By Tom Winnifrith, The Sheriff of AIM | Saturday 26 December 2020
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.
Yesterday I revealed how Roland “Fatty” Cornish was, as Nomad to Octagonal (OCT), approached by a whistleblower about manifest and multiple regulatory failings but instead of acting on this matter he dobbed the whistleblower into the company which saw the whistleblower getting a lawyer’s letter. This should see Fatty struck off as a Nomad now that the SEC – with FCA help – is charging Octagonal and its boss John Gunn over these matters and others. It gets worse for Fatty.
I have today passed over a tape of that bearcast to AIM Regulation and its hapless boss Marcus Stuttard so that they cannot pretend to be unaware of this issue. Meanwhile, there is another matter to raise.
On 28 February 2019, Octagonal’s regulated subsidiary GIS, which is the unit which is in the merde, appointed Chris Rollason to its board. Rollason is, if not a BSD, a Medium Sized SD and was credible. My source close to the situation tell me that Gunn was forced to hire someone of this calibre by the FCA to put a qualified independent person on the board . Almost two years ago, the regulators were already aware that all was not well at GIS.
Wind forward to 26 October this year and Rollason, according to Companies House, quit all of a sudden and he is replaced by a chap called Anthony Binnie two days later. Binnie and Gunn were once housemates and Binnie was already on the Octagonal Board. He is clearly not an independent voice to control the executive team, notably Gunn. Moreover, he is not a regulated person – he has no CF status with the FCA. So it is hard to see the FCA being in the slightest bit impressed with this news.
Did Rollason leave because he discovered about the investigation by the SEC? And did fatty Cornish know that Rollason had been appointed at the FCA’s Request or that he had departed? If so, did he think to answer questions about it or was he too busy dreaming about that day’s luncheon including, as ever, an extra helping of Spotted Dick with lashings of custard just like they used to serve up at his old boarding school?
Perhaps Fatty, as you prepare to discuss why you still think you have a future as a Nomad with the Oxymorons at AIM regulation, might also think up a cover story on this matter which I shall be suggesting be included in their enquiries into you.
Never miss a story.
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