Keyword results: KPMG

The silver lining to the Covid cloud: shit companies like Alpha Growth have an excuse to delay publication of accounts

In my previous article, “Alpha Growth – accounts deadline confusion”, I highlighted that Gobind Sahney, Executive Chairman of Alpha (ALGW), seemed a little confused over the deadline date to report its year-end results.  Well today, via RNS, Alpha announced that:

Christmas-Stripper

If a good looking bird likes your comments on ShareProphets articles don’t think she wants your body or loves your mind

A number of readers have noticed that their comments on the comments platform here are being liked by good looking birds and wonder if these birds want to hook up with them. I am afraid not, this is a Cupid style scam affecting the whole of disqus not just this one small website.

Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: Britain's worst newspaper (the Mail) misses the point on Britain's worst auditor (KPMG) & what would Jesus say about Rio Tinto?

I start with KPMG and another scandal but the real scandal is the way it deals with its employees who are fraud enablers by act or by omission or both. Then onto the Methodists and why its stance on Rio Tinto (RIO) is, I suggest, not what Jesus would have advocated.  Moreover it highlights how ESG driven investing has created valuation anomalies on both the long and short side. Finally, THG (THG) and PE bid speculation. 

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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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POG
POG
PREMIUM CONTENT

Peter Hambro slams KPMG report into Petropavlovsk which slates him and associates for $302.4m of potential frauds

A “private & confidential” KPMG report commissioned by the new managers of Petropavlosk (POG) has, as you can see below, been published in full by the company and claims that its founders Peter Hambro and Dr Pavel Maslovskiy and associates may have taken out $302.4 million to which they were not entitled. But Hambro says that he and Maslovskiy (currently incarcerated in a Russian jail) were not given, as promised and as the company says they were, a chance to comment on the report which,he says, is riddled with innaccuracies.

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MFX
MFX
PREMIUM CONTENT

Message to Jim Mellon – the optics of the Manx Financial Board look piss poor

Manx Financial (MFX) the AIM listed bank based on the Isle of Man, where my pal Jim Mellon is the second largest shareholder and also the chairman, has announced a raft of board changes. No offence intended Jim, but from a G as in Governance perspective this sucks.  Now Manx is very well and conservatively run so this is not suggesting anything is amiss but it is how it looks.

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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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Crime-Scene

Labour Lord Prem Sikka flags up the KPMG Silentnight scandal at Westminster

It seems that one politician appreciates the scandal of how lightly KPMG and its former partner David Costley-Wood engaged in and covered up a scam against ordinary workers at Silentnight and the taxpayer and how the man behind it Costley-Wood will not pay a cent of his £500,000 fine.  My articles on this matter were passed by a mutual friend to the Labour peer Prem Sikka who, amazingly for a politician, seems to understand how wrong this is.  Speaking on the new (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill, Hansard records the good Lord as saying:

SO4
SO4
PREMIUM CONTENT

Salt Lake Potash – the Fat Lady starts singing Waltzing Matilda: Told y’all!

You cannot say that you were not warned numerous times that this crock would collapse but natch Bulletin Board savants and the paid promoters such as Vox Markets knew better. Today Salt Lake Potash (SO4) has appointed administrators in Oz and the Fat Lady is belting out a chorus of Waltzing Matilda. Of course the blame lies with the ex CEO, the aggressive penny share bullshitter Tony Swiericzuk, who “was resigned” on 27 August.

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Top-10

Notes from Underground – Most read articles for the week ending 16 October 2021

The top non-Tom article this week is Three Shares You Just Don’t Want To Own as they should all go bust! by Nigel Somerville at number two or number six if you include the Bearcasts.

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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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

EXPLOSIVE ANALYSIS: Proof that Supply@ME Capital’s business model is flawed

Silence remains on whether the CEO of the fraud Supply@ME Capital (SYME), Alessandro Zamboni has covertly sold all his shares. If I was him I would because, as I shall demonstrate below, its business model just cannot work. Forgive the deep drill on accounting but if you follow my lead you will see more evidence that Supply has misled investors and is a zero.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: A day when ShareProphets is covered in glory (again)

Yet again I have been thanked by the regulator for exposing cooked PLC books. Not that this will stop BBMs from defaming me in all the usual ways but those who count know we matter. So I discuss Eden Research (EDEN) and KPMGThen there is Peter Brailey’s amazing scoop. Ta Guido for the hat tip (not!) – I discuss Powerhouse Energy (PHE) and Tim Yeo the sleazebag ex Tory MP. Then I turn to Verditek (VDTK) as it misleads again c/o the AIM Shit of the year Richard “Gollum” Gill as his green ponzi bond deadline approaches. Finally there is the fraud Zoetic (ZOE) where my target price remains 0p after today’s dire admission. Add to your shorts.

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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.

