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BREAKING: The second scam “takeover” of One True View – the £50m boiler room fraud the FCA continues to ignore

By Tom Winnifrith | Monday 4 April 2022

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.

Those behind One True View and its sister company, Appbox Media, have, via a City-based boiler room at 78 Cannon Street, where high-pressure salesmen earn vast commissions, raised c. £65 million – most of which has been stolen. The FCA insists there are no boiler rooms in the UK, so has done nothing.  Thus, the farce has now entered a new chapter.

You may remember the first takeover announced by OneTrue View PLC, a £13-a-share £186 million offer. But that was a scam, as I exposed HERE, and soon went away.

Polat Hassan, the architect of this fraud, is now, like the Wizard of Oz, hidden by a screen, leaving a simple woman, Amanda Hussey, supposedly in charge.  Amanda has now written to the thousands of shareholders in OTV, asking them to complete a form so that their OTV shares will, on a pro-rata basis, be swapped for shares in a new holding company: Social Media and Influencer Holdings Ltd.

Sap investors are told that “once the transfer is complete, all the assets of the company will be transferred,” stated at their “market value”, and that this new clean company will allow the ”next step of the company’s journey.”

Of course, with Polat owning 100% of one class of shares, giving him 51% of the votes at any GM, he will control newco just as he controlled the old company. So, what are the assets worth?  You may remember that in January 2020, the company commissioned Paul Taylor and Carl Weiss of ALYTOR DIGITAL ASSET VENTURES, “leading specialists in the valuation of frontier technologies.” And that valuation was almost £33 million! But, as I exposed here, Ayltor was a joke.

Since that article appeared, Ayltor has filed accounts showing cash at hand of £2, short-term liabilities of £1,924 and, er, that is it.  One of its two directors has quit, and it is now in an active strike-off situation.

But, maybe OTV has accounts to clarify its financial position, as one imagines that liabilities (very real), as well as assets (fiction), will have to be transferred. Er…not really. You may remember that its auditors, the Ascroft Partnership, quit and slated the company in its resignation letter, so the last accounts we have are for the year to 31 January 2019.

Once a new holding company is established, with a fictional balance sheet busting with bogus assets, promises of impending IPOs and a great future, the boiler room can kick in again. It will raise many more millions of pounds – to be stolen – and what will the FCA do about it?

What is not to like?

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