I have, this morning, written to the FCA asking it to explain its failure to act on specific information provided to it on January 29 2021 about fraudulent accounting at Supply@ME Capital (SYME). Its failure to act meant that investors were deceived. This failure is one of so many and demonstrates just how useless the FCA has become. It went to the same folks in Market Integrity, including boss Mark Steward, who received the January 29 missive and acknowledged its receipt. It reads:
At 3.09 PM yesterday, 9th March 2021, after five weeks of making enquiries into the £180 million fraud that is Supply@ME Capital (SYME), the – already under fire – FCA allowed a resumption in trading of Supply shares. It did not have to. It should not have done so and when Supply goes bust the letter below, to the Director of Enforcement, no sniggering at the back please, Mr Mark Steward should be on record as further evidence of how the regulator, again no sniggering at the back, is just not fit for purpose.
For 20 years Jeff PressTrip built his name at the Mail on Sunday with his exclusive chats and scoops from Neil Woodford. The quid pro quo was that he blew the man off in print once a fortnight and he ensured that Mail on Sunday Readers ALL owned shares in the doomed Woodford funds. Even a day before Equity Income was gated, the Mail on Sunday urged its readers to show faith. But the corrupt old bastard (PressTrip not Woodford) wishes us to forget that and today again rails against his ex-mate saying how disgraceful is his planned comeback.
Oh dear, oh dear, it sounds as if the morons who are left holding Supply@ME Capital (SYME) shares, still suspended as the FCA investigates numerous irregularities, are getting desperate. Now they are fabricating emails from the FCA itself.
Supply@ME Capital (SYME) has today addressed the issue of the continuing suspension of its shares by accusing the FCA of lying. Naturally this has delighted its moronic shareholders.
On Thursday and Friday of last week, Supply@ME Capital (SYME) published its overdue audited accounts for 2019 and its unaudited interims for the first half of 2020. The latter happened at 7.15 AM shortly after Lookers published its delayed accounts. By 9.35 AM, Friday Lookers had applied to the FCA under rule 5.4 and its shares started trading again. But Supply shares remained suspended all day. Its moronic shareholders see this as no issue and assume that trading will restart Monday AM. I have bad news for them.
Supply@ME Capital (SYME) shares are listed on the Standard List which means that no Nomad has to sign off on its ludicrous RNS statements. The regulator is the FCA which only acts in a reactive way, i.e. after a company has sinned. Actually, the FCA’s overpaid staff are too busy publishing papers on global warming, the gender pay gap or just shitting on the floor to do any regulation at all. The FCA is institutionally useless. However, in the hope that Supply’s sins are so egregious that it might just act, I have emailed Mark Steward – the Enforcement Director of the FCA – asking him to get his minions to have a butcher’s and actually do something. The letter is below.
On July 1 we revealed that having raised cash in a placing he said was not needed just a few days prior at 10p a few months ago, David Sefton was trying to raise £9 million more at c5p for AIM promote Anglo African Oil & Gas, HERE. By Wednesday we exposed the undeclared related party company screwing nature of that fund raise HERE. On Thursday we flagged up that the placing part of the fund raise was in trouble HERE. Now on day seven of the David Sefton P45 watch I have written to Mark Steward at the FCA demanding he act. The letter follows....
I do not always agree with Richard Jennings of Align Research. He is 100% right about cats, 100% wrong about Israel and on all other matters he sits on the spectrum between those two extremes. But his latest missive to the FCA is bang on. I share his frustration.