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Now Watchstone accuses Quindell fraudster Rob Terry of putting a swimming pool on expenses

By Tom Winnifrith | Sunday 6 March 2016

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

This is the least of the problems facing fraudster Rob Terry. A looming arrest by the Serious Fraud Office and a likely multi year jail term is top of his worries but now Watchstone (WTG), formerly Quindell (QPP), is accusing him of six figure expenses theft.

Terry has filed Court papers saying that Watchstone still owes him £250,000 of his £1.5 million payoff - a reward for fraud. Watchstone has counter-claimed- according to the Sunday Times - claiming he fiddled £185,000 of expenses.

Specifically Watchstone claims that Terry spent £100,000 on a swimming pool for his family home in Hampshire and £32,000 on a holiday in Mallorca to celebrate his fifth anniversary of hos wedding to the second Mrs T, the lovely Tracey.

As a bonus it seems that Tracey may - in her role as FD of Quindell in its early days - have signed off on those expense claims and she may now be dragged into proceedings. Watchstone argues that becuase Terry failed to disclose that he had fiddled his expenses his whole settlement is invaluid and that it is thus entitled to claim back "at least" the £1.2 million already handed over to the odious crook.

To the new board, including my new hero Lord Michael Howard, I say may the force be with you. Do your utmost to get every penny out of Terry but hurry up as the SFO will be trying to do the same and will be going for a far larger number.

As for the Rob Terry admiring folks such as the QPPSAG are you not happy that your cash went to pay for the lavish wedding anniversary of your hero and also his swimming pool? May I ask, where are your swimming pools?

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  1. Tom,

    “This is the least of the problems facing fraudster Rob Terry.”

    Maybe not… this is theft and, chances are, this is a lot easier to prove to a jury.

    I’d say this is his nemesis.


  2. That was not a swimming pool ……….. it was to collect urine from pissing into the wind .

  3. Stuart Kaplan

    Exactly Steve. A lot of frauds are prosecuted this way if there is stonewall denial and no plea bargaining.

    Follow the money through the means to the ends. Then an at least half decent prosecution team should be able to build an at least half decent case for theft which an at least half decent jury should convict on. The judge, having joined the dots, hands down a sentence at the upper end of the tariff for the offences.

    It looks as if this just took a significant move forward.

  4. I presume this is more grist to the mill for the ‘yourlegalfriend’ camp.
    Unless I’ve misunderstood, the ylf claim is that the previous BOD massively misled shareholders.
    And here the new BOD appears to be counter claiming that the previous BOD were on the hey diddle diddle on expenses.
    You can see that the wily old fox RT probably thought the new BOD would fold and just pay the £250k.
    Very interesting development.

  5. Cynical Bear

    Hilarious – reminds me of Al Capone finally getting serous time behind bars for tax evasion rather than all the people he killed!

  6. Drunken Sailor

    Terry probably got the idea from the nearby MP for Gosport, who bought a duck island on his expenses. Then there was the guy who had his moat cleaned out on expenses. Still my favourite from that scandal was Jackie Smith – Home Secretary’s husband putting the porn movies he watched in the hotel on her expenses.

    What of the “good” Lord Howard. Oh Dear:

    Who better than an expenses fiddler to catch an expenses fiddler.

  7. Nail the fucker for both

    That old QPPSAG, when they contacted Terry, he must have they were a gift from God.

    The way those fucking idiots supported Terry so he could fraud them even more. The markets don’t remember them all, but that action group will become a legend

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