SAA
SAA
PREMIUM CONTENT

Winnileaks shocker: Jamie Hewitt, Saatchi, the bombshell emails and an (again) failing FCA

On his LinkedIn profile the former CFO of M&C Saatchi (SAA) Jamie Hewitt says: “After 15 very good years at M&C Saatchi as Global CFO, I decided to leave in search of new and exciting CFO challenges. I am particularly keen to identify and work with fast scaling media and tech businesses, in either a permanent or interim role.” Before hiring Jamie, Prospective employers may care to check out this Winnileaks expose, a report from PWC into accounting fraud at Saatchi from December 2019.

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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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PREMIUM CONTENT

Terpenetech 2019 accounts out – the Eden Research 2015 Panama Pump fraud (now) endorsed by KPMG laid bare

It was in August 2015 when a heavily cash-strapped AIM dog Eden Research (EDEN) engaged in a blatant Panama Pump style fraud with a company, Tepenetech, with which it had long been associated. The 2019 accounts for Eden, signed off by KPMG, still pretend that this is a legitimate deal. But Terpenetech’s own accounts for calendar 2019 are, finally, just out and the fraud is there for all to see.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: Now Quindell (Watchstone) sues KPMG - this is bonkers, it should be thanking it!

I start with a personal message as to why there may or may not be a break in bearcasts over the next few days. Then it is onto how Watchstone (WTG) – Quenron (QPP) as was – is suing KPMG. This is bonkers. KPMG has made Watchstone shareholders far richer than they should be. I explain that and then discuss how if I was in charge and had a time machine, we would have stopped this fraud ever happening. Without the time machine, what would I do now? 

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PREMIUM CONTENT

BREAKING: BDO Narrowly Avoids signing off on a 155 million Euro blooper & the war crimes of FTI Consulting – the Akazoo fraud

Thanks to the good works of Gabriel Grego, Akazoo (InternetQ as was) has now been thrown off Nasdaq and the SEC are crawling all over it, its main backer and author of its corporate deals, Martin Hughes’ Tosca Fund and various advisors. One firm that has narrowly avoided a massive bullet, as I can reveal today, is auditor BDO Global.

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Updated: Intu: At 7 AM Oi Fat Lady no more gargling you are almost on! No at 1.43 PM, she is on!

Almost 100 times since the comical and failed Hammerson (HMSO) bid for Intu (INTU) in December 2017 which Steve Moore described as “shopping centre madness” we have urged you to sell or short Intu. Today, if we are not at midnight on the death clock, we are at 1 second to midnight. Update. at 1.43 PM we are at midnight. It is game over.

PREMIUM CONTENT

The Intu parrot must be a late parrot, it will be bereft of life, it will be an ex parrot – when will investors realise this?

Another day and another RNS from Intu (INTU) and yet again the shares move little although the release makes it abundantly clear that investors are going to lose everything. Just how many warnings do you need. And if I was a shareholder or a creditor one thing that would utterly infuriate me is that….

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PREMIUM CONTENT

Amigo – no friends and almost no options...

Where did it all go wrong for Amigo Holdings (AMGO)? Regular readers will know I have been following this car crash for a good few years now and today's update is just another step in its demise. The sooner this one is de-listed the better...

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NMC
NMC
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Muddy Waters vs NMC Health Round ...whatever

Last week NMC Health (NMC) attenpted to "refute" Carson Block of Muddy Waters bear dossier with a long RNS. But its shares kept sliding. So today we got another round.

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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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PREMIUM CONTENT

Vindication! Vindication! 6 years of warnings from ShareProphets: Now PureCircle “discovers” even more fraud!

We have been warning that Purecircle (PURE), a company once valued at a billion dollars was a disaster waiting to happen for more than six years. The shares were already suspended over the inventory fraud, now other “matters of concern” have emerged and the CEO is stepping aside pro tem.  This company is almost certainly toast. City adbisors named below should hang their heads in shame and return fees, directors should go to jail.

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EVE
EVE
PREMIUM CONTENT

eve Sleep: Woodford dog “Change of Auditor” – why? (still less than 30 months after listing)

Eve Sleep (EVE) has announced “following a competitive audit tender process carried out by the company, the board has approved the appointment of Smith & Williamson LLP as the company's auditor for the financial year ending 31 December 2019”. The shares have currently responded slightly further lower to 2.75p – ‘further lower’ as they were approaching 14p early this year, 66p as recently as the end of June 2018 and 101p per share on May 2017 AIM listing! Almost natch, with such a record, this is also a Woodford dog...

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PREMIUM CONTENT

Susan Searle and WPCT: more on that appointment of Raymond Abbott - a safe pair of hands or Butterfingers?

Last week one of the highlights for me was the shadow of incompetence spreading at Neil's Woodford Patient Capital Trust (WPCT) as it tried to reassure the market with the appointment of Raymond Abbott to its board. What Susan Searle, the Chair of WPCT, would have hoped is that the appointment of Mr Abbott would be seen as a safe pair of hands. Naturally she will have done her homework, which is why the original RNS of Monday had to be corrected, after my prompt,  as it mis-named one of Mr Abbot’s previous appointments and missed another off altogether. But is Mr Abbott a safe pair of hands or butterfingers?

