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!
In the dismal annual results for calendar 2018 published on May 9 Watchstone (WTG), Quindell (QPP) as was, claimed to go into great detail on the various legal cases it faces thanks to the activities of its former boss, the King of the Fraudsters, Rob Terry. Except it didn’t. On April 11 it suffered a massive blow in a C$30 million (£18 million claim if faces in Canada from Aviva. This it omits to mention in its finals but luckily I can bring you full court documents and a release from Aviva’s lawyers below….
The former Quindell of Rob Terry infamy, Watchstone Group (WTG) has announced results for the first half of 2018, including on outlook “we are making good progress in developing the underlying quality of our businesses and their long term value whilst simultaneously resolving the group's legacy matters as efficiently as possible. We remain confident of a satisfactory ultimate outcome for our shareholders”. Hmmm…
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.
For those who think Rob Terry,, the king of the fraudsters, has got away with the £3 billion Quindell (QPP) scam, there was confirmation today that the Serious Fraud Investigation continues. Actually you can see that on the SFO's website but that Watchstone (WTG) - Quenron wi8th a face lift - confirmed it suggests it is still co-operating. Of course it is. Its new managers loathe the criminal Terry. I do expect arrests this year. The other news - a lack of profits warning and again this is Terry's mess.
I have flagged up many times before that the Hubio (formerly known as the fraud Himex) and Ingenie operations in Canada faced serious issues because they had simply failed to deliver product as promised to major customers such as Aviva. Now it is out in the open with writs flying both ways. Oh dear...this is not going to end well for Watchstone (WTG), the legacy of fraudster Rob Terry strikes again.
The annual report from Quob Park Estate, the new ponzi scheme of Quindell fraudster Rob Terry is out and is a cornucopia of his best tricks of greed and accounting fraud. It is a delight. Leopards do not change their spots.
Watchstone (WTG), Quindell as was, has today admitted to the full scale of the Himex fraud - the Hassan Sadiq Rob Terry con at the heart of Quindell - full details are HERE. In light of this please supply suitable captions, in the comments section below, for the picture below in honour of Robert Simon Terry. Deadline: midnight Sunday.
Himex was the biggest single acquisition fraud perpetrated by Rob Terry at Quindell (QPP) and today the scale of that £100 million plus fraud has been laid bare as the re-branded Watchstone (WTG) has published 2015 results. These show that statements made by new management with 2014 results were rash reckless and misleading but also that the Serious Fraud Office is still going after Terry and his cabal.
Edi Truell, the founder of Tungsten (TUNG) has today quit the cash guzzling disaster story following the board rejecting his latest hare brained corpororate proposals. Mad Edi stepped down as CEO last July ago but remained, until today, as a NED. Does this make the shares more or less attractive?
Watchstone (WTG) has offloaded another of the joke/frauds bought during the Rob Terry era to its management at a stonking loss. The sale of Quintica for £1.35 million is good news for Watchstone but shows once again what a crook the fraudster Rob Terry was.
Shot in the Watchstone (WTG) offices in Toronto today..this is rebranding on the cheap. Hat tip to one of our many sources on the inside of this sinking ship..
I am sorry for the delayed podcast but I am only just back from time in the Grim Northern welfare safari with the mother in law and thus can now let myself go with a volley of bad language. I end with an explanation of who benefitted from the £150 million + Himex fraud at Quindell (QPP) laid bare earlier HERE and how it also affects Watchstone (WTG). Before that I talk of my annoyance on the silly blogger spats and the explain the difference between a cash shell and an investment company and why I regard our work on exposing the latter as invaluable. In the middle segment I have more bad news for oil companies such as XCite (XEL), IGAS (IGAS), Petroceltic (PCI) & Gulf Keystone (GKP) and for the sector as a whole but also for the markets. Dont blame China, we bears are still in the driving seat.
Himex was the biggest fraud in the Quindell (QPP) Augean stable but until now the scale of that fraud totalling hundreds of millions of pounds has remained hidden because Himex has now FINALLY filed accounts. The company has now changed its name to Hubio Solutions Ltd and snuck out accounts - on my Birthday - which the Serious Fraud Office will just love. It is bad news for Rob Terry but also for Watchstone as it exposes the myth pushed by the bulls that its ongoing businesses have any value.
