London Capital and Finance

Botheredin

{Edited by Forum Team}

Why do you think this adds value?

David_Evans

{Edited by Forum Team}
If there really are 11,000 unhappy investors - plus friends and family - that could prove interesting..!

Just bear in mind that the{Edited by Forum Team} are likely to place a couple of fake investors in your group - to keep them informed of your plans.

David_Evans

Botheredin wrote: »

Why do you think this adds value?

The investors /victims have little to lose, it would seem.

David_Evans

masonic wrote: »

I recall the case of a rather enterprising fellow, let's call him Mr B. Mr B. was very entrepreneurial. He was in the shipping industry. He spotted a gap in the market and borrowed a lot of money at high interest rates to exploit it. He had an impressive CV, and he always repaid his loans in full. Until one day he didn't. He proved rather difficult to get in touch with after that. It transpired he had quietly sold the assets upon which the loans were secured. The P2P platform who intermediated his loans took swift and decisive action. High Court proceedings were issued and an emergency injunction swiftly granted. Eventually a judgement of default was entered and a petition to wind up the company could be made. This was about 9 months into proceedings.

Fast forward one year and Mr B. was still at large, during which time he managed to sell his house that was part-paid for using cash taken from his business. Fast forward another 6 months and he has still not been held accountable for his actions, though a court date has been set.

So 2 and a half years of effort, and significant expenditure, produced no results.

Is this the case where someone got shot in Panama?

David_Evans

Botheredin wrote: »

In all seriousness, why aren't the law rowing in? Why aren't the FCA triggering an effective enforcement?

Because this is the UK, where fraud is basically ignored by the police.
Even if convicted, fraudsters get very little punishment.
Not like the USA - they'd probably get about 500 years in jail.

The MSM helps the govt by adding up all the years for all the different criminals - in order to make the punishment sound much worse than it actually is.

eg Headline: ''fraud gang gets 20 years in jail''

Small print: 40 men convicted, so 6 months each. So out in all released after 3 months.

masonic

David_Evans wrote: »

Is this the case where someone got shot in Panama?

No, not that I'm aware.

bail-in

Some of these associated director names are from "rent a director", Buss Murton Law which is also related to financial companies backing some of the companies' projects including Lake View.

bail-in

masonic wrote: »

I recall the case of a rather enterprising fellow, let's call him Mr B. Mr B. was very entrepreneurial. He was in the shipping industry. He spotted a gap in the market and borrowed a lot of money at high interest rates to exploit it. He had an impressive CV, and he always repaid his loans in full. Until one day he didn't. He proved rather difficult to get in touch with after that. It transpired he had quietly sold the assets upon which the loans were secured. The P2P platform who intermediated his loans took swift and decisive action. High Court proceedings were issued and an emergency injunction swiftly granted. Eventually a judgement of default was entered and a petition to wind up the company could be made. This was about 9 months into proceedings.
Fast forward one year and Mr B. was still at large, during which time he managed to sell his house that was part-paid for using cash taken from his business. Fast forward another 6 months and he has still not been held accountable for his actions, though a court date has been set.
So 2 and a half years of effort, and significant expenditure, produced no results.

In my experience the main purpose of the county court system is to raise money for the central and local governments. Last time I looked there were six million outstanding county court judgements. That is successful civil cases brought in the UK county courts but the plaintiff has been unable to recover monies from the defendant using the court recovery procedures.

Re magistrates courts, a local magistrate may dislike the system as it penalises the poor putting them into greater debt as the poor get poorer. He and the council get £50 for each case of failure to pay council tax, recovery of which is actively pursued more than privately brought civil cases.

With privately brought cases the enforcement procedures can be expensive and fruitless if the defendant refuses to pay, which usually they do hence the large number of outstanding civil law cases. We read celebrity articles where large awards have been made but that does not mean the awards have been paid, even partly. Enforcement, as when bondholders successfully sue investment companies, is much more difficult in civil law than criminal law cases as the enforcement procedures are more limited. If a plaintiff knows a defendant is not going to pay if the defendant loses the case it would be a waste of time to bring the action and most solicitors would agree.

masonic

bail-in wrote: »

In my experience the main purpose of the county court system is to raise money for the central and local governments.

For the sake of clarification, the actions I described about were brought before the Queen's Bench Division of the High Court, but I cannot disagree with your assessment of such actions in general. Presumably the Administrators in this case believe that their actions will eventually bear fruit, because there are no assets within the company from which their fees could be paid.

bail-in

Very useful information for introduction to equity and bond investments for beginners along with the various links highlighted in the text for further information.

https://www.thebalance.com/types-of-investments-in-small-business-357246