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WPCT board change – and another thing on the appointment of that fine Mr Abbott

Having mentioned two major blunders already, it seems that new appointment Raymond Abbott to the board of WPCT (whose previous directorships are yet to be corrected by WPCT) has another major blunder on his hands – and it is back at Foresight 4 VCT where, having presided over a £30 million blunder as chairman of the audit committee (and he a trained accountant) he was promoted to Chairman. Let us now turn to the FY18 accounts of Foresight 4……

PREMIUM CONTENT

Goals Soccer Centres – the scale of the fraud starts to emerge, staff must surely face jail time

If the Quindell fraudster Rob Terry is, this morning, wondering who his roomie will be when he goes down, perhaps he may be able to discuss accounting fun and games with a member of staff from Goals Soccer Centres (GOAL) which has today fessed up to the scale of its problems as it admits its days on AIM are almost over.

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SJH
SJH
PREMIUM CONTENT

St James House (formerly Boxhill Technologies plc) – still a dog as results show, accounts breach IFRS and mislead big time

Lib Dem grandee Lord Timmy Razzall may have changed the name of Boxhill to St James House (SJH) but this company which has been mired in so much corruption and fraud remains an uninvestable uber dog even by the standards of  the AIM casino. Results earlier this week were covered in bearcast yesterday but perhaps merit further scrutiny. They are shocking, breach IFRS on numerous counts and quite simply aim to decieve. Nomad Allenby should be walking.

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SYN
SYN

Synnovia – follows “broadly in line” February update with profit & accounts disappointment

Writing on industrial components and consumables manufacturer Synnovia (SYN) - Plastics Capital as was - in February, I questioned is a 10%+ forecast reduction really “broadly in line”?!. Now a “Trading Update and Restatement of Accounts”. Uh oh…

Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: KPMG, Grant Thornton, Pinsent Masons - you are corporate scumbags but its not you but your employees that enable fraud

Covering Quindell (QPP), Naibu (NBU), Patisserie Holdings (CAKE), Staffline (STAF), Sefton (SER) and more I look at the role of auditors and lawyers in enabling corporate fraud and what needs to change to stop this.

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Patisserie Holdings …it gets worse: formal update from not so lucky Luke Johnson

My pal Luke Johnson used to be known as Lucky. Just like Lord Lucan. Luke does not stand accused of butchering his nanny and is not fleeing the country but there is blood on the streets round at Patisserie Holdings (CAKE) and Luke’s luck seems to have run out. Though I was a perma bear on Patisserie it gives me no pleasure to be revealed as a superb journalist once again...

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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YU
YU
PREMIUM CONTENT

Fuck Yu! Shares crash 80% as accounting review commences. Uh oh….. surely this is another £12m of AIM fraud?

AIM-listed Yu Group (YU.) only joined the Casino back in March 2016, via a placing at 185p. Since then it has been a one-way street for shareholders, with the stock rising to a peak of over £14 in March of this year. And then the Finance Director resigned…..

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FDP
FDP
PREMIUM CONTENT

First Derivatives - are its reported earnings real? After 20 years is KPMG sure?

A few days ago I showed hard evidence that the 2002 IPO of First Derivatives (FDP) was based on false earnings. That was dismissed by supporters as being so long ago that it did not matter. It does! But how about we move to the issue of whether reported earnings in the past three years are "real" or cooked up. I suggest it may well be the latter in which case the stock is going to tank at some stage, soon, when investors realise this. Let me explain...

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Crime-Scene

Cometh the day, cometh the man: we call on king fraudster Sam Antar to save Tesla and become its new CFO

It seems that after just a month in situe the chief bean counter for the fraudsters who run Tesla (TSLA) has decided that he’d rather not earn $10 million and has quit. A great American company is in trouble and there is only one man who can save it. Today we launch a campaign to draft in Sam Antar as the new CFO of Tesla and if you are on twitter here’s how you can help.

Rare summer sunshine on the retail sector

Though the outlook for most firms in the UK retail industry has been particularly gloomy so far this year, June provided some welcome respite, with the British Retail Consortium (BRC) and KPMG reporting that total retail sales rose by 2.3% across the UK – buoyed by factors such as the warmer weather and the relative success of the England national team at the World Cup in Russia. Likewise, tipsters and brokers also saw events in June and July so far to be good news for retailers, with the number of ‘Buy’ ratings towards firms within the sector increasing.

Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast - in defence of KPMG (well sort of)

I start by looking back to where I watch the World Cup Final 4 years ago and where I will be watching the semi on Wednesday. When you have finished donating a tenner to Woodlarks HERE, this podcast covers the current scandal surrounding the big 4 and KPMG in particular. Sam Antar used KPMG in his 18 year fraud but is it fair to pick on one firm? Is the system inherently flawed? What would I do to make things better? 

