKF and my good friends at the Financial Reporting Council on two matters. My letter is below:

PREMIUM CONTENT

KERBOOM: Supply @ Me Capital, Tradeflow, Parzival, and a £31m question for the auditor!

When Mr Leo Malkin of Crowe UK performs his audit of the fraud Supply@ME Capital (SYME) he will be required to perform an audit of the accounting for the acquisition of sub scale asset manager Tradeflow Capital including the valuation of the assets and liabilities acquired and the fees paid to its advisers.  I have helpfully set out below some questions he should be asking. If he doesn’t I shall be asking the FRC to investigate his conduct. I have flagged this matter up with the FRC already.

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Crime-Scene
PREMIUM CONTENT

FRC fines KPMG plus former head of Manchester Office (again) – the pretence is that it changes anything

This is a charade. A pretence. A farce. For the second time, Nicola Quayle, the former head of KPMG’s Manchester office has been fined for signing off on misleading accounts. KPMG has also been fined but the idea that this will change anything is just a farce.

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PREMIUM CONTENT

ShareSoc asks FRC to intervene at the corporate governance disaster that is Edge - full letter below

Now that ShareSoc is no long run by he who cannot be named it is, on occassion, sounding almost half sensible. Like my colleague Nigel Somerville, it has been sticking it to the disgraced Edge VCT (EDGI) and in that vein Cliff Weight has written to the Financial Reporting Council, FRC, asking it to intervene. It would not be the first regulator I’d think of in such circumstances but it all helps and Cliff pulls no punches in his letter which is below.  

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FDP
FDP
PREMIUM CONTENT

First Derivatives now FD Technologies: shares £46 to £21 since my first bear piece but much worse to come

It was back in July 2018 that I first started to expose the murky and, at times fraudulent, world of First Derivatives (FDP) and its scandal plagued auditors at KPMG Belfast, with the shares at £46.  A lot has happened since then. Fascist PR pigs FTI tried to bully me to take down my articles but I told the mothers where to stick it. I reported First to the FRC and it was forced to restate its crooked accounts signed off by KPMG. And Brian Conlon, the CEO and architect of this enterprise sadly passed away leaving his grieving widow as the largest shareholder. Today the name is now FD Technologies (FDP).And it is still a cracking short ahead of numbers next week.Let me explain.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bonus Bearcast - a bleak day for the good guys in what is the golden age of fraud & white collar crime

I discuss the SFO, FCA, FRC, the big four accountants, the media and political classes and the big lawyers and the king of the fraudsters Rob Terry. I fear nothing will change. I go into detail how it could and should, why Rob Terry was guilty as sin giving you chapter and verse. But I fear nothing will change and explain why.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith SHOCKING Bearcast: No individual accountants at all are paying a cent of the fines the FRC boasts about

This is a shocking revelation which I discuss in detail. It shows the Big 4 accountancy firms are actually incentivising partners to engage in risky and incorrect business practices by indemnifying them against all costs if they are found out. The Big 4 then treat such fines as just another cost of doing business. What is going on is a disgrace which expses the moral bankruptcy at the heart of the accountancy establishment and must force the FRC to rethink punishments. I also discuss Ariana Resources (AAU) and why it needs no PR but especially the shysters it currently uses, the deafening silence at Chill Brands (CHLL) which marks it out as a zero and Union Jack Oil (UJO) where I suspect it is tme to give up and look elsewhere in the sector.

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Crime-Scene
PREMIUM CONTENT

SHOCKER: Show me a smug enabler of crime and liar who has just been fined £500,000 and shows no remorse... and won't pay a cent of the fine!

Earlier I wrote up the damning report by the FRC into KPMG and its former partner David Costley Wood. The latter lied about a scheme he had engineered which would have wrecked the finances of good ordinary decent working folks and screwed the taxpayer. He then lied about what he had done and fabricated notes of meetings 13 months after they took place in order to try and leg over the regulator. Had KPMG acted against Costley-Wood when it was alerted rather than only parting company with him a couple of months ago, the disgraced Mr Costley-Wood would have been more than £6 million worse off. And that is one reason why he doesn’t care about a £500,000 fine. As you can see below… Another reason is that he will not pay a cent of that fine….

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Crime-Scene
PREMIUM CONTENT

SHOCKING: KPMG not just one bad apple, a barrel full of rotten apples – FRC publishes full damning report into Silentnight Scandal

What happened at Silentnight was a scandal and today the lengths to which KPMG went to in order to cover up how one of its senior employees created that scandal emerged as the Financial Reporting Council published a full report into the matter. It is damning and begs very real questions about the toxic culture that exists at the accountancy giant.

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Crime-Scene
PREMIUM CONTENT

Financial Reporting Council launches probe into Crowe UK over Akazoo fraud – but what about Deloitte & InternetQ?

My good pals at the FRC have today announced that it will be launching a full enquiry into the clean sign off given by audit firm Crowe UK into the accounts of the fraud Akazoo for the calendar years 2016, 2017 and 2018. You will remember that Gabriel Grego exposed this UK registered but Greek based and US listed company as a complete fraud in April 2020 and the SEC is now running a full probe. But … the FRC needs to go further.

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PREMIUM CONTENT

Eden Research interims scarred by Covid, Brexit and that fecker Tom Winnifrith

For 17 years I have been pointing out the lies and frauds committed by Eden Research (EDEN). I could paper my bedroom with the lawyers letters it and its partner in crime 3DM (now in administration, having blown £65 million of other folks cash, sent me). I could paper another few rooms with the online harassment I received from the 3Dimmers, whipped up by shamed promoters Old Mother Mike Walters and Johnny “the Rat” Townsend. Here we are and I am still on the case although how the regulators have allowed this farce to continue for so long really does cause me to despair. Retained losses now stand at £40 million!

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PREMIUM CONTENT

Enabling crime DOES pay – Weedy FRC ruling on Grant Thornton & David Newstead over Patisserie Holdings fraud

Nobody doubts that Patisserie Holdings (CAKE) was a fraud and it was a spottable one.  This website expressed its professional scepticism about how sales were surging while footfall in the malls where patisserie outlets were sited were collapsing. Others questioned how a company claiming huge cash balances has almost no net interest income. Yet Grant Thornton lead by partner David Newstead signed off on its accounts for the years to September 30 2015, 2016 and 2017 without question. They were sheer fiction.

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Chocolate-Teapot

Another pointless slap on the wrists & trivial fine from the FRC: Ernst & Young, Mark Harvey & Stagecoach

Ernst & Young screwed up when auditing the accounts for the year to April 29 2017 for Stagecoach (SGC). Nobody denies it and more than four years later the Financial Reporting Council has finally got around to a bit of gentle wrist slapping for those responsible.

ODX
ODX

Meet Craig Inglis – a moronic Saltire flying Scottish troll from LinkedIn

Craig Inglis used to be a soccer referee and before that he was manager of the Raith Rovers supporters club. You can see his profile here. He is now apparently a full-time investor. I suggest he is a moron. He asked to “connect with me” two weeks ago and last night I accepted his offer. Quick as a flash this morning he has pinged me and we have had the following exchange. Where do these morons come from?

Tom Winnifrith praised and thanked by a regulator yet again as another PLC forced to correct crooked accounts signed off by KPMG

Sometimes when I read what BBMs write about me even I start to wonder if I am a bad guy even though I know all their defamatory slurs are false. But those who matter know otherwise and also take me seriously. Today, another letter arrives thanking me for my work which has caused another PLC to have to restate crook accounts. The Sheriff of AIM vs Eden Research (EDEN) and KPMG (again). For the second time in 4 years my work has spurred the Financial Reporting Council to act against Eden & KPMG.  I have now lost count of how many such missives I have received from my good pals at  the FRC but it is quite a lot. The letter is below.

Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: Will the soon to be ex NED birds at the FRC stop whining & would I buy Crystal Amber?

We have our first visitor at the Greek Hovel this year, an odd fellow, so Joshua and I have been tidying hard. My son really was very helpful at putting together the new hoover, I’d have been lost without him. In today’s podcast, I discuss soon to be ex NED’s whinging about lack of diversity at the FRC and why they are so wrong. Then I ask whether I’d buy Crystal Amber (CLS) as surely I will make 20% in five months. Er…no.

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PREMIUM CONTENT

Eden Research – is it being investigated by the Financial Reporting Council?

On 7 June 2021, Eden Research (EDEN) issued an RNS titled “Notice of AGM, investor conference & Accounts” which included the following statements: 

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ZOE
ZOE

Why does the fraud Zoetic not sue Tom Winnifrith for libel? The morons get an answer!

This issue seems to be confusing some of the morons who own the humungously overvalued shares in the fraud Zoetic International (ZOE). And so I shall explain why. I shall make it simple as those who are confused are themselves simple and so there will not be too many long words. Before I start, I explain why Zoetic is a fraud.

PREMIUM CONTENT

Supply@ME Capital – utter smoke and mirrors on the Tradeflow deal – what a complete con

The fraud Supply@ME Capital (SYME) says that its calendar 2020 results will be out next week. Let’s hope auditor Crowe UK has boned up on IFRS or it could be in the merde with the FRC.  And Supply has given more details of its proposed acquisition of TradeFlow Capital as it has now moved from an MOU to signing a share purchase agreement. Sadly, the latter is all smoke and mirrors.

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PREMIUM CONTENT

The fraud Supply@ME Capital – the clock ticks ever faster as the mickey mouse nature of (delayed) Tradeflow deal exposed

Good news travels fast, bad news is always delayed and that brings us to the delays from Supply@ME Capital (SYME) in buying the loss-making, sub-scale, Singapore-based joke fund manager Tradeflow and in publishing its results.

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Supply@ME Capital & Auditors Crowe UK: letter to the Financial Reporting Council

My good friends at the FRC have launched investigations into a number of companies as a result of my work, oft agreeing with my assessment of accounting malpractice and on a good number of occasions forcing them to restate results. The most recent thank you note from the FRC arrived just last week. I have today written to the FRC asking it to force Supply@ME Capital (SYME) to restate two sets of interims which are fraudulent and breach IFRS rules and to ensure that forthcoming, but delayed, prelims do not repeat the same crime. The letter follows.

PREMIUM CONTENT

SHOCKING FRAUD at Supply@ME Capital: explaining IFRS to morons at the FCA & elsewhere which means revenue is ZERO

This is so simple that even the woke dullards at the FCA should be able to understand it. If you delve into the geeky world of IFRS you will see why Supply@ME Capital (SYME) cannot have booked any sales at all in calendar 2020. That makes its September 28 2020 RNS claimed booked revenues of £2.2 million and its interim results published on January 29 2021 claiming H1 sales of £386,000 also a lie. Directors have dumped millions of pounds worth of shares at prices inflated by those lies which makes this a fraud. So here, for chatroom and regulatory morons, is a detailed explanation of IFRS and what is going to happen next.

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Sheriff-Of-AIM

Tom Winnifrith thanked by regulator yet again for alerting it to force company to restate accounts big time

To those like market abusing foul mouthed troll and penny share huckster Chris Akers who calls me a TWat or to the legions of Bulletin Board morons owning shares in frauds such as Zoetic (ZOE), Supply@ME Capital (SYME), etc who insist that I am a complete joke who can be ignored as they know better, this is for you. Yet again the Financial Reporting Council, the FRC, has taken direct action against a listed company because I alerted it to wrong doing. Yet again it writes to thank me. Folks that count take the Sheriff of AIM seriously, foul mouthed penny share hucksters and morons you are deluding yourselves.

SJH
SJH
PREMIUM CONTENT

St James House – results bloodbath and (yet again) vindication for the Sheriff of AIM ( Part 1)

This is such a mess, such a shit-shower of deceit and wrongdoing that it is necessary to split it into three parts. What follows is, even by the lowly standards of the AIM sewer, a total shocker.

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SJH
SJH

St James House – Something nasty slipped into Friday Afternoon Trading Update!

At 2.15pm yesterday afternoon – a Friday and thus a case of no-one-is-watching o’clock – AIM-listed but suspended St James House (SJH) put out an RNS entitled Trading Update. Intra-day trading updates are usually bad news, so this one caught my attention. So what do we learn?

PREMIUM CONTENT

Business Before Pleasure: Once again asking the Financial Reporting Council to review Eden Research & KPMG

The pleasure of reviewing a truly dismal 2020 trading statement from Eden Research (EDEN), a perennially loss making pustule on the arse of corporate Britain for more than 25 years, comes later.  First to business: once again reporting this historically fraudulent enterprise to my good friends at the Financial Reporting Council, FRC, for cooking its 2019 books.

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PREMIUM CONTENT

Detailed dossier for accounting anoraks: Eden Research – has it been up to its old tricks again? I will Report to FRC

In May 2020, I published a detailed article asking what was happening with respect to TerpeneTech UK and the newly formed TerpeneTech Ireland - companies integral to the promotion of AIM fraudsters Eden Research (EDEN) of panama pump infamy. Now that the TerpeneTech UK statutory accounts have been published, I have updated my note. The new analysis: 

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Crime-Scene
PREMIUM CONTENT

£15.75m of fines - Abetting alleged crime DOES pay, the FRC Deloitte & the crooked accounts of Autonomy

The Financial reporting Council has today released the report below, running to almost 300 pages into the crooked accounts of Autonomy and the behaviour of Deloitte and the two audit partners Mr Richard Knights and Mr Nigel Mercer. The key takeaway here is that abetting white collar crime DOES pay.

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PREMIUM CONTENT

Comedy Central on the Tern BBs! Does this win Bulletin Board Moron of the Year?

With a hat-tip to Temptress on our own highly intelligent comments board, you just couldn’t make this up! Last week the principal investee of AIM-listed POS investment company Tern (TERN), Device Authority (DA), filed documents at Companies House taking away B-share rights of what appear to be former employees. It seems that these former employees left the building some time ago, but DA’s paperwork has been such a shambles that it is only catching up now. So the BBMs decided it was a tidying up exercise and that therefore DA is about to be sold……£s, not pence.

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Photo Article: what to pour on my cornflakes as I consider the AIM demise of FastJet and its fascist bastard journalist smearing PRs at Citigate

Shares in FastJet (FJET) have today left the AIM casino so are now untradeable, as well as essentially worthless. Remaining investors face mega dilution or administration or most possibly both. Having warned folks extensively over the years about an operation first set up to smuggle tobacco and which just could not turn a legitimate cent, I feel somewhat vindicated. But there is more… Citigate Dewe Rogerson and the half to £1 million of shareholders cash spunked on nothing!

