By Tom Winnifrith, The Sheriff of AIM | Monday 6 March 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.
There are some folks who think that the failure of the Serious Fraud Office (SFO) to arrest king fraudster Rob Terry of Quindell means that Mr 2+2 can = 5 is off the hook. Think again. A source has been in touch.
The good news is that the enquiry is going at a grindingly slow place. My source was interviewed a year ago and again in recent weeks. He is not under suspicion of doing anything wrong and is, by his own - correct - admission a relatively minor player. If - after two years - the fuzz are only getting round to second interviews with small players what does that say?
Enquiries like this work upwards. The last chap to be interviewed will be Rob Terry himself. The hope is that those who might be witnesses for the prosecution help fill in the gaps to create a case and that then as those who are guilty but with a relatively minor part decide to cut a deal to avoid facing charges themselves.
If you were hapless FD Larry Morse who made only buttons from this fraud but is almost certainly facing the possibility of a long custodial sentence what would you do? Stock up on lube and lay down your liberty to help save Rob Terry who made £30-50 million from this fraud? Or cut a deal? Exactly.
So what we know is that the SFO is taking this very seriously. The evidence of accounting and other frauds has been laid out on this website to earn real praise from the regulators and by PWC in its detailed report so, I am sure, that Rob Terry and others will be charged. But equally what I have discovered about the pace of interviews makes it clear that Terry will not be charged for several years. Indeed it is unlikely that he will even be interviewed before 2018 at the earliest.
Never miss a story.
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