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: from (Audio) Boom to Bust by Q1 next year? And the mystery Optibiotix bull unmasked

Bearcasts may be sporadic over the next few days as I explain. By Wednesday I shall be mountain walking in Greece for my Woodlarks training. Think of me with the snakes and in 35 degree heat and donate HERE. Today I look at Optibiotix (OPTI), Audioboom (BOOM), Andalas (ADL), Frontera (FRR), Boxhill (BOX) and KPMG and in some detail at Jim Mellon's failing gold play Condor Gold (CNR).

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FDP
FDP
PREMIUM CONTENT

First Derivatives & scandal plagued KPMG Belfast – this is all too cosy: Sell

I am the last person to berate the fine folks from my family’s ancestral homelands  of the Kingdom of Ulster or indeed the modern day province. SUFTUM is what I say as I wake up every morning to retweet - with my own comments - @onthisdayPira . But some communities are just perhaps just too tightly knit, too cosy. I refer to the accounting arrangements of First Derivatives (FDP).

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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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Crime-Scene
PREMIUM CONTENT

Will anyone at Nomad FinnCap pay a penalty for its part in the massive Constellation AIM fraud?

FinnCap likes to tell us that it is one of London's leading Nomad's. Okay lets overlook the Silverdell scandal where it insisted that it did nothing wrong as the company misled investors who then lost all their money but how about Constellation Healthcare? This may be off your radar as this company delisted from AIM in January 2017. But this is a massive scandal.

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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.

Gagged

Master Investor - the photos of a washout that asset stripper Jim Mellon is desperate you do not see

If anyone from Jim Mellon's organisation wishes to visit UK Investor Show we give them admittance. But Jim's minions are desperate to stop us from seeing what a shambles and disaster his event yesterday has become. While Mellon's henchmen stopped Darren Atwater from attending we got another photographer in and what she produced shows why Mellon is so desperate to hide the ghastly truth about his heavily loss making event.

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.

Angel

Master Investor accounts out..oh dear, oh dear, another £500,000 spunked, by Jim Mellon!

It is a good job that my old friend Jim Mellon is so rich because it appears that the assets he stripped out of my old company Rivington Street Holdings, that is to say t1ps and the Master Investor Show, seem to be burning £10,000 of his cash every week. Poor Jim. The accounts for 2016 have just been published and are even worse than 2015. One wonders how long will this very poorly attended show be kept going?

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.

TCM
TCM

A letter to the chairman of the London Stock Exchange - why no independent review of the Telit fraud?

You may remember that at the last AGM of the London Stock Exchange (LSE) its chairman,, Donald Brydon CBE, 'fessed up to being a ShareProphets reader and as we chatted afterwards he came over as a thoroughly decent man. But he has, yet again, been failed by his minions in their handling of the biggest AIM fraud of the year, so far, Telit (TCM). Lowly gofers such as the head of AIM Regulation, the fake Sheriff Mr Marcus Stuttad,  have allowed Telit to avoid any independent scrutiny of its accounts & business practices despite clear evidence of fraud. That has to change and maybe Brydon will push for that. I have sent him a letter.

Entu – further from bad (en)tu worse; Strategic Review, new financing needed

Last month saw a delayed profit warning from energy efficient-home improvement group Entu (ENTU) – and me particularly noting the net debt and that, although purportedly “strengthened”, the executive team still not seemingly having the answers themselves – ‘from bad (en)tu worse, issues “more complex and extend further” than expected’. There is now a “Strategic Review” announcement. Hmmm…

MTO
MTO

Mitie – shares up on “Trading update” announcement. Positive news then? Er…

Shares in Mitie Group (MTO) currently trade circa 4% higher on the day, at around 220p, on the back of a “Trading update” announcement. Good news from this “facilities management, connected workspace and professional services business” then. Er…

A letter to RSM the hapless Auditors to fraud African Potash

My good friend, the king of the fraudsters Sam Antar, was on cracking form this week reminding us all of how he used to hoodwink auditors KPMG over many years when masterminding the Crazy Eddie's fraud. You can see the genius Sam explaining all HERE. I am keen that the fine firm of RSM UK Audit LLP, does not find itself made to look like KPMG style fools, and have thus penned it an open letter today on the subject of both impending bankruptcy and also fraud at its client African Potash (AFPO). I am such a nice guy trying to help out these simple City folk don't you think? The open letter follows:

Audioboom - drowning in red flags - where to start: sell

I noted a week ago, here, that Audioboom (BOOM) shares were weak and that since it was running out of cash I reckoned a placing was afoot. Lo and behold there is indeed a £2.55 million placing at 2.5p today but there is also a stream of other announcements which are a red flag festival. This is a horror story.