QPP
QPP
PREMIUM CONTENT

Jew-hating, journalist-smearing, Quindell-owning moron David Dunham still trolling Tom Winnifrith 6 years on

Someone who does not have a Shareprophets subscription (so cannot see what I write or hear what I say) has been in contact to abuse me. The name rang a bell. David Dunham, Daveycaferacer. His latest missive reads:

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: In bad Matt Earl they love the Governor, Boohoo, hoo

I hope that you appreciate the musical headline. In today's podcast I look at Boohoo (BOO), the utterly ludicrous spoof from toxic Dave Sefton and Iconic (ICON), Natasha Toy (a Good German), Kevin Engel, Grant Thornton and the FRC and I comment on $1800 gold. In that vein with the sector set to catch fire, buy your £2.99 ticket for Mineprophets now HERE..

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PREMIUM CONTENT

If you cant do, teach: Philip Letts of Blur infamy goes into executive coaching

Blur Group (BLUR) floated at 82p and half a decade and a name change later delisted from the AIM casino at 0.23p. In its five years of AIM casino infamy led by CEO Philipl Letts and his ghastly Mrs, Kara Cardinale, who was the Chief Delivery Officer, it was slammed by the FRC for dodgy accounting, had numerous lack of profits warnings and bailout placings and was a case study in value destruction. As a reminder here is the track record during Letts' tenure as CEO: 

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PREMIUM CONTENT

SHOCKING New report raises BIG questions about the extravagant claims of Diversified Gas & Oil

We have long warned you about this stock. I was thanked by the FRC for bringing issues to its attention which forced a chage of accounting policies. But still things do not ring true for drowning in debt Diversified Gas & Oil (DGOC). And now a new report emerges which raises massive questions about the most extravagant claims made by this company.

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PREMIUM CONTENT

BREAKING: Tom Winnifrith yet again commended by regulator: The FRC thanks him on Diversified Gas & Oil

Here is another commendation for me for my pig ignorant critics on the Bulletin Boards and supporters of fraud to ignore. One day, maybe even Roger Lawson and certain thirsty share bloggers from Brighton might actually be forced to admit that the folks who matter not only respect my work but act on it too. This tme it concerns what was the largest oil company on AIM before it moved to the main market, Diversified Gas & Oil (DGOC). I complained about its accounts, the FRC thought I was correct and forced Diversified to make changes. The letter below makes that clear. Ouzo for the Sheriff of AIM tonight methinks.

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PREMIUM CONTENT

Tern – Open Letter to Aim Regulation ref "resigned" auditor

Tom Winnifrith and I have covered the FY19 results of AIM-listed Tern plc (TERN) and subsequent discovery of an unannounced change of Auditor is some detail already here on ShareProphets. But amid all our questions, in true Sam Antar style, Tern has remained stum so our questions go unanswered. Top of the list is why former auditor Grant Thornton stepped down – or was pushed – and whether the valuations on Tern’s balance sheet has anything to do with it. Indeed, one might wonder whether a breach of AIM Rule 11 has occurred.

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YU
YU
PREMIUM CONTENT

Yu – Do I Smell a large Rat? Still a SELL.

AIM-listed Yu Group (YU.) has offered up a Covid-19 statement and delayed its results, mindful of the recent request from the Financial Conduct Authority. Except that the FCA’s request as per its RNS released ended with This statement does not apply to AIM companies. Do I smell a rat? You bet!

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PREMIUM CONTENT

Diversified Gas & Oil results Monday – is something horribly wrong?

On Monday, the largest oil company on the AIM Casino, Diversified Gas & Oil (DGOC) will announce annual results and give us an update on its proposed move to the Main market. The shares were 126p back in June when Oarfish Research kicked this off with a stunning four part dossier which has been followed by a series of accounting exposes on this website. The company is clearly in breach of IFRS and I have reported the company to the FRC, so what is happening. The shares are now 76p.

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PREMIUM CONTENT

Twitter Moron of the decade - and yes he owns Bidstack & hates @tomWinnifrith and @ShareProphets

Folks at the FCA say they love my work, the FRC commends me for exposing fraud, even the BBC reccognises the heroic fight we engage in against white collar crime, but there will always be critics who somehow thing the team at Shareprophets and me in particular are the bad guys. Meet one of the bigger morons on twitter....

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: from Sefton to Bidstack, corporate lying is fraud but at last 1 regulator is smelling the coffee

NoGold has still not been in touch regarding the £50 he owes me. It seems as if my good mates at the FRC really are getting tough on executives who commit accounting fraud. Fabbo. But I ask for more. And what of lying? It is fraud of a different sort and I have strong suggestions for what the FCA and especially the Oxymorons at AIM Regulation already can do and very rarely do do but need to do so more often to drain the swamp and put me out of a job.

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QPP
QPP

Top 50 most-read articles and podcasts on the Quindell fraud - this is going to get very topical again soon

A couple of conversations last week make me convinced that the day when the SFO brings the Quindell (QPP) fraudsters to book for what was a £3 billion con is not that long away. We know that the fraudster in chief, Rob Terry, emerged terrified from his second interview with the SFO in July, as I revealed HERE, and that the SFO has been on the case for almost six years. I believe the wheels of justice are finally starting to turn and in that vein bring you a reminder of our 50 most read articles and listened to podcasts on AIM's biggest ever fraud. I should also say that new documents have fallen into my possession that the authorities do not yet have. They will get them this week AFTER I publish them here as they are explosive. Meanwhile back to the top 50. Enjoy!

PREMIUM CONTENT

Formal Request to FRC to investigate PWC, Purecircle and ex CFO Rakesh Sinha

Shares in PureCircle (PURE) remain suspended as it struggles to publish its June 30 2019 accounts. But we are already warned that there will be restatements of 2018 and possibly 2017. But these restatements, which relate to the carrying value of inventory, were repeatedly predicted by ourselves for many years as you can see HERE.  My good friends and keen admirers of my work, The Financial Reporting Council must launch an urgent and full investigation. I have written to the FRC today as you can see below.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: I really am going to have to go to the FRC about this one

In today's podcast I look at PureCircle (PURE), the roll call of shame and who should be publicly executed. I also look at Dev Clever (DEV), Tissue Regenix (TRX) and, once again, at Blackmore Bond a mini bond car crash which appears imminent and is another part of what will be one of the biggest financial scandals for years.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith's Bearcast: From Nigel Somerville's Big Sofa it is au revoir to an emigrating Darren + Woodford's secret £25m windfall

A day of travel adventures. I recount my breakdown last night, an angelic lorry driver and how I ended up on Nigel Somerville's sofa. Meanwhile Darren Atwater is leaving the UK but not ShareProphets. Then I look at utter lunacy from a "woke" FRC and inept Business Secretary Andrea Loathsome. Then it is onto Neil's sacking from Woodford Patient Capital Trust (WPCT), what it means for the Trust and how it will help him hide another £25 million personal windfall gain. I cover Tesla (TSLA) as the bears are squeezed by book cooking. Finally a look at the murky death spiral announced by Vast Resources (VAST).

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TCG
TCG
PREMIUM CONTENT

The dangers of Non - GAAP Measures, Thomas Cook the tip of the iceberg

In the demise of Thomas Cook (TCG) there was a degree of focus in the Press on the use on Non-GAAP metrics (“GAAP” being generally accepted accounting policies) and Ernst & Young’s role as auditor in auditing those measures.  However, the Deadwood Press as usual missed the wider story.

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TCG
TCG
PREMIUM CONTENT

FRC Opens Thomas Cook Enquiry - the poison at the heart of auditor client relationship

The Financial Reporting Council has announced that it is to open an enquiry into the accounts of Thomas Cook (TCG) for the year ended 30 September 2018. Too little too late you say. Well perhaps, but what is at stake here is the poison at the heart of capitalism, the incestuous relationship between auditors and PLCs.

