London Capital and Finance

jimjames

GDB2222 wrote: »

This particular bond promised a return that was too good to be true, but it would be easy to set up a scam that offered say 2-3%, so you can't rely on scams to signal themselves by offering outlandish rates of return. (Not to suggest that LCF was a scam, ofc!)

Except it is very clear from the administrator's report that it was a scam and Ponzi scheme.

It beggars belief to read some of the info in the report. Some people have a problem getting any credit but a company with no bank account and no accounts was given £12 million by LCF. The shares were then "given" to a new owner who has no paperwork for the "transaction"

eskbanker wrote: »

The Beeb are really going all-in on this - at the time of posting this is the number one top headline story on their main home page, displacing MPs taking control of Brexit into second place status....

They really are, the story is getting a great number of views on their site today. I was with the team at BBC Broadcasting centre today and it was interesting to talk about the coverage

Supercalafragalistic

They really are, the story is getting a great number of views on their site today. I was with the team at BBC Broadcasting centre today and it was interesting to talk about the coverage[/QUOTE]

Jim. Its great its getting publicity.
In your opinion , are the outfit who sold it, apart from taking lots of money, being eyed with any suspicion?

Botheredin

So it appears some our wayward "friends" are "away" i Europe for the foreseeable...

rr755507

jimjames wrote: »

Except it is very clear from the administrator's report that it was a scam and Ponzi scheme.

I am surprised just how blatant the fraud has been. I'd always assumed these guys would be covering their tracks enough to make it look plausible that it was just legitmate investments that failed.

jimjames

rr755507 wrote: »

I am surprised just how blatant the fraud has been. I'd always assumed these guys would be covering their tracks enough to make it look plausible that it was just legitmate investments that failed.

Absolutely. I was asked a few weeks ago by a reporter if I thought it was always planned as fraud and wasn't sure whether it was something that evolved over time.

It's now clear from the administrators report that it was fraud from the start. In 2015 LCF loaned money to one person that was an agreed loan of £15 million. This was at a time when LCF had under £7 million of bonds issued.

I was asked if the names of those arrested were correct. They are the same names as the 4 people listed in the administrators report today

https://damn-lies-and-statistics.blogspot.com/2019/03/london-capital-finance-who-was-arrested.html

robatwork

I've just been back to page 1 of this thread. So every contributor was warning against this investment in 2015. But I remember that I made some comments and these, and plenty more from the looks of things have been expunged.

Wondering where/when Bail-In's contributions started?

Malthusian

Botheredin wrote: »

So it appears some our wayward "friends" are "away" i Europe for the foreseeable...

Why the SFO released them is absolutely beyond me as all four of them are a screaming flight risk, as is anyone else involved in LCF who made more than their lunch money and bus fare.

It is now publicly confirmed that LCF was a Ponzi scheme, and the SFO would surely have had access to the same facts much earlier than we did, meaning they had more than sufficient evidence to charge them, remand them in custody, and freeze their assets.

Botheredin

Malthusian wrote: »

Why the SFO released them is absolutely beyond me as all four of them are a screaming flight risk, as is anyone else involved in LCF who made more than their lunch money and bus fare.

It is now publicly confirmed that LCF was a Ponzi scheme, and the SFO would surely have had access to the same facts much earlier than we did, meaning they had more than sufficient evidence to charge them, remand them in custody, and freeze their assets.

Because fraud and ponzi schemes, particularly how this has been constructed, do not feature highly on the bail matters and because your tax payers money doesn't get spent dealing with this type of crime or alleged crime.

What I might suggest is a collective effort and fund to get these guys. Voice opinions to the Admins, MP's, FCA and local / national law enforcement.

londoninvestor

Malthusian wrote: »

Why the SFO released them is absolutely beyond me as all four of them are a screaming flight risk, as is anyone else involved in LCF who made more than their lunch money and bus fare.

It is now publicly confirmed that LCF was a Ponzi scheme, and the SFO would surely have had access to the same facts much earlier than we did, meaning they had more than sufficient evidence to charge them, remand them in custody, and freeze their assets.

And their associates' assets:
https://en.