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By Tom Winnifrith, The Sheriff of AIM | Saturday 21 October 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.
The past week has shown clearly why MySquar (MYSQ) shares should not be traded on any market, even the AIM Casino. I demonstrated HERE that it had lied to investors in an RNS this month. That lie stands uncorrected. I demonstrated HERE that without any doubt it had committed wholesale securities fraud on July 31. This was chapter and verse stuff and MySquar is now exposed. Yet nothing has happened. As such I have written to my pal the bogus Sheriff of AIM, Mr Marcus Stuttard the head of AIM Regulation
Re the Fraud MySquar and the failures of Nomad SP Angel to protect investors
I have written to your underlings in the AIM Regulation team on a number of occasions over the past fortnight about a company called MySquar which is listed on the world's most successful growth market, AIM, where you are in charge of regulation.
Your underlings acknowledged the letter where I explained and demonstrated that MySquar had lied to investors via RNS by producing false numbers - see HERE. Yet those false numbers stand uncorrected, there has been no corrective statement.
Your underlings also acknowledged and said they noted the communication where I proved beyond any shadow of doubt how and why MySquar had committed a £1.2 million fraud on July 31. Again your colleagues note but no action has been taken.
The Company's Nomad is the hapless SP Angel and it too has been notified of all these issues by me but has failed to do anything about it. I ask in the most simple of terms:
1. Why has MySquar not been forced to correct statements made on 11 and 17 October which were demonstrably untrue in relation to quarter on quarter comparators
2. Why are you continuing to allow shares in a company that has demonstrably committed a vast securities fraud to remain trading. Surely you have a duty of care to investors to force a suspension so that no more good money can be thrown after bad.
3. Will you consider removing the right to practice for either individual QEs at SP Angel or the entire firm for bringing the market into disrepute. Allowing a company to publish a lie is bad enough, it is negligent since that lie was easily provable. But failing to take action to correct that lie or to tackle what is clearly wholesale securities fraud is surely something that shocks you. At the very least can you confirm that Mr Stuart Gledhill, Soltan Tagiev and/or the firm of SP Angel are now thew subject of a formal enquiry?
I remain, as ever,
Your obedient Servant
The Real Sheriff of AIM
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