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PREMIUM CONTENT

Diversified Gas & Oil plans move from AIM to Main market… so did Avanti & Quindell

Diversified Gas & Oil (DGOC), the largest oil company on AIM and an enterprise whose accounts are being scrutinised by the FRC for a wholesale breach of IFRS guidelines, has announced it plans to move from the Casino to the Premium segment of the Main Market of the London Stock Exchange in Q1 2020. Both Avanti (AVN) and Quindell (QPP) made similar promises to try to keep their shares afloat. Neither actually made it off AIM as promised although, several years later, an almost bankrupt Avanti will be delisting altogether.

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BUR
BUR
PREMIUM CONTENT

Burford: Formal request to Guernsey Financial Services Commission to join FCA and FRC and Investigate misleading accounts

As I revealed yesterday, the FCA and FRC are both investigating Burford (BUR) following a letter I sent requesting an investigation on August 8. But Burford is Guernsey Registered so there is another regulator which needs to have a butchers. As such I have today written to the Guernsey Financial Services Commission (the tax dodger’s equivalent of the FCA) asking it to launch an enquiry. The letter is below::

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BUR
BUR
PREMIUM CONTENT

BREAKING: FRC says that following Tom Winnifrith letter it and FCA now investigating Burford

PR spinners for Burford (BUR) have responded to the Muddy Waters dossier by getting their poodles in the deadwood press to suggest that the bear raider was up to no good and was being investigated by regulators on both sides of the Atlantic. Oh dear..I have shocking and bad news for Burford...

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BUR
BUR
PREMIUM CONTENT

An Open Letter to Jonny Allison, Nomad to Burford re Material non disclosure on Napo

Burford (BUR) does not have to prove it is innocent of the Muddy Waters allegations but the longer it opts NOT to give full disclosure the more suspicions will grow. And perhaps the Oxymorons at AIM Regulation or my friends at the FRC, who I have asked to look at the accounts, may force its hand. In that vein I have written to the Nomad, Jonny Allison at Macquarie asking him to force Burford to come clean. I have cc’d in the Oxymorons and the FRC. The letter is below

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Bear
PREMIUM CONTENT

Five Slam-Dunk sells for 2019 – August update

It is just over a month since my last update, when my portfolio of five sells was actually showing a profit of 19.5% to anyone who bought as opposed to sold. Egg-on-face time! So how are things looking now – is it still sackcloth and ashes for me?

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BUR
BUR
PREMIUM CONTENT

FRC asked to investigate Burford Capital and auditors E&Y over 6 years of accounts - formal enquiry needed

As you know the Financial Reporting Council are big admirers of my work most recently thanking me for nailing First Derivates (FDP) HERE but inter alia, commending me for my work in exposing the Quindell (QPP) fraud HERE. As such I have been in touch asking that the FRC open a full investigation into the accounts of Burford (BUR) which, I believe, require a material restatement.

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FDP
FDP
PREMIUM CONTENT

TRIUMPH: Financial Reporting Council says Tom Winnifrith complaint saw £800m First Derivatives have to alter its accounting policies

To those who say that ShareProphets is a joke site run by a fool or a knave, stick this letter below from the Financial Reporting Council where the sun don't shine. Yet again the FRC is marking my homework with A*s.  To those cretins on the Bullettin Boards who abuse me daily I ask: when was the last time you got a regulator to force an £800 million market cap company to change its, overly aggressive and misleading, accounting policies? Ouzo time yet again for the Sheriff of AIM. 

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PREMIUM CONTENT

PWC Leeds office in the soup for a third time – PTSG and the £540k payments to CEO

The other day the Leeds office of PWC was fined heavily and slammed by the FRC for professional negligence in the case of not spotting accounting fraud at Redcentric (RCN). It was the second such notice in two years for PWC Leeds and the office is on a warning. Thus I am sorry to say but it is in the soup again over the massive undeclared payments going, over many years, to the CEO of Premier Technical Services Group (PTSG), Mr Paul Teasdale, which I exposed in full on Saturday HERE. Now here is why PWC is in the soup…

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PREMIUM CONTENT

EXPOSE: Premier Technical Services Group - now about that material undisclosed related party deal involving your CEO

I am worried that Premier Technical Services Group (PTSG) may have accidentally failed to make appropriate disclosures regarding a very material related party transaction involving Paul Teasdale, the CEO and a monster annual dividend he seems to have been receiving from one of the subsidiaries. 

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast - Feelings of disgust and anger at the rigged & corrupt stockmarket

In today's bearcast I look at FinnCrap (FCAP and two of its rotten clients: Telit (TCM) and Anglo African Oil & Gas (AAOG), at vile greed at Attis Oil & Gas (AOGL) , formerly Mayan/Northcote and at the latest FRC sanctions for shoddy audit work by Delotte and audit partner Helen George. I look at Weald Basin news from IGAS (IGAS) and what it means for Uk Oil 7 Gas (UKOG) et al and at daft Sound Energy (SOU) rumours.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast - IP Group is surely a stonking Woodford short as its next placing looms

In today's bearcast I comment on Quindell fraudster  Rob Terry in light of my earlier artice, I look at the FRC, PWC and Redcentric (RCN), ValiRx (VAL), Plutus Powergen (PPG) and at Neil Woodford and IP Group (IPO) which might be next to unravel as the contagion spreads.

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PREMIUM CONTENT

Diversified Gas & Oil: investor lunch, FRC update and chapter & verse on massive looming restatements & interims

I am delighted to say that my good friends at the Financial Reporting Council have acknowledged receipt of my dossier on Diversified Gas & Oil (DGOC) and are now looking at accounts which clearly need massive restatements. Meanwhile I see that the company is hosting a lunch for private investors on June 26 in London. Sadly I’m busy that day, as it is the day major renovations start at my Welsh hovel but if you want to attend email James Husband DGO@buchanan.uk.com . More pressing are the forthcoming interims….

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PREMIUM CONTENT

Diversified Gas & Oil Reported to FRC – IFRS 3 why its accounts are a joke and need mammoth restatement

Yesterday I highlighted the numerous issues which make Diversified  Gas & Oil (DCOG) the most overvalued oil stock on AIM.  The crux of the issue is that its freported profits since IPO have been generated almost entirely from aggressive accounting as opposed to producing hydrocarbons. I believe its accounts breach IFRS 3 and must therefore be completely restated which will wipe out nearly all of its retained profits. Let me explain. 

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Boom

Julie "Under FCA Criminal investigation" Meyer completely loses plot – claims “known fraudster” Tom Winnifrith going to prison

Oh dear, oh dear, Julie “lingerie on expenses” Meyer really has lost the plot now sending out a letter to business contacts in which she declares she is innocent of everything and then tears into her critics including me. Thanks to Winnileaks I have that letter.

YU
YU
PREMIUM CONTENT

ShareProphets RNS Translation Service: Yu Group ‘fesses up (again) as shares collapse another 22%

And so at last we have the results of the forensic accounting review which followed the confession from AIM-listed Yu Group (YU.) on 24 October 2018 that its accounts were, in effect, a work of sheer fiction and has seen the company’s £12 million placing at £10 per share being investigated by the FCA. We already knew that the bill would be around £10 million – but now it is going to be around £13 million. As ever, the ShareProphets  RNS Translation Service is on hand to help us understand all this (original in bold).

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Crime-Scene

Should’ve Gone to FRC – Is ICAEW another chocolate teapot?

