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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