Watchstone Group (WTG), formerly known as Quenron (QPP) has today sold its property services business BE Insulated and Carbon Reduction Company for just £1. The statement is telling.
We know that the old board at Quindell (QPP) serially mislead and lied to investors as it committed wholesale fraud. Most of that board is now awaiting arrest by the Serious Fraud Office. But now to the NEW board, I have today written to the FCA and AIM Regulation asking whether it mislead investors on August 5 2015 in a material way with regard to its Himex subsidiary
The fraud at Himex was one of the biggest at Quindell (QPP) and the new board seems intent on burying the bad news. It has made bullish statements about the state of play at Himex knowing full well that it could not justify those statements. Now the unit’s founder Hassan Sadiq, a long term henchman and near neighbour of fraudster Rob Terry, has left the company. This whole thing stinks and the NEW board as well as the old now faces massive questions.
In the results last week from Quindell (QPP) Lord Michael Howard and colleagues wrote down the carrying value of its two largest legacy businesses Himex and Ingenie by c£38 million but there is still almost £90 million of goodwill in the balance sheet for these divisions plus Solutions (non UK), i.e. Canada. Lord Howard you are dreaming. You are 'avin a bubble.
In this part of the bearcast I go through all the frauds admitted to by Quindell today, the bungs, the lies, the non disclosures, the revenue recognition issues, the panama pumps. Most of this has been revealed on this website already but today Quindell fessed up. What we said abut Himex, TMC, Jon Stretton Knowles, the fraudster Rob Terry...it was all true. And that means that Rob Terry WILL go to prison for this. And so will others.
The former FD of Quindell (QPP) Laurence Moore probably made less than a million quid after tax from the fraud. His boss Rob Terry made at least £30 million. Yet poor Larry is like Terry facing wipe-out fines and a good stretch as a guest of Her Majesty. I have urged him before to rat on Terry and the other big crooks to reduce his personal discomfort (think of the showers, Larry) but I now invite him to consider the case of AIT and its FD Gareth Bailey and to think again.
Quob Park Estates the new vehicle of Mr Robert Simon Terry of Quindell infamy has just released a "research report" overnight on Quindell (QPP) which accuses the new board of hiding facts - most notably of hidden share options and staff departures - but also of destroying shareholder value in the businesses that remain. It also discloses that Quob Park has sold all its shares in Quenron though it argues that the group is still worth 172p (down from 210p). The document also tries to rewrite history. The sham of a note is below.
Shares in Quindell (QPP) were suspended for six hours today as it was caught out for once again having told investors a pack of lies. It seems that it has sold Slater & Gordon rather more than was announced on Monday. This is just a total joke of regulation – when is someone going to prison?
You know that I am just a plain and simple nice guy. Well if you do, don’t tell anyone as I have a reputation to preserve. But as a nice guy I thought I’d drop a memo to the new team at Quenron (QPP), Jim “Hammer” Sutcliffe and Richard Rose about how to spin the looming disaster that is the PWC Report into Quindell’s fraudulent accounting policies.
I am sure that Laurence Moorse, the insider dealing finance director of Quindell (QPP) is now aware, as am I that the Serious Fraud Office (SFO) is now looking at matters Quenron and in that vein I have again written to the little crook urging him to save himself.
I am drawn to some parallels between the stories of Rob Terry’s vehicles The Innovation Group (TIG) and Quindell (where he is apparently no longer running the show, so we are told…) and Angus Forrest’s exploits with Digital Learning Marketplace plc (DLM) and Tern, his current AIM Cesspit outfit.
I am asked by a reader to speculate on what the PWC Report into Quindell (QPP) will say? I guess that the bean counters are almost done by now so IMHO here is what to expect.
