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An Open letter to Ben Turney - why have you not called in the police at Teathers Financial

By Tom Winnifrith, The Sheriff of AIM | Tuesday 21 February 2017

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.

Yesterday I revealed a series of 74 "interesting" transactions on the Teathers Financial (TEA) company credit card and some curious payments on the Teathers pre-payment card belonging to Nilesh Jagatia the company's former FD. There is now a very real suspicion that Teather's poor shareholders were paying for Jagatia's domestic shopping at his local Sainsbury's in South Woodford and that he was making withdrawals from the company's account for personal use. I have thus written to the new CEO flip flop Ben Turney who, of course arrived in the coup that saw Jagatia fired. The letter is below.

Dear Flip Flop.

You will no doubt have seen the shocking revelations about the company you now run, Teather's Financial HERE. In light of this I ask you a couple of questions:

1. Is there any evidence, in the form of supporting receipts, that the cash Nilesh Jagatia removed from the Teather's account via ATM withdrawals and his FairFX card was used for corporate as opposed to personal needs?

2. If there is not when will you send a complete dossier to the Police?

I put it to you that on the surface it looks as if Nilesh Jagatia may have used corporate funds for personal purposes.

Of course every man is innocent until proven guilty but, in light of the evidence I have seen I argue that there is a possibility that there is a case for Jagatia to answer. I wonder if you can get off your fat arse and do something, present a full dossier to the Rozzers at once. If you do not have one, I do have copies of the relevant data about the company you run and can happily assist you.

If Jagatia is guilty Teathers might get some cash back. So you have a fiduciary duty to act. If he is guilty and the Rozzers feel his collar he will also be unable to work as an AIM director again and rightly so. You will be aware that he looks after the cash at AIM Listed Octagonal and AIM listed Inspirit. So you have a moral duty to act for their shareholders too. I put it to you that you have no choice but to take what evidence you have and lodge a formal complaint and request to investigate with the City of London Police NOW!

I look forward to answers to my questions and confirmation that you have gone to the Rozzers ASAP.

Best wishes

Tom Winnifrith
The Sheriff of AIM

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