Crossrider – “Board Changes including appointment of CEO”, but what else?

Recent profit-warning issuing creator of digital advertising platforms, Crossrider (CROS) has now made an announcement entitled “Board Changes including appointment of CEO”. The new CEO also follows the March departure of Koby Menachemi “to pursue other opportunities”, but who is it and what are the other board changes?

WTG
WTG

Note 37 from Watchstone: the fraud of Rob Terry, the Naivete of Watchstone & the ghastly truth for S&G

You remember how Noise Induced Hearing Loss (NIHL) was going to transform the profits of Quindell (QPP)? Okay, there had always been sub 20,000 successful claims a year but fraudster Rob Terry was accruing profits on the basis that Quindell was going to win 72,000 a year. Yes a 360% market share and the City analysts, mug punters, auditors KPMG et al believed him! Jesus how could they be so thick or corrupt? We did warn them. Anyhow, have a butchers at Note 37 of the Watchstone (WTG) - Quenron as was - accounts yesterday. It states:

WTG
WTG

Watchstone subsidiary Maine Finance 2014 accounts finally arrive & look very fishy

There are some folks out there - Evil Knievil - who under under the illussion that what is left in Watchstone Group (WTG) has a value, that somehow the collection of frauds assambled as Quindell that even Slater & Gordon was not dumb enough to buy is worth something. Au contraire. I see that the Maine Finance subsidiary has finally filed its December 2014 accounts with a directors’ report disclosing;

TEP
TEP

Telecom Plus – a look at its investment in 20% of Opus Energy

That soft spot for fully listed Telecom Plus (TEP) is hardening. Looking at Companies House filings and analysing accounts seems to present a less than convincing case that the company can afford to repay its loans and continue to meet its progressive dividend policy, especially in the light of the (as yet, still) unannounced new borrowing facility of £150 million. But today it is time to look into the company’s investment into Opus Energy. Oh goodie: another excuse to trawl through Companies House filings. Anorak at the ready….

TEP
TEP

Telecom Plus – is this Red Flag anything to worry about?

Shares in fully listed Telecom Plus (TEP) seem to have fallen off a bit a cliff over the last few weeks. I’ve not seen anything terrible in the way of RNSs to explain it and although falls in the wider market would contribute to weakness a 20% drop seems hefty. But I did turn up something at Companies House which I think the company should explain.

QPP
QPP

BREAKING: YourLegalFriend today files letter of claim for 342 punters against Watchstone/Quindell

I can reveal exclusively that class action lawyers Your Legal Friend has today sent its letter of claim to Watchstone Group (WTG) -formerly Quindell (QPP) - on behalf of an initial claimant group of 342 retail investors. 

GBO
GBO

Globo Scandal - How much did the FY14 Audit cost?

Needless to say, when a fraud scandal breaks one of the questions which gets asked is where were the auditors? In some cases the audit is shown to be hopeless - I would imagine that some will view KPMG's efforts with Quindell (QPP) in that category. Sometimes it is simply that the level of audit which would have been required to unearth the fraud (or, cough, errors) would simply have been too expensive to perform and not necessarily required by the regulators. 

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.

AVN
AVN

Avanti Communications PLC - Finding Revenue From Outer Space?

You have to hand it to Avanti Communications (AVN): faced with its fourth annual earnings or revenue miss on the trot it has managed yet again to paper over the ever-widening cracks in its creaking edifice.

QPP
QPP

Quindell plc – 2014 results review part 2: the state of play now…

I previously updated on some of the damning litany of the past the 2014 results RNSs from Quindell plc (QPP) detailed HERE. The following looks at the state of play now…

  • 2567 days ago
QPP
QPP

Rob Terry Not to float Quob Park (wonder why?) and more ramping of Daniel Stewart

The fraudster Rob Terry of Quindell (QPP) infamy is a busy guy as he prepares for the inevitable dawn raid by the Serious Fraud Office as a precursor to a trial and a custodial jail sentence. His latest posting on the website of his new vehicle Quob Park is quite simply delusional.

QPP
QPP

IT Factory; fraud does happen, auditors get deceived, CEOs do go to jail, why Quindell shareholders should be worried

Last November I wrote an article about a little known Danish software company, called the IT Factory. UK investors probably have never heard of this company, but if you are a Danish investor, you most certainly have. The IT Factory is Denmark’s most serious fraud case.

blur Group – another shambolic “trading update”, any ‘distance left to run’?

Shares in blur Group (BLUR) currently trade a further more than 30% lower today, at around 55p, on the back of more financial reporting woes. The following updates, though don’t say I didn’t warn you – see, for example, HEREHEREHERE and HERE

QPP
QPP

Quindell – putting the PWC delay into perspective

In 2014 the esteemed firm of KPMG (Southampton office, three partners) started its audit of Quenron just after Christmas and by March 31 had done enough to allow Quenron to publish the 2013 results – less than three months and the job was largely done. When did PWC start work on reviewing Quindell’s fraudulent accounting policies? Early December 2014.