What was Quindell’s (QPP) worst investment? It is hard to know. £2.77 million for Skillwise (sept 2013), a company with no assets bought by its previous owner the day before for £68.40 including VAT is a prime contender. The £150 million spent on the cash consumptive shite that is Himex must be another. But how about a luxury executive box at the Emirates?
Today's Quindell podcast concerns Himex which, within the stable of frauds that is Quindell (QPP), is the biggest fraud inflicted on investors. There are two levels at which this is a fraud and recent actions by Quenron show how desperate it is to cover this up. All is revealed today
Thanks to Paulie Walnuts for this gem on Quindell (QPP). What on earth can it be trying to hide at Himex? The scale of the panama pump perhaps? Over to Paulie:
I was contacted yesterday by a senior management figure with the Quenron (QPP) group. We spoke at length and in part two of this series I will serve up a series of bombshells for you. But let’s start with a minor bombshell – the issue of when Quenron staff have and will get paid and of market abuse by Quindell.
Today Quindell (QPP) has announced that it has issued c100,000 shares that it should have issued a few months ago to the vendors of Iter8 a POS Canadian company it bought last year. The company was founded and run by Mr Tim Scurry whose CV is fascinating. Yes its hand-outs for a Rob Terry mate par excellence.
Well I can’t say that Quindell’s attempt to get a summary judgement on this little matter is going terribly well. I bring you in full the judgement of Judge Travis J Laster from 14th October 2014. You can draw your own conclusions but I put it to you that it provides little encouragement for the morons.
It seems perfectly possible that by the time Quindell (QPP) gets to having its books audited in February/March it will have run out of cash (see mounting evidence of that from D&B and elsewhere in today’s Bearcast HERE) but let’s assume, generously, that it is solvent then – what happens next?
Kevin Ashton, the analyst that Rob Terry of Quindell (QPP) forced Canaccord to sack because he would not advise investors to buy the shares, last night predicted that Quindell would go bust as more details emerged on the note that Terry managed to supress.
The most fraudulent acquisition made by Quenron (QPP) was that of Himex. It really is a worthless POS but has been used to boost profits and cashflows at Quindell simply via fraud. However it will start to unravel by New Year's day and this podcast explains why. DCD Holdings, Rob Terry, Hassan Sadiq and Elizabeth Dawson are you listening to this Cosy (pun, geddit?) little message from the Sheriff of AIM?
On August 19 2014 Quindell (QPP) threatened me with a bully boy lawyer’s letter demanding inter alia that I sign a grovelling apology drafted by it, pay its lawyers bills and damages and that it would get an injunction against me to stop me accusing it and Rob Terry of being a fraud. As with all fraudsters you will note that Terry was using the company’s lawyers (i.e. not his cash but shareholder’s cash) for his case. I now publish that letter in full. And I ask the liars, crooks and frauds at Quindell where is that injunction?
The Quenron (QPP) shareholder register as at 30th June has thrown up another couple of stinking fish carcasses. They concern Himex.
Quenron (QPP) earlier this week announced a telematics deal with one of the top three insurance companies in Canada. Of course that was a lie. Quindell has told lies in RNS statements on a serial basis so that is no shock. The partner is Aviva Canada which is in fact the 15th largest insurance company in Canada. It is the third largest player In the Property & Casualty sub sector but what Quenron said in the RNS was just another lie.
Some of our posters really know their onions. I know full well who “Forty Two” is and he knows Quenron (QPP) better than any serving City analyst. His comments after the Friday Ingenie shocker HERE should be read in conjunction with that piece to gain an understanding of how The Quinnovation Group operates. 42 says:
”What do the following companies have in common: blinkx, Globo, Quindell, Range Resources and Sefton Resources? It is a two part answer.
There is speculation that Quenron (QPP) subsidiary Quintica is horribly late in filing its annual report which was due on May 30th. Actually it changed its year end so the report was due to be filed 30th September 2014. It has not been but it is only a bit late not horribly late. However, I just wanted to point out that the release announcing the deal was a tad on the misleading side.
I see that various Bulletin Board Morons accuse me of threatening 4,000 jobs at Quindell (QPP). Just for them, I offer a basic lesson in markets and economics.