About 3 years ago Nigel Somerville was waxing lyrical about the Institute of Chartered Accountants of England and Wales (ICAEW), who regulate most audit firms domiciled here.  Whilst it was clear from the excellent response Tom gets from FRC that it is a proper regulator, I thought I would try ICAEW for the issues I highlighted regarding TXO’s accounts here.

FDP
FDP
PREMIUM CONTENT

A Formal Request to the Financial Reporting Council to investigate First Derivatives

As you may be aware, the accounting watchdog, the Financial Reporting Council (FRC) is a great admirer of the work of The Sheriff of AIM. And always keen to give my good friends a pointer, I have today submitted a formal request to investigate the last three year’s accounts of First Derivatives (FDP).  The issue is whether stated earnings represent the underlying picture. My letter, below, is to the point.

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Crime-Scene

The UK Audit industry is in crisis – time for the FRC to act

Many years ago the appearance of the company’s auditors on site would send shock-waves through the work-force. Everyone would do absolutely everything by the book and mind their Ps and Qs – and breathe a sigh of relief when the bean-counters departed the scene, according to my late mum who spent a youthful period out of school working for Guinnesses in Dublin.   

Bearcast
PREMIUM CONTENT

Tom Winnifrith Bonus Bearcast - PWC fined £7m over Redcentric but why let the real criminals escape? are we serious about tackling fraud?

The Sunday Times has been leaked news that the FRC is fining PWC and 2 audit partners over the Redcentric (RCN) scandal which we covered and, indeed, helped to expose as you can see HERE. But the real villains are not the bean counters. I name who they are and ask if the UK is really serious about tackling white collar crime? I suggest that it is not and have a few suggestions to change that.

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GBO
GBO

Globo – Grant Thornton is not off the hook despite the FRC dropping investigation

Globo (GBO) was a fraud which claimed to have cash but did not and is now bust.  Its downfall was precipitated by ShareProphets publishing a Gabriel Grego dossier after the FT and snot-gobbler Dan McCrum merely tipped off the CEO allowing him to dump all his shares and failed to publish. Now the Financial Reporting Council says that it is letting auditor Grant Thornton off the hook and dropping its enquiry.

Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: naughty, naughty Jim Mellon, I WAS watching at no-one is watching O'clock

I start with the announcement late last night from FastFoward Innovations (FFWD) the overvalued investment company run by my good friend the offshore based asset stripper Mr Jim Mellon. I move on to the FRC dealing with Russell McBurnie the disgraced ex FD of RSM Tenon and discuss book cookers, fraudsters. Sam Antar theories and crime and punishment generally. I look at Akers Biosciences (AKR) where book cooking ahead of a placing is alleged, at Zenith (ZEN) and at LPA (LPA) where i would not bottom fish after today's warning for a variety of reasons. Then I note MySquar (FRAUD) is down to 1.15p and I ask John Meyer of SP Angel once more if he will act or is he happy to wash his hands and turn a blind eye to crime. Tonight is a 6 mile training walk and Joshua and I will do two miles this morning. With Gift aid my charity walk on July 28 has now raised almost £10,000. I explain exactly what that means to Woodlarks. If you have not donated, please chip in now with a tenner to get us over £10,000 HERE

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QPP
QPP
PREMIUM CONTENT

Quindell – KPMG and senior partner William Smith fined by FRC for failings – but not enough, lessons not learned

For its 2013 financial year, the fraud Quindell (QPP) switched its auditors from RSM Tenon – already fined by the Financial Reporting Council as a direct result of my work – to KPMG. But unusually for a firm claiming to be so large it chose the small Southampton office headed up by Senior partner William Smith to check its books.

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FRC starts investigation into two former Carillion FDs: string'em both up high!

It is individuals that commit financial crime not corporates. And thus, as I have noted so many times before, the only way that we will clean up financial markets in the UK is by starting to throw the book at individuals who sin, making sure that all transgressions, however small, go punished. And that brings us to today's news that the Financial Reporting Council (FRC) has started an investigation into the conduct of Mr Richard Adam and Mr Zafar Khan, former Group Finance Directors of Carillion (CLLN) and members of the ICAEW.

Fake_News

STRANGE BEDFELLOWS: Julie Meyer cites those who sent me death threats & defend fraud as she defames me on LinkedIn

Poor Julie Meyer. The Times this morning picked up on her increasingly bizarre attacks on ex employees, suppliers owed money and me on LinkedIn "Wow . . . just all I can say is freaking Wow". Indeed Julie. I pointed out to Julie's lawyer that her post on me was defamatory and he said he'd advised her to take it down but, hey ho, it stays up. Anyone who thinks citing the folks who send me death threats, shit in the post and more, because I was exposing the £3 billion Quindell fraud, as witnesses for their side is, I put it to you, keeping strange bedfellows.

KPMG in the soup again as FRC opens investigation into Carillion

The only UK financial watchdog that is anything other than a poodle has again bared its teeth and again it is the auditors at KPMG that are in the firing line, this time over Carillion (CLLN). Still being investigatred over its role in the Quindell fraud, let off the hook on HBOS, KPMG at least knows how the Financial Reporting Council works.

QPP
QPP

RSM Tenon (now ArrandCo) & audit Partner Jeremy Filley fined big time by FRC over Quindell thanks to Tom Winnifrith

The Financial Reporting Council has today fined audit firm ArrandCo, formerly known as RSM Tenon, £1 million ( reduced by 30% for co-operating) and audit partner Jeremy Filley £80,000 ( reduced to £56,000) for allowing the fraud Quindell (QPP) to publish fraudulent 2011 accounts. No doubt Snot Gobbler Dan McCrum at the FT is again about to produce a timeline taking credit for this but the FRC has stated explicitly that it widened its enquiries to include the 2011 accounts only because of specific allegation raised by me as you can see HERE.  These fines are down to my work, not that the deadwood press will ever acknowledge that. So how did Rob Terry and his associated in the Quenron gang, cook the books with the help of Filley and RSM Tenon.

An Open Letter to the FRC: Please investigate MySquar for overstating assets and understating losses

As you know, the folks round at the Financial Reporting Council are the one watchdog that is prepared to bare its teeth when it comes to wrongdoing on the AIM Casino and are also good pals of mine, truly appreciative of my work. And thus I have written to them about the holocuast denying fraudsters at MySquar (MYSQ) requesting that it launch a formal investigation into how it cooks its books. 

Bearcast

Tom Winnifrith Bearcast - a few ideas on which 40 AIM and small cap stocks will the FRC be spanking

I start this podcast with a look at Carillion (CLLN) where I wonder if Steve's damning verdict HERE is just a bit too generous. The boy is too much of a nice guy for his own good.  Then it is onto the FRC which will be writing to 40 AIM and Small Cap companies ahead of them publishing FY numbers. I have a few ideas who and on what areas. The FRC are of course the UK's best regulator if only for recognising the work of the UK's top investigative financial journalist.  Then I look at Angus Energy (ANGS) and finally there is a detailed discussion on MySquar (FRAUD)

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Roger Lawson sticks it to Blancco - calls for FRC to look at dodgy accounts

The old goat has turned over a new leaf and today really sticks it to Blancco Technology (BLTG) in which he admits he has a trivial holding. I doff my hat to Lawson for that and his comments on the ShareSoc blog are spot on. Personally this company's revenue recognition policies stink so much that I'd have to rate it as a sell.

Hell_Frozen_Over

KPMG off the hook in FRC investigation into HBOS audit

News today was released by the Financial Reporting Council (FRC) in relation to its investigation into KPMG’s audit of HBOS’s FY2007 accounts. Here we are almost ten years on, and we are told all was well after all. Well, sort of.

