By Tom Winnifrith | Monday 15 May 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.
Oh dear, oh dear, the net is closing in on Roberty Simon Terry, the man behind the UK's biggest stockmarket fraud Quindell. Aussie Poltroons Slater & Gordon (SGH) which has almost bankrupted itself after paying £649 million for most of the worthless Quindell businesses from what is now Watchstone Group (WTG) has made an announcement.
The poltroons state that S&G's UK subsidiary has received a S2 notice from the Serious Fraud Office demanding that it hand over certain documents. Furthermore it states that the S2 notice makes it clear that it is Watchstone Group that is under investigation.
This only adds to Watchstone's headaches. Not only is it being sued for £600 million by S&G but now the Old Bill are after it as well. Whilst Terry is not named in this release you can bet your bottom dollar that it is not just Watchstone but also the principals behind this fraud that are being investigated and who will be prosecuted.
You may have thought this investigation had gone away and that Terry was going to get off without a custodial sentence. Think again. These things take time. Terry will go down as, I suspect will Watchstone's shares. It is right now just univestable given the contingent liabilities that it faces.
It could not happen to a nicer bunch of people. And on that happy note it is off to the snakefields I go. have a nice day Mr Terry.
Never miss a story.
This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Comments are turned off for this article.
Search ShareProphets |
Stock market news |
Recent Comments |