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By Tom Winnifrith | Friday 15 June 2018
I noted yesterday that Gavin Burnell of Globo infamy was one of the team at Novum Securities which raised £4.5 million for Audioboom (BOOM) at 3p – a placing which is already well underwater. How do I know? Because his name is one of three at Novum on the RNS. But here is a funny thing: Burnell is not approved by the FCA to conduct investment business! As you can see below, it reckons he is “inactive.”. I took this up with Novum boss Hugh McAllister…
TW: how come someone the FCA thinks is inactive is raising cash in your corporate broking dept?
HM: He is not
TW: Well he is on the Audioboom release as a contact at Novum alongside Bellis. What is he doing there? Making the coffee?
HM: An error, I will look into it
TW: So you are saying that Gavin Burnell does not work for Novum at all?
HM: He is not yet regulated and does NOT perform any regulated activities.
TW: Ok so what are you employing him to do in your corporate broking team? Here is another RNS and here Gavo is the sole contact in your corporate broking team
Hugh don’t take me as a fool
HM: No Response
So to get this straight. Burnell is working at Novum and folks in corporate broking do not come cheap. But a couple of months after he and colleagues such as sleazebag John Belliss had to find new homes after Beaufort Securities went tits up, Belliss has had his papers approved by the FCA but Burnell – for some reason – has not.
But if he is not doing any regulated activities at all – i.e. not booking orders what exactly is he doing round at Novum? Making the coffee? Working on reception? Organising the Christmas party? And why is his name appearing as a Novum contact on press releases. Surely folks want to speak to an approved individual? And does the FCA know exactly what Burnell is or is not doing round at Novum?
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