Crime-Scene

The FRC has got it right as it slams PWC with £6 million fine but also names, shames & fines individual - Nicholas Boden

Back before the world went crazy in the nineties when folks committed or abetted financial wrongdoing they were named, shamed and punished as individuals. That was a real deterrent to crime. Then the world changed and we started fining corporations, banks, accountants and other advisers. The regulators announce seemingly large fines which meant they got newspaper headlines and seemed smart. But the banks and other advisers just treated the fines as a cost of business and so were not deterred from breaking the rules going forward. At least my very good friends at the Financial Reporting Council seems to appreciate that. The FRC is, as such, the UK's best regulator.

Bearcast

Tom Winnifrith Bearcast: 3 resignations: Telit (Nomad) & Avanti Coms & Redcentric CEOs - can I claim scalps?

That Telit (TCM) is going to zero is a given as I explained yesterday HERE. But now we need to know why Canaccord quit on May 26 as Nomad. I suggest the reason in this podcast and call for a wider AIM Casino rule change on Nomad resignations. Then it is on to 2 CEO resignations. The bombastic prick David Williams has gone from drowning in debt Avanti Communications (AVN). Avanti is toast but I run through the red flags pertaining to Williams himself and ask a question about his payoff for failure. As for Redcentric (RCN) can I claim this as a scalp? Frazer  Fisher must have known about the mega payroll fraud of March 31 2016 as I revealed HERE. Yet he trousered a big 2016 bonus and sold stacks of shares just after publishing the 2016 number which he KNEW WERE CROOK. This departure is to avoid him being in situe when the FCA, FRC and SFO announce their findings. Actually can the Sheriff claim a scalp on the bombastic prick Williams too? I got the FRC to pan his company and exposed all sorts of Avanti red flags and naughtiness. Two scalps in a day - ouzo time?

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SEV
SEV

BREAKING: FRC Letter - Servision forced to change accounts by Tom Winnifrith, delayed profits warning explained

The big issues for AIM uber dog Servision (SEV) have always been its lack of cash generation which has forced bailout placing after bailout placing and its aggressive revenue recognition policies designed to boost the share price to allow the placings to take place. Lately there has also been an issue with withholding (bad) price sensitive information. On the revenue recognition issue I went into battle 19 months ago, reporting the company to the Financial Reporting Council and now we have another small win for the Sheriff of AIM. A letter from the FRC has just arrived...

Blur fires its founder & CEO Phil Letts, 18 days after sacking his ghastly Mrs - but where are the shareholders' Mansions?

At 7 AM yesterday AIM uber dog Blur (BLUR) announced its god-awful results. At 8 AM after a bailout placing had been approved its shares came out of suspension. In the 7 AM results statement CEO Phil Letts noted "I welcome the new board members to blur and look forward to working with them." It seems the feeling was not mutual. By 5.32 PM Blur was announcing that Letts was leaving. Make no mistake, he was fired.

MTO
MTO

FRC looks into Mitie and auditors Deloitte - will Tory Baroness Ruby McGregor Smith lose her Peerage? An acid test for the politically correct...

The Financial Reporting Council has announced that it has opened a formal investigation into the accounts of outsourcing group Mitie Group (MTO) for the years to March 31st 2015 and 2016. Mitie is in the spotlight and auditors Deloitte will also be investigated. So what has Baroness Ruby got to say about this?

SEV
SEV

Servision and that breach of AIM rules with the delayed (lack of) profits warning - is it even worse that we thought?

I have been deeply troubled by the most recent lack of profits warning from AIM listed worthless POS Servision (SEV). My initial view, expressed HERE, is that in not admitting to order slippage from December for almost six months it had committed a massive breach of AIM Rules regarding timely disclosure of price sensitive news. But I fear it may be far worse than that.

AVN
AVN

AIM dog Avanti Communications - FRC forces accounting changes after Tom Winnifrith complaint - another thank you for the Sheriff

I have today received a letter from the Financial Reporting Council about a complaint I made about the uber dodgy accounts of drowning in debt heading for insolvency Avanti Communications (AVN). You will remember that Avanti did 2 transactions which generated cash in of nil and cash out of $14 million and booked that as a sale of $25 million on a 100% EBITDA margin. 

RBS
RBS

ShareSoc has it (almost) 100% right - where is the justice on RBS?

ShareSoc it is starting to serve up some opinions of worth. Its latest comment on the RBS scandal is bang on the money and shows why the UK Financial system is flawed and will screw we little people every time.

Eden Research Plc – What is really going on with its terpene technology license from UMMS?

AIM Listed fraud Eden Research (EDEN) has bneen shown to have committed FRAUD, has been panned by the FRC and is still under FRC investigation (whatever it says). But there coulde be an even bigger problem. In its AIM admission document Eden explained that an element of its terpene chemistry was licensed as set out below:

Eden Research - Financials suggest its going tits up, FRC pans it after my request), Part 1

Eden Research (EDEN) has today published godawful results and admitted that my very good friends at the Financial Reporting Council (FRC) investigated it - after I requested such an investigation - and have forced it to restate past numbers. It claims that the FRC has now settled all matters. Au contraire. that is another lie from the fraudsters and there are many more porkies in this statement. Truly, the pants of shamed PR Paul Queenie McManus of Walbrook will be cinders and ash after this effort. This all came out as Eden published Godawful numbers for calendar 2016.

Eden Research - a Second Request to the FRC to investigate its fraudulent accounts

I asked my very good pals at the Financial Reporting Council, who we know are major fans of my work, to look into the fraudulent accounts of Eden Research (EDEN) for 2011, 2012, 2013, 2014 and 2015 on February 17 2016. Okay 2015 accounts were not out at that point but I was sure they would be fraudulent - they were. Now 2016 accounts for Terpenetech are out we have it again confirmed that the 2015 accounts were crook and 2016 accounts - due within days - will almost certainly be fraudulent. So I have written to the FRC again. The letter follows.

AVN
AVN

5 Questions for insolvency in waiting Avanti Communications

The FRC is already looking at the grossly misleading way that Avanti Communications (AVN) bodged its June 2015 annual results. I reckon Avanti is trying to commit an even bigger crime against prudent accounting with its 2016 numbers and they key is a satellite which is now on the move. But Avanti and its ghastly and morally bankrupt Nomad Cenkos, of Quindell infamy, are trying not to reveal the truth. So have five critical questions for Avanti and the shamed Cenkos.

Nick Davis of Memery Crystal must resign from AIM Advisory Group NOW over African Potash scandal

Nick Davis is the CEO of City law firm Memery Crystal but also sits on the board of the prestigious AIM Advisory Group. That has to end now as his role in the African Potash (AFPO) fraud comes to light. I warn African Potash that my man in London is set to supply more documents relating to yet another deal where it grossly misled investors ahead of a placing. There is worse to come and more for the SFO, FCA, FRC and AIM Regulation to get their teeth into. Now back to Davis.

A letter to the Serious Fraud Office - please investigate African Potash

I have already alerted the FCA, AIM Regulation and the FRC to the growing scandal at African Potash (AFPO) with regard to the non disclosure of a £600,000 bung on December 1 2015 as part of a pre placing ramp. Now it is onto the Serious Fraud Office, SFO, to whom I have written today.

Buy your P45 for Stewart Dickson of African Potash infamy mug now!