On 19th August 2014, Quindell’s (QPP) lawyers wrote to me giving me eight hours to agree to withdraw all articles about Quenron, sign a grovelling apology written by them ( how fucking Stalinist) and not to write again. Otherwise I was threatened with a number of measures including injunction and a libel case. I replied within the deadline that I would see the bitchez in Court.
It was 5 AM in the morning one day last week before I finally got to have a good long chat with Sam Antar, the FD behind one of the biggest Wall Street frauds of the 1980s, Crazy Eddies. Poacher turned gamekeeper, Sam now busts white collar crime and is an SEC whistleblower. He also blogs and tweets in a most amusing way. Have a look at www.whitecollarfraud.com @samantar – naturally enough we discussed – at great length – Quenron (QPP).
On 19th August Quindell (QPP) send me a fascistic lawyer’s letter demanding that by 4PM that day I agree to never write about it again; withdraw all articles and that I sign a letter drafted by them accepting I was wrong. If I refused to accept Quindell threatened to get an injunction to stop me writing. I said See you in Court Bitchez!
And so Quindell (QPP) finally came clean yesterday an announced that its telematics JV with the RAC was no more. The statement does not stack up but then nothing does at Quinnovation Group. Let’s start with a reminder of this ground-breaking deal announced on April 7 2014.
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.
Unusually among UK watchdogs and regulators the Financial Reporting Council is NOT a chocolate teapot. It has teeth. It will use them. And it will happily work with other agencies such as the FCA if they need to be drawn in. It is there to monitor accounts of all UK listed companies. I have today asked it to formally review the accounts of Quindell (QPP). The letter follows.
Quindell’s (QPP) Interims duly arrived last Thursday and as is so often the case with this company when it attempts to reassure the market, yet more concerns were raised. The share price has now lost all the gains in the run up to the announcement and it would not surprise me if they test the recent 140p low in pretty short order. And the ultimate target is a tiny fraction of that.
Yesterday I asked if Quindell had actually paid the £15 million in cash into Connected Car Solutions its jv company with the RAC of which it owns 51%. Despite announcing the deal on April 7th there is no evidence at all in the interims that such a payment has been made – as you can read HERE. But this now poses three scenarios for the REAL cash position of Quindell at June 3th.
The last time that the vendor of Himex sold a business to a Rob Terry run company it was sold for £50 million. At the same time certain other related businesses were lobbed into the pot and all in all it cost The Innovation Group c£60 million all in goodwill which was all written off within a year. Cosy was a cosy deal for some but not for Rob Terry believers – as explained HERE. Will it be different this time? I now refer you to the 2014 interims from Quindell and the year to March 2013 results for Himex which you can see HERE. Red Flags for lunch anyone?
I set what I thought was a very easy prize quiz on Friday offering to buy the winner lunch at Real Man. All you had to do was name company xxxx. You all said it was Quindell (QPP). And you were all wrong. Quindell shareholders you should be very frightened.
Who was the 41% customer of Quindell in 2011? Was it TMC which had a spare £5.5 million (more than 100% of stated PTP and cashflows) thanks to the Quindell shares it was issued with and flogged? I only ask because of a revelation regarding Quindell flogging shares it issued to itself in today’s interims. That stands out but what about those accruals? Boy oh boy.
You thought Quindell (QPP) had gagged me with its threats? You misjudge me badly. When Quindell’s lawyers have read this please would they remember to ask your clients “did TMC contribute 41% of 2011 Quindell Turnover?” Think disclosure and bring on the legals, bitchez! Tomorrow I shall comment on the interims and then my wife arrives at the Greek hovel for our wedding anniversary week and I largely down tools until September. But for now I have started looking at Quindell’s biggest acquisition Himex. By way of background…
I have this morning received a lawyer’s letter from Quindell (QPP) as has ShareProphets. It does not cite any specific factual errors made by me but none the less demands that I withdraw all articles on ShareProphets, put my name to an apology and admission of God knows what else drafted by Quindell and that I never write about the company again. Is this not a tad Stalinist?
