UK 17:13 Friday, 23 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
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After a six year investigation the FCA has finally launched lawsuits against the CEO and CFO of the £300 million Greek fraud Globo, once a poster boy of the AIM sewer. The company raised more than £100 million in debt and equity but was a complete fraud, going tits up in 2015. You may remember …
This website called Globo was drowning in red flags for almost two years before its demise, I even recorded videos in Athens outside its HQ back in 2014. In 2015, Gabriel Grego compiled a damning dossier which he gave to Dan McCrum at the FT. McCrum told CEO Costis about the dossier allowing him to dump millions of pounds worth of shares but did not dare publish as Costis made more and more money.
We did dare publish and the shares were suspended at once so stopping Costis selling anymore shares. Within 72 hours Globo had conceded that it was a fraud with Costis and Dimitris both resigning.
Snot gobbler Dan McCrum of the FT’s timeline of events is HERE.
The legal proceedings will be excruciatingly embarrassing for auditors Grant Thornton which, amazingly, escaped FRC censure on this matter back in 2018. Among others who will not be looking forward to it will be disgraced broker Gavin Burnell who brought Globo to market, was a NED and made a killing selling shares, fund manager Harry Nimmo of Standard Life who publicly endorsed the company, lashing critics – such as me – as clueless, and of course Roger Lawson of ShareSoc, a keen and supportive shareholder.
Grego has tonight stated: “Once again short activism, coupled with good investigative journalism, have proven a force for good in the markets”
No doubt snot gobbler McCrum, who having no cojones declined to report Grego’s allegations even after the share suspension, thinks Grego is talking only about him and not at all about someone who was brave enough to publish the dossier despite having received lawyers letters from Globo some months earlier as helisted red flag after red flag.
Indeed Gabriel Grego has just made it clear where the land lies tweeting:
Perhaps the FCA might like to really show it is serious about regulation by charging someone, anyone, over the £3 billion Quindell fraud. It is not as if the clear evidence is not out there.
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