Stewart Dickson of Nomad Cantor Fitzgerald is today exposed for his role in the scandal at African Potash (AFPO) as the company misled investors ahead of a bailout placing, as it committed fraud. You can read about Dickson's role HERE as we launch the "Fire Stewart Dickson to clean up AIM campaign."

An Open letter to the FCA, AIM Regulation and FRC asking each to investigate African Potash and Cantor Fitzgerald now over FRAUD

Yesterday's expose here of AIM listed African Potash (AFPO) demonstrated quite explicitly and without doubt that the company was guilty of fraud - that is to say raising money, with the assistance of Nomad and broker Cantor Fitzgerald - having materially misled investors. I have today passed on the supporting documentation to three different regulators asking all three to open investigations into African Potash. My open letter explaining why follows.

QPP
QPP

And still the Quindell Bulletin Board Morons try (and fail) to put us out of business

The FCA is set to fine Cenkos over the Quindell fraud, the FRC has thanked me as it panned Quindell for fraud, and the SFO is making good progress on the Quindell fraud yet some morons still blame me for the penury they suffer as a result of ignoring our warnings that Quenron was a fraud. These fools really do believe that Rob Terry was a good guy and, unbelievably, are still trying to put me out of business. Step forward a troll on the ADVFN Asylum posting crap under the nom de plume NickyName.

SEV
SEV

POS AIM dog Servision - painting itself into a corner next week

AIM dog with fleas Servision (SEV) waits until the wire to report its calendar results, ie until June 30. That is partly because it is a shoddily run company and partly because it always need a placing to get its accounts signed off without a horrible emphasis of matter statement. No new cash = not a going concern. But this year it looks rather different and the wire day is Thursday. This looks grim.

Bearcast

Tom Winnifrith Bearcast - 3 days to Holiday: Yippee & Wildes is a comic genius

In three days I shall be at the Greek Hovel with the snakes, losing weight as I engage in manual labour, leaving Steve in charge. Today I deal with silly emails from Brokerman Dan Levi. Plus ca change. In today's podcast I look at Metal Tiger (MTR) and Conroy Gold (CGNR), a company that really needs Metal's Midas touch. I look at Marechale capital (MAC), Fitbug (FITB), Arian Silver (AGQ), Wishbone (WSBN) and in detail Servision (SEV). And I have had a complaint to the FRC rejected. Drat.

Jabba_The_Hutt

From lies to smears, David Lenigas is a disgrace - new tweet, what a tool

Earlier this week I ran an article which David Lenigas responded to by accusing me of getting my facts wrong and thus been a pathetic sad person and poor journalist. It is at least better than tweeting about my mother's suicide 40 years ago. I demonstrated HERE that Lenigas was 100% wrong, my facts were 100% right and that he was a smearing, liar, happy once again to mislead his investors. Tomorrow at UK Investor Show I shall demonstrate he is much much worse. Lenigas has responded to his impending downfall with a  new tweet. 

QPP
QPP

Rob Terry must be a psychopath - complete denial of wrongdoing in the Quindell fraud

I now conclude my four part series on Rob Terry's remarkable interview with the Sunday Telegraph with the most shocking part, his denial of all wrongdoing, off all known facts. Whatever his actual mental state, Terry sounds like a psychopath.

AVN
AVN

Avanti Communications - a new way to hit forecasts: Bongo Bongo land accounting

You were probably wondering what deal Avanti Communications (AVN) was going to do this year to increase its sales after last year's creation of revenue when it was the only person paying money - the deal the FRC is looking at HERE. And you were also wondering how it was going to raise some cash. Natch it would not be by actually selling oodles more capacity on its satellites would it?

Imaginatik - is fraudster Rob Terry about to return to AIM?

AIM-listed Imaginatek (IMTK) has just responded to Press Speculation - one assumes the Daily Mail story Rob Terry is planning a takeover - but pointedly failed to deny the story. Is Rob Terry about to launch a bid and return to the Casino? I though April Fool's day was last Friday....

Anarchy

ShareProphets Requires New Editor Again - Tom Winnifrith seconded to FCA

The good news is that Filthy Lucre will have less to moan about on this website. The bad news for fraudsters is that ShareProphets  needs a new editor as Tom Winnifrith has been seconded to head up a new team at the FCA - with immediate effect as of noon today, April 1.

SEV
SEV

Tom Winnifrith Bonus Bearcast - RNS from Servision today was bollocks, so was the last one - this company is bust

This is not hard. The RNS from Servision (SEV) today is designed to ramp the shares ahead of a rescue bailout placing. It is bollocks if you add up the numbers. So too was the last RNS by the way. I have reported this POS to the FRC for dodgy revenue recognition policies, it almost certainly now has negative net current assets and is burning cash. There is a bailout placing looming and you should sell now. This company deserves to, and could well, go bust.

QPP
QPP

The 4 Companies I have Reported to the FRC - the common thread for Quindell, Eden, Avanti and Servision

I have to date reported four companies to the Financial Reporting Council asking it to investigate accounts which I believe to be fraudulent and or misleading. So where am I with these four and what is the common thread?

AVN
AVN

Avanti shares slip despite another ramptastic RNS - Emperor Williams New Clothes called out!

Historically the pattern with Avanti Communications (AVN) has been it is asked an awkward question like how much business do you do with ISIS? Or why is it that your 2015 joke accounts are being looked at by the FRC? Or, if your bonds are junk rated when do you go bust? Its shares tumble. Then it announces a new ramptastic contract win either of an unspecified amount or for many years in the future. Its shares bounce but then fade and slump when the next question is fired over.

China Flag

Filthy Forty – an open letter to George Osborne, Chancellor of the Exchequer on AIM China Fraud

We have today penned an open letter to George Osborne regarding the ever-growing scandal of the ShareProphets AIM-China Filthy Forty. Mr Osborne, you will remember, is keen to see greater links forged between the London and Chinese markets. Under the circumstances we are deeply concerned about this and call for a full investigation. 

An Open Letter to the FRC - Please Investigate Fraudulent Accounts from Eden Research 2011, 2012, 2013, 2014 and 2015

I have today written to my good friends at the Financial Reporting Council asking for a full formal investigation into the audited accounts of Eden Research PLC (EDEN) for 2011, 2012, 2013 & 2014 which are all fraudulent and - ahead of schedule - for the 2015 accounts which will be fraudulent. The letter follows.

SEV
SEV

Formal Request to FRC to investigate Revenue Recognition at Servision

I am still waiting for Servision (SEV) to man up and send the threatened lawyers letter to me as I am spoiling for a fight with this worthless POS as it rapidly runs out of cash. Just to keep PR Himbo Christian occupied as he briefs his new best friends the Bulletin Board Morons, I have today requested that my VERY GOOD FRIENDS at the Financial Reporting Council (FRC) open a formal investigation into the revenue recognition policy of Servision. The letter follows.

QPP
QPP

TMC Southern, Quindell, fraud and the Companies House Mystery

I exposed the massive panama pump fraud at TMC Southern and Quindell (QPP) back in August 2014 and Quindell/Watchstone (WTG) now admits I was 100% right - having first said it would sue me for libel. It would be appreciated if the new management might apologise for that. Now we have some answers as to why TMC has not been struck off despite now being late on THREE sets of accounts. Companies house and I have swapped emails.