NBU
NBU

Naibu – Comedy and Tragedy – you cannot say I did not warn you

The statement today from Naibu (NBU) is comedy. This is such a slam dunk fraud I cannot see why we bother pretending otherwise. The tragedy is that with the shares still suspended investors face a 100% wipe-out. I turn to the statement and also to the roll of shame and how this MUST BE CAREER ENDING for some folks if AIM Regulation is to retain any credibility. Are you reading Marcus Stuttard, the phoney “Sheriff of AIM”? The Real Sheriff has a message for you too. Let’s start with the statement which comes after a suspension on January 9 as the NEDS sough clarification of Naibu’s financial position.

QPP
QPP

Quindell, RTA, Rob Fielding and the missing £2 million, new document – Sacking needed now

On Christmas Day I revealed how Quindell (QPP) CEO Rob Fielding had made £2 million for selling a worthless company established by him in December 2013 to Quindell a month later. This should have been declared as a related party deal – since Fielding is a PDMR – but it was not but was instead rolled into a £30 million deal involving convicted Nigerian fraudster Andrew O’Dua. I now have a new document which makes this look even worse – why has Fielding not been fired and the Old Bill called in? 

QPP
QPP

Thoughts on Quindell. Follow El Tel and Sell

Having suffered two share price collapses in the last two years, it looks like Quindell (QPP) is setting itself up nicely for a third. 

QPP
QPP

ShareProphets Reader Post of the Day: Invetigate on Quindell

Why, we were all wondering, did Quenron (QPP) loan CAN6.8 million to a near bankrupt Canadian software company? Reader Inevitgate has the answer. Shimple, so as to not have to admit that revenues booked in 2013 and 2014 were totally uncollectable and so face a P&L hit. Shimples. Great work. Here it is. 

QPP
QPP

Tom Winnifrith BearCast 26 December - 'T is the season of Goodwill for Quindell

Following the shock Rob Fielding revelations of yesterday, conversations with three current and former Quindell employees and some early morning reading of the Quenron (QPP) 2013 accounts, notably page 57, I have more shock disclosures about Quindell and its acquisitions and rather tough questions both for the fraudsters and for the bumbling incompetents at KPMG who signed off on such utter gibberish and obvious lies.

Listen to the Bearcast:
QPP
QPP

EXCLUSIVE: Lost Money on Quindell: Class Action against Quindell PLC, Rob Terry, Laurence Moorse to be launched

Law firm YourLegalFriend will tomorrow launch an initiative aimed at pursuing both Quindell PLC and its current board of directors as well as Rob Terry in order to get back the vast losses suffered by investors in Quindell.

QPP
QPP

Tom Winnifrith BearCast Rampage as Rob Terry dumps his Quenron shares

No apologies but this Bearcast contains strong langauge. Fraudster Rob Terry has dumped nearly all his Quindell (QPP) shares. It is time for the morons to apologise to me as I am now 110% vindicated. I discuss lessons learned (other than do not mess with the Sheriff) and also what folks should do next. Start by apologising to me and my staff then have a measured go at Terry, AIM Regulation, Cenkos, Daniel Stewart, Canaccord and KPMG.

Listen to the Bearcast:
QPP
QPP

Quindell Warning Bearcast: Implications for Rob Terry, Cenkos, shareholders - what next?

I have just had a Quindell (QPP) shareholder on the phone. Not any old shareholder but a veteran of class actions. I warn you KPMG, Rob Terry and Cenkos you are potentially in big trouble, this man is very serious and knows exactly what he is doing. Ahead of that I examine what happens next for Cenkos, Rob Terry and shareholders. It is not pretty. And I now have new questions for the FCA about the scale of Rob Terry's insider dealing.

Listen to the Bearcast:
Anarchy

Audited Accounts Mean Nothing – The Great Sam Antar on twitter fire overnight

For some reason I could not sleep so at 3 AM I had a good chat with my good pal Sam Antar the mastermind of the biggest Wall Street accounting fraud of the 1980s ( Crazy Eddies) who is now a fraudbuster. Sam is a bit of a night owl but also a twitter fiend and overnight he laid into the idea that audited accounts mean anything. We also exchanged tweets on the BearCast earlier on TNAV (HERE). Time for bed Sam but this is a great volley at the accounting profession on the 13thanniversary of the demise of Enron.

QPP
QPP

Quindell – now about your audit?

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?

QPP
QPP

The Questions that Remain for Quindell & its disgusting Nomad Cenkos

Quindell is a fraud. It has lied to investors and since it never generates cash it is worth 0p.  Right now the shares are 49p – and falling – and in today’s BearCast I explain why the fall to 0p might be steady or dramatic. But for now we pretend that with Rob Terry on the board it is a normal business. This is a pretence and needs to be addressed. Here are ten questions hapless shareholders need to be asking.

