Cameron Farley, FSA & Grant Thornton

agsnu

I reported this thread as spam.

wantanswers

Sorry if you think it's spam agsnu. Maybe you work for Madge or are you Madge?

Think of the people that have been let down by our madges of this world since 2005.

Spam is for sandwiches, this is real peoples lives.

wantanswers

Quote from Reaper.

Here we could not disagree more. What would you say to new investors who signed up after it became apparent that it was a house of cards? They would be understandably angry if they discovered the FSA knew it was a con and left it running. Far from not intervening the FSA should have been more aggressive and intervened much sooner.

You might want to ask those poor people who did exactly that (invested after a freezing order) AFTER another useless freezing order by the FSA.
Re Pruthi Investors.

It gets worse.

Reaper

wantanswers wrote: »

You might want to ask those poor people who did exactly that (invested after a freezing order) AFTER another useless freezing order by the FSA.
Re Pruthi Investors.

Another company trading without FSA authorisation. I hope one day people learn to check.

As you often do you are mixing up two things. I was replying to your assertion that the FSA should have left CF running by saying that would be unfair to new investors. Your response twists that into the FSA being at fault because some investors with a different company tried to continue to invest more money after a freezing order was already in place.

As I have said before the FSA is not responsible for the success of a freezing order. A freezing order is not a 100% guarantee the money can't be moved, it just threatens anybody who tries, and that may not always be a sufficient deterent to a determined crook.

wantanswers

I hope one day people learn to check.

That’s the sad part Reaper I did as far as any ordinary person can even to the point of contacting the FSA and confirming his registration application and then not content with that finding out that an FSA Registered Company assisting with his application had advised a fellow investor they were acting on his behalf in his application process.

Then to rub salt into my wounds I find out the FSA investigated him in 2005 in respect of unregulated activity, not to mention they later find out he has a conviction for theft from 1991 and served a period of imprisonment following a conviction for fraud in 1993. Then low and behold they investigate him again in 2007 and tell him to cease accepting all deposit in Forex Business and secure investors funds in a secure bank account, and then blow me down they send communication to remind him. All of this on top of £millions floating in and out of Bank Accounts, I bet there was some very nice lunches going on with the Account Managers and he, because as sure as hell no Money Laundering Checks were being carried out, but there again RBS to were to busy sorting their own problems out Fred and All.

As I have said before the FSA is not responsible for the success of a freezing order. A freezing order is not a 100% guarantee the money can't be moved, it just threatens anybody who tries, and that may not always be a sufficient deterent to a determined crook.

I think you sum it up nicely. Which makes me stick to my opinion.
“What’s the point of it, but that’s just my common sense opinion.”

That’s my rant for the day, and still disappointed at the authorities part in this issue along with a lot of other people, many of whom invested months before the freezing order.

Regards

PS not to mention the loss of £10,000,000 after the freezing order, whoever was responsible.

wantanswers

Well Sants Gone, no doubt a lot more to follow.

wantanswers

If I can also add Reaper.

On about 19 December 2005, he advised the FSA that he had become an authorised representative of Personal Touch Financial Services Ltd. Subsequent enquiries revealed that Personal Touch Financial Services had rejected his TWO applications for authorisation.

If they can't act responsibly and protect us from known issues then what chance have we got?

Also a couple of many letters that is being received, so I would ask you kindly give a thought to all the people out there that are suffering hardships for maybe their mistakes. Whoever is at fault.

Message body:
my family and I may not have put a great deal of money into the Cameron Farley Co but nevertheless it was a great deal to us. We have all been treated with the utmost contempt by the FSA, whether we were right or wrong in investing this money has no bearing on the way we have been treated and if you would like us to help in any way contact us on my email address. Sorry we have been lax in contacting anyone before now, but like the majority of the investors, we thought, rather naively, the FSA were working in our best interests. We do not lay any blame yet at the Farley Corporation, but surely the one party concerned that is supposed to be run by a governing body such at the government would do right by us, what a laugh. Like I said before please get in touch if there is anything at all we can do.

Thanks for taking the time to reply and updating me with the current ongoing action.
I was a CF client who had close xxxK at the time of its collapse and as I have no other investments or savings this has dramatically had a huge impact on my life and well being.

wantanswers

Quote: Reaper 28-11-2009, 5:00 PM

Well spotted. I hadn't read it thoroughly enough to pick up on the fact that the trades were done after the freezing order. That is certainly something that needs to be explained as if it were not for that mind bogglingly bad bit of trading investors would have got most of their money back.

I’m pleased I spotted this one Reaper it just goes to show WE CAN AGREE on some things and looks like from below the explanation appears to be known. We just need other closet ghosts to be put to rest then we can all sleep easy in our beds, sadly though a lot poorer for the experience but a lot wiser if that’s any consulation.

Quote.
We all spoke with the FSA and Grant Thorton representatives outside the court for what must have been a good 30-45mins. The gist of what is happening is as pointed out and I quote (with additions), "The Court ordered that the company be placed into administration for the purposes of realising the assets, that is the money in the Bank (which is said to be £3.2million), the Edinburgh property and thereafter for the company to be placed into liquidation."


Some items I gathered from the FSA regarding Stephen Farley which I feel are very important for those that are still taken in by Stephen's charms are listed below:
Stephen Farley placed and lost two trades totalling 17million (not sure whether £ or $) AFTER, and I repeat AFTER, the injunction was placed. How he did this I am not sure but that is what the FSA representative has stated.

dunstonh

Well spotted. I hadn't read it thoroughly enough to pick up on the fact that the trades were done after the freezing order. That is certainly something that needs to be explained as if it were not for that mind bogglingly bad bit of trading investors would have got most of their money back.

I’m pleased I spotted this one Reaper it just goes to show WE CAN AGREE on some things and looks like from below the explanation appears to be known. We just need other closet ghosts to be put to rest then we can all sleep easy in our beds, sadly though a lot poorer for the experience but a lot wiser if that’s any consulation.

Although wouldnt that be a legal issue involving the police rather than the FSA as the company breached the court order?

wantanswers

Have to agree with you on that one. (legal issue)

As a layman in law I would assume if the FSA representative stated it there's obviously no smoke without fire and to state it one would assume they can back up their statement.

In addition I believe both the FSA and the Police are investigating this case. Civil and Criminal.

As said have no idea of law (so cant argue) but find some points interesting
http://www.fsa.gov.uk/Pages/doing/regulated/law/focus/courts.shtml

Happy Richard that's very constructive? Thanks for the best wishes.