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By Tom Winnifrith | Tuesday 12 June 2018If you like this, please share this article using the buttons below
Hoisted by her own petard. This is boastful Julie Meyer at her very best. No doubt Martha Lane Fox, Paddy Pantsdown and Vince Cable will be delighted to see evidence of how Julie "lingerie on expenses" Meyer charmed them. But what is the killer admission here is the scale of the plunder of the ACE Fund ( other people's money) by Meyer's Ariadne Capital Limited ( now in administration).
Earlier I showed here, how of £7.6 million raised from mug punters, Meyer had by the end of 2016 (i.e. after just four years) gauged out c£3 million in professional fees as well as selling at least £750,000 of worthless assets from Ariadne to the fund. Now you might have thought that a lot of that went on fees to other advisers. Think again.
This email below from Meyer is dated November 2011. The first set of accounts for Ariadne are for cal 20112 and show TOTAL costs of £710,509 which seem full for a fund which at that point was only £5 million. But you can see below that AT LEAST £291,000 is netted to Ariadne. But that is just from the set up phase.
I think you can assume very safely that during calendar 2012 itself Ariadne will have been billing for a stack more. But already we can see that of a total of £7.6 million invested by mug punters £1.791 million (£750,000 each for buying 15% of worthless ECG and as management fees, none billed in 2012 and £291,000 as per this email) went straight to ACL. Of course the total number will be far far higher.
If I had invested in thus fund i'd be suing Julie Meyer for my losses right now as they are clearly only partly down to duff stock selection. They are in large part down to the constant draining of cash to paying Ariadne's bills.
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