QPP
QPP

Quindell - Now the PR spinners at Redleaf Polhill quit the sinking ship - new reader poll on which adviser quits next

Well done to foxy Bex and her colleagues at PR outfit Redleaf Polhill, until now the spinners for the liars, fraudsters and insider dealers at Quindell (QPP). Foxy and her team have today quit. And it gets better..

Bearcast

Tom Winnifrith's BearCast (with a sore head) - 11 November

I many not be at my sharpest but I am not pulling any punches as the Quindell scandal deepens. This podcast covers Quindell, Daniel Stewart, Cenkos, KPMG, the lies, the fraud, the implosion and what the fallout will be. I also look at blinkx ( dire results & another Sheriff of AIM win), warn you about African Minerals and look at stocks on a PE of less than 1.

Listen to the Bearcast:
QPP
QPP

Tom Winnifrith & Quindell: Not Without Precedent or It Should Have Been? The case of IT Factory

I have been reading and analyzing with great interest the running commentary about Quindell (QPP) and it reminds me very much of a similar case in Denmark involving a very good friend of mine that was roped into investing considerable sums of money into a company that was listed on the Danish stock exchange, that company was called the IT Factory and its auditors were KPMG. 

AVN
AVN

Avanti Communications ... questionable quality of sales

Avanti Communications (AVN) 2014 accounts were released yesterday and while the group's year end statement (from September 15th 2014) revealed that debt continues to pile up at an alarming rate (the debt rises), the accounts show that the quality of its revenues remains questionable as ever. 

Sheriff

AIM – A Crisis In The Making

Over the past months we have seen an astonishing array of articles clearly demonstrating that company directors, Nomads, Brokers, Auditors – just about every profession involved in running AIM-listed companies – have  broken rules or been negligent in performing their duties. Tom’s ongoing exposee on Quindell (plc), Daniel Stewart (broker and Nomad), KPMG (auditor to QPP) are recent examples. Ben Turney’s revelations about New World Oil and Gas show the most extraordinary behaviour by its management and by its Nomad – and now Broker – Beaumont Cornish. I’ve been a right old bore about Digital Learning Markerplace plc from 2012 which has posed questions about its management, Broker, Nomad and Auditor. There are more. Many, many more.

QPP
QPP

But KPMG signed off on it so that’s alright surely. NO!

I am told that the accounts of Quenron (QPP) must be kosher because the global accounting giant KPMG has signed off on them. KPMG knows all about accounting and I am just a failed fund manager/pizza delivery guy/blogger so clearly know nothing.  Hmmmmm, I fear that some folks are in for a rude awakening.

QPP
QPP

Quindell Legal Services – More Red Flags Vicar? Part 1

And so Quindell Legal Services, the biggest part of the Quenron Group (QPP) has filed its accounts. Also of interest is the fact that it filed two annual returns for last year. Would Quindell care to deny that it had a spot of bother with its capital adequacy forms filled in with the FCA? That might explain a few of the red flags but not all.

QPP
QPP

Quindell & Compass Costs: the numbers do not add up and this stinks: the worst filing yet – FCA problems now looming?

The Quenron (QPP) subsidiary accounts are now landing thick and fast at Companies House and I am ploughing through them but have unearthed the stinkiest yet – Compass Costs. The numbers stated are different in different places, there is revenue missing and there is a curious dividend paid. It stinks to high heaven and since Compass is part of an FCA regulated entity (Quindell Legal Services of which more later) this is certain to attract FCA attention.

CUP
CUP

Cupid – Dismal Interims

Interim results from Cupid (CUP) were predictably disastrous and show why it had to see its dodgy Ukrainian dating businesses. In part that was because, despite the KPMG whitewash they were clearly engaged in unethical practises. But Cupid also needed the cash.

QPP
QPP

Memo to Rob Terry of Quindell – You should have a chat with the King of fraud Sam Antar

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).

Sheriff-Of-AIM

How to defraud investors and falsify accounts – Sam Antar,a man who lied about billions of dollars of fraud, explains

The most spectacular fraud of the 1980s in the USA was Crazy Eddie’s  - an electrical retailer. It was a fraud from start to finish and the FD was Sam Antar. He plea bargained and has since seen the light and become an amazing campaigner and exposer of corporate fraud. And he explains exactly how he engaged in mammoth fraud at Crazy’s.

QPP
QPP

Accruals for Dummies – yes ref Quindell

Oh golly gosh, some folks should not be allowed near shares so great is their misunderstanding of basic accounting. I am not only talking about Laurence Moorse the FD of Quinnovation Group but also the Bulletin Board Morons as well. So – is it okay to accrue? Yes indeed it is sensible to do so. Is all accrual accounting prudent? No.