If you are a bull of Quindell (QPP) then that must largely be because you trust its founder, Mr 2+2 can = 5 Rob Terry. After all almost 40% of the revenue Quindell books this year will be accrued (i.e. not even invoiced but just based on what Rob Terry thinks will come in). He has bought businesses for massive prices from old friends based on what they might do (Himex and of course Brand Extension as exposed HERE yesterday). So you trust Rob Terry.
Today’s shock news about the RAC has sent Quindell (QPP) shares diving – they are now at 180p. The whole thing stinks. You can read my initial take HERE. But I now move on.
The Financial Times today reports that the much heralded Quindell (QPP) deal with the RAC has stalled big time. This is the start of the great unravel for at the bottom of it all is cash. Or lack of it. The FT states:
Quindell (QPP) has steadfastly refused to give ALL of the reasons why the UKLA refused to allow it to move off the AIM Cesspit – where it belongs – and onto the main market. It cited one clause of the listing rules as being “particularly” to blame but will just not say what all the reasons were. And so I submitted a Freedom of Information request to the FCA weeks ago. That was acknowledged then in a standard way.
I am sorry to be a pedant but why is it that the joint broker to Quindell (QPP) Canaccord appears to think that ithe company's projections for cash collection in the critical QLS division are wildly optimistic?
As I wait for a new video to be sent back to London I check out the abuse I am getting from Quindell (QPP) shareholders on twitter and on this website. I am struck by just how stupid some of our fellow human beings are. You really wouldn’t want many Quindell shareholders on your pub quiz team would you?
Oh gosh this is complicated. Perhaps I am just a bit stupid and a Bulletin Board Moron can assist with answers to the questions about Quindell’s (QPP) relationship with Himex because it is all jolly complicated. Let’s start in July 2013 when Quindell bought a 19% stake in Himex for £1.8 million in cash and 64.8 million shares. Easy...
Quindell’s (QPP) trading update on Monday gave bears a welcome opportunity to add to positions higher up as the shares soared 30% on a knee jerk reaction to the bullish statement which was accompanied by a buy note (target price £13) by some oaf round at Cenkos the company’s brokers.
Having slept on the matter I am more than happy to retain my sell stance and 20p target on Quindell after yesterday’s trading statement. On the basis of Quindell adjusted earnings and cashflow forecasts the shares rocketed yesterday but I have more questions than ever and I see the shares are falling steadily today as serious investors start to ask serious questions. My core concern remains cash as I explained yesterday HERE
Suddenly bulletin board morons tweet me in a way that suggests they need to up the medication urgently. Quindell (QPP) shares have leapt by 33% or more to 244p on the back of a trading statement. Those folks who lambasted me for being bearish at 250p and above reckon I have lost all credibility, blah, blah, blah. Whatever… The statement reads well. Superficially – that is to say if you just look at Quindell defined EBITDA, sales (including huge accruals) and EPS numbers. But I have a number of issues and remain a seller with a 20p target and here is why…
Quindell (QPP) values its 85% stake in its Himex operation at $240 million. Well that is what it paid and in the balance sheet that sits almost entirely as goodwill. Quindell has made great claims about Himex but do they stack up. I think they do not. And here is why.
You may well have seen this before but in case you have not, you may want to have a butchers at this court case filed in Delaware in March this year against Himex, its directors and Quindell (QPP). You will no doubt be aware that the founder of Himex was Rob Terry’s business partner in his first (failed) large scale business venture, then sold his next business to The Innovation Group (TIG) when run by Rob Terry – it was a write off.
Yesterday I posed a number of questions about the purchase of a 19% stake in Himex in July 2013 by Quindell (QPP). Thankfully one question – has been answered by folks who are not Bulletin Board Morons. But that throws up another question and – having slept on it – I realise that I missed out one er…untruth - from that July RNS.
I know that I am not as clever as the average Bulletin Board Moron when it comes to Quindell (QPP) but its apparently contradictory statements have me baffled. Perhaps one of the Rob Terry worshipping Bulletin Board Morons out there might help me explain why apparently contradicting statements regarding the Himex acquisition are not a red flag?