London Capital and Finance

billyolly

I own up to being ignorant,naive and guilty as hell but not greedy.My only intrest was trying to help my children and grandchildren obviously I made a big big mistake but don’t enjoy having my nose rubbed in it by being called greedy.

A_T

poppy10 wrote: »

From everything I've read it seems like it was almost exclusively greedy baby boomers who fell for this scam. These people are old enough to know that a facebook ad promising an 8% return at a time when base rates are so low is dodgy. No sympathy

I've some sympathy but it lessens when I read claims that "for a month they researched LCF" which sounds like BS.

You get the impression many are angling for a government bailout on the grounds that the regulator didn't offer enough protection.

Can the government please compensate me when my shares fall?

billyolly

Personally I am not after sympathy for what was my mistake but I wouldn’t like anyone else to get caught out .Over 11000 people made the same mistake as me and would like tighter regulations in how such products are advertised.

rr755507

"The Serious Fraud Office, working in conjunction with the Financial Conduct Authority, has opened an investigation into individuals associated with London Capital & Finance Plc. On 4 March 2019, four individuals were arrested in the Kent and Sussex areas. All four individuals have been released pending further investigation.

The operation was coordinated with the assistance of the National Crime Agency, City of London Police, Kent Police, Sussex Police and the South East Regional Organised Crime Unit (SEROCU).

The SFO encourages members of the public who have invested in this scheme over the period 2016 to 2018 to contact us through this secure reporting form.

Please note the SFO is unable to provide any further comment as the investigation continues."

https://www.sfo.gov.uk/2019/03/18/sfo-opens-investigation-into-london-capital-finance-plc/

Malthusian

A_T wrote: »

Can the government please compensate me when my shares fall?

No, but the financial services industry (i.e. you and me, their customers) will if someone told you "these shares won't ever fall" and they were FCA-authorised to give advice. Or if various other circumstances apply which mean you have a protected claim against an FCA-regulated firm.

jimjames

Looks like Operation Axite will have a lot of information to sift through. I'm not sure if it's good or bad news for investors though but would explain why the administrators think there is little to recover.

https://damn-lies-and-statistics.blogspot.com/2019/03/sfo-investigation-london-capital-finance.html

Alexland

rr755507 wrote: »

The SFO encourages members of the public who have invested in this scheme over the period 2016 to 2018 to contact us through this secure reporting form.

Surely they would be able to get access to this data without requiring individuals to contact them?

Alex

digannio

Good news that people will be held to account should criminal activities be proved. Looks like the big guns are being thrown at it and hopefully justice will be done. It will also send out a message to others involved in similar enterprises.


Interesting that Surge saying no-one there has had any contact with the police.....
https://www.standard.co.uk/business/serious-fraud-office-arrests-four-over-collapse-of-bond-firm-lcf-a4094631.html

Malthusian

Alexland wrote: »

Surely they would be able to get access to this data without requiring individuals to contact them?

An essential part of the data is how this investment was promoted to individuals - including over the phone of which there is unlikely to be any record remaining other than witness statements. The SFO can't get that without individuals contacting them.

digannio wrote: »

Good news that people will be held to account should criminal activities be proved. Looks like the big guns are being thrown at it and hopefully justice will be done. It will also send out a message to others involved in similar enterprises.

Let's not get too excited. So far the SFO has arrested four people, and then let them go. Further action may follow, of course, or it may not. The SFO's recent form makes Fulham FC's look good.

Alexland

Malthusian wrote: »

An essential part of the data is how this investment was promoted to individuals - including over the phone of which there is unlikely to be any record remaining other than witness statements. The SFO can't get that without individuals contacting them.

So they couldn't proactively write a letter with a set of questions to all investors? Instead relying on a proportion of customers finding the announcement and link on their website?

Alex