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WH Ireland - It seems Mr Bagot is not alone - is the dam breaking on scamming customers?

By Tom Winnifrith, The Sheriff of AIM | Sunday 1 May 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.

As you know disgraced broker WH Ireland (WHI) used fascist bully boy lawyers to stop the penioners it mugged ( the Bagots) and Nigel Somerville from exposing the AIM listed firm at UK Investor. We went ahead and what we served up was shocking. WH Ireland has to date insisted that the Bagots were a one off. That now appears to be demonstrable fiction.

At the show a material number of investors approached both the Bagots and also the stand run by a firm that helps folks get cash back from brokers that have behaved badly. All recounted very bad experiences with WH Ireland and all those cases will now start to progress.

Meanwhile the venerable Tony Hetherington of the Mail on Sunday today says that he has been contacted by another victim. As a bonus it appears that WH Ireland has told demonstrable lies about this case. Tony is not a sensationalist but his headline, on the story HERE, is sensational "Broker spins web of lies over alert"

It strikes me that this is now becoming very serious indeed. Not only is WH Ireland facing multiple claims from former clients but its reputation is being dragged through the mud by the way that it both lies and also tries to intimidate its critics with lawyers letters which are defamatory in themselves and also quite simply facistic.

The Bagot's case has cost WH Ireland at least £200,000 in fines and fees. Even if the firm sells its Manchester Office - as I revealed in a scoop here - it would only need a dozen or so more such cases and WH Ireland would be in deep financial trouble. I suggest that we can now safely say that the dam is starting to break.

WH Ireland has refused so far to allow an independent review of all client accounts in any way associated with disgraced John Molyneux and his team. If the FCA was not utterly useless it was force such a review via an Arrows Inspection. Based on what we now know after the Bagot presentation on Saturday, such an inspection could well unearth untold horrors. And that is exactly why WH Ireland is doing everything it can to avoid any sort of widespread review.

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  1. I suspect the reputational damage through articles here and in the Mail and also the Telegraph whose readers include a lot of existing customers and potential new customers will lead to less new business and exits from existing clients which is why I sold out after this story first started to hit the press. Discretionary clients typically pay higher fees but they need to feel that they can trust their broker.

  2. Great work done here by the Share Prophets team ……… well done to all involved .

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