QPP
QPP

Quindell Red Flag of the day (it’s a big one) – TMC (Southern)

Gosh this is complicated. The Quindell (QPP) relationship with TMC Southern owned by Mark Ford (see HERE and HERE) is incredibly hard to untangle but one thing is clear: the numbers just do not stack up. Annual returns and reports conflict and there is an awful lot of cash which seems to have gone somewhere? Where? Read on…

QPP
QPP

Fraudster Rob Terry of Quindell, the BestPriceHotDeals scandal – new revelation it gets worse

Yesterday I revealed HERE how Fraudster Rob Terry had sent £139,000 of Quindell cash helping out a mate by buying 50% of BestPriceHotDeals.com  - an almost worthless e-tailer of garden equipment – from a pal of his Mr Farrelly. I am afraid this gets worse with a new revelation.

QPP
QPP

Formal Request to FCA and AIM Regulation to investigate whether Quindell has committed fraud

I have today written to the AIM Regulation team and to the FCA urging both bodies to investigate whether Quindell PLC (QPP) has defrauded its shareholders by paying large sums to buy either companies that have failed to generate any cash for Quindell (indeed they have burned it) or companies that were worthless shelf companies from mates of Quindell founder Rob Terry. Bulletin Board Morons might not like this but it is their company and their cash (as owners of the company) that has been spent and this needs to be formally investigated.

QPP
QPP

Quindell and the Business Advisory Service Limited Acquisition - £8.2 million more for Rob Terry’s pals

Gosh I wish I was a pal of Rob Terry’s. Then Quindell (QPP) could offer millions of quid for my business irrespective of its true value. Heck it’s only shareholders cash.  Actually that' a joke, I'd rather drink Ebola than work for Rob Terry. Earlier I reported Quindell to its auditors over a series of sweetheart deals with Terry’s pal Mark Ford. Now I turn to Business Advisory Service Limited.

QPP
QPP

How many worthless companies has Mark Ford sold to Quindell? KPMG asked to investigate if fraud took place?

I have today written to the senior partner at KPMG, Mr Simon Collins, asking if he should check whether there was undetected fraud in the 2013 accounts published by Quindell (QPP) and audited by his firm. By fraud I mean the payment of cash and shares to a long-time associate of Rob Terry to buy companies that were essentially worthless. Such payments would be fraudulent. The payments would also be fraudulent were it to be shown that the company had some value but nowhere near that paid and that the purchase price could not be justified.

QPP
QPP

SHOCKER:Red Flag of the day: Quindell And that Mark Ford fellow again – BE Insulation (UK) Ltd

I gather that my first Mark Ford article HERE has had some effect round at the Country Club. Skillwise, the shelf company with no assets bought by Quindell from (I think Mark Ford) for £2.76 million in cash on August 30th 2013 has finally appointed some directors (Rob Terry and Laurence Moose). And it has extended its year end. So I guess some revenues will be put through it and it will not be struck off. But while we are on the subject of Mark Ford, let’s move onto BE Insulation Ltd.

QPP
QPP

Quindell – A Question, an Answer and a Cut in Target Price to 1p

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.

QPP
QPP

Quindell – Just a few other things to mention – target still 20p: SELL

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

QPP
QPP

A formal Request to the FCA & AIM regulation regarding Quindell and Cenkos regarding the PT lie

The rules of AIM are pretty simple and are based on the underlying principle that you cannot tell a blatant lie to investors. To do so is arguably market abuse and it is certainly a breach of AIM rules. If the AIM Cesspit is to have any credibility those who break the rules must be punished and punished publicly. I have therefore written this morning to both the FCA and to AIM Regulation asking both to launch an urgent investigation into both Quindell PLC (QPP) and its Nomad Cenkos after today’s PT healthcare RNS farce/lie.

QPP
QPP

Quindell Red Flag of the Day – About those missing 100 million PT Healthcare shares?

As you know I am thick as two short planks and so I am sure that there is a perfectly reasonable explanation for what appears to be another red flag in the ever growing red flag forest at Quindell (QPP). Perhaps a Bulletin Board moron out there can enlighten me regarding the missing 100 million shares? 

QPP
QPP

Quindell - Who is still at the Party?

When things begin to go pear shaped at a party in my Manor of E13, the savvy punters, who often got the whole thing going in the first place, generally sidle off the dance floor and head off home making their excuses and leaving others to the punch ups, the damage and more often than not the arrival of the law.

CUP
CUP

Breaking News: Cupid – The Independent Review by KPMG is not even fit for loo paper and here’s why

Earlier this year an undercover reporter from the Ukraine Post applied for a job with Cupid (CUP) and she claimed that she was told that she would be paid on a freelance basis to pretend to be a dolly bird interested in dating ugly Western men in order to get them to pony up for a Cupid paid for service. Cupid denied the charge but commissioned an independent review by KPMG to investigate and today it has published its findings.

 

Now if you really wanted to find out about the charges levelled by Svitlana Tuchynska who is the first person you would contact?

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