AVN
AVN

Avanti Communications - now at 117p, downside 117p by June - 5 Questions as bonds now uber-junk

Before Christmas shares in Avanti Communications (AVN) traded at c200p. This morning they touched 100p although they now trade at 117p. What on earth is going on? The only news from Avanti's CEO, the uber-Welsh king of the bombasts David Williams is that he will be presenting interims on 4 February. However it is not just the shares that are tanking, so too are its bonds, they are now officially uber junk and as such five massive questions need to be answered by the company with the numbers. For what it is worth my target price remains - as per Gold & Bears see HERE - 0p.

Red-Flag

Get your free copy of 49 Red Flags by Tom Winnifrith today

The Naibu (NBU) Neds have now admitted my fraudbusting was spot on (HERE), The FRC has thanked me for alerting it to Quindell (QPP) frauds (HERE) and so 2015 was a great year of Red Flag spotting for me. Earlier in the year year I published an ebook, dedicated to fraudster Robert Simon Terry, flagging up some of what I look for in Companies that commit FRAUD - "49 Red Flags". If you would like a free copy sent to you today just fill in the form below.

Sheriff-Of-AIM

Get your free copy of 49 Red Flags by Tom Winnifrith in time for Christmas reading

The Naibu (NBU) Neds have now admitted my fraudbusting was spot on (HERE), The FRC has thanked me for alerting it to Quindell (QPP) frauds (HERE) and so its been a good year of Red Flag spotting for me. Earlier this year I published an ebook flagging up some of what I look for in Companies that commit FRAUD - "49 Red Flags". If you would like a free copy sent to you in time for Christmas just fill in the form below.

AVN
AVN

Avanti Communications - a letter to the Financial Reporting Council re 2015 accounts

Now that, post the fraud Quindell (QPP) I am such good friends with the only watchdog with teeth, the Financial Reporting Council (FRC) I have written to my pals asking them to investigate whether the 2015 accounts for Avanti Communications PLC (AVN) give a true impression of how the business is doing. I do not think they do. But Avanti also has other worries which is why the shares will crash.

DAN
DAN

Fraudster & insider dealer Rob Terry shocking revelations about Daniel Stewart

Over at Ponzi Quob Park (QPE), the fraudster Rob Terry of Quindell (QPP) infamy has penned a lengthy post about Daniel Stewart (DAN). It is shocking and begs massive questions.

GBO
GBO

Prevention of Fraud and/or Error: are auditors a pointless waste of money?

The Globo (GBO) scandal brings up the issue once again of what an auditor is there to do. Yesterday’s admission that, essentially, Globo’s accounts could not be relied upon suggests that there has been a massive failure. Auditor there: Grant Thornton. But Globo is by no means the only case of investors being misled as to the true picture in a company’s accounts.

QPP
QPP

Pssssst don’t tell them but some bad news for the LSE Quindell morons

They still don’t get it. The FRC has thanked me for exposing fraud at Quindell (QPP) and the former board are being investigated by the SFO as well (it can thank me later for the assistance I have provided). Yet according to some Quindell shareholders on the LSE Asylum I am the guilty party, the devil incarnate. And boy were they looking forward to my day in the High Court today…don’t tell the morons it is off as at least one admits to going along last time to cheer on my then opponent Aiden Earley. I would not want to stop a moron from wasting a morning.

QPP
QPP

BREAKING: FRC says extended enquiry into Quindell thanks to Tom Winnifrith, thanks him and says disciplinary action on way

A letter received today from the Financial Reporting Council confirms that it extended its enquiries into the fraud at Quindell (QPP) to take in a wider remit as a direct result of my action. I am thanked for this and it gets better still.

DAN
DAN

Daniel Stewart – an open letter to the FRC and the FCA

We have pointed to a number of anomalies in the accounts of AIM Casino listed Daniel Stewart Securities plc (DAN) and its main trading subsidiary Daniel Stewart & Company plc. The share capital of the latter appears to be in a complete mess, as described HERE. There looks to me a mis-match of numbers between the parent and the subsidiary, as described HERE. And it would appear that the subsidiary accounts (which were filed to Companies House 11 months late, and four months after the parent accounts) are riddled with errors, as described HERE

Panda

The FRC pans Crowe Clark Whitehill ( audit pal of choice for the China AIM fraudster) in its latest review

Crowe Clark Whitehill is the UK auditor of a number on AIM casino china frauds and its associate in Fujian, Crowe Horwarth Associates really gets fingers dirty. We know that the blatant long term fraud at Sorbic (booted off the casino), Naibu (booted off the casino) and Camkids (soon to be booted off the casino) as well as at Jiasen and JQW totally escaped its attention. In light of that we bring you the latest Financial Reporting Council review of Crowe.

QPP
QPP

Quindell and regulatory failure: an open letter to Business Secretary Sajid Javid MP

This week’s disclosures by Quindell (QPP)  have shown conclusively that the gargantuan body of work which started back in April 2013 by ourselves and colleagues at ShareProphets was on the button. Along the way there were allegations of securities fraud, accounting fraud, VAT fraud, insider dealing, market abuse in what is simply a staggering litany of revelations. The evidence was passed to the FCA, AIM Regulation, the SFO and others in a series of submissions going back to April 2014. Yet the FCA and AIM Regulation utterly failed to act on the evidence handed over. The FCA took until June of this year to open an investigation – we rather suspect because of a me-too response, once it was known that the SFO was involved and that the Financial Reporting Council (FRC) had been looking at Quindell. AIM has yet to confirm any actions beyond a spot of belated flag-waving. 

QPP
QPP

AIM Regulation writes Xavier Rolet’s damning suicide note as the London Stock Exchange proves that it is unfit to run a bath

I had a good chuckle at Ben Turney’s ShareProphets Translation Service piece (HERE) covering the formal statement issued by AIM Regulation regarding the biggest stock market fraud the UK has seen in thirty years, otherwise known as Quindell. I am not laughing now. Wednesday’s statement from AIM Regulation proves once and for all that it is just a sham designed to lure investors into a false belief that the LSE’s junior market is policed. It is a front, and an affront. 

QPP
QPP

How Gotham City Saved Rob Terry from undertaking the biggest case of insider dealing in AIM History

We all know about Rob Terry’s insider dealing in shares in November 2014 thanks to the shysters at Equities First Holdings. But that was small beer compared to the level of insider dealing had attempted to undertake in April 2014. His “get out of jail card” on that one came, ironically, from Gotham City Research.

QPP
QPP

What should I call the Quindell book? And a few words on Daniel Stewart – the best short in London

When are you going to publish the Quindell book?  I was asked this numerous times yesterday and having chatted to the pizza hardman Darren Atwater, we think that the answer is October. But what to call it?

More utter bollocks from Blur – when’s the cash call?

Another day and another non-news announcement from the lamentable excuse for a company that is Blur (BLUR) – the fact is that it is hyping the shares as it is rapidly running out of cash. Anyone who has bought the shares this morning needs their head examining.

Blur’s Phil Letts might be a shite CEO but he does irony quite well

Philip Letts the CEO of Blur (BLUR) is clearly pretty crap at running a PLC. The latest profits warning and brush with the FRC is just another sign why he – and his grotesquely overpaid wife – should be given the tickety tack as soon as possible. But the man is not without his talents. He does irony well.

QPP
QPP

The Times, Quindell and me – a smear campaign by PR firm Redleaf Polhill accelerating?

The Times Newspaper yesterday published an article on Quindell (QPP) and myself which is so palpably inaccurate but also sufficiently sinister that I reproduce it in full. If the Times pulls its lies in full and publishes a full retraction, clarification and apology I will withdraw the copyright breach. I sense that Quindell’s PR flunkies at Redleaf Polhill may be behind this article as part of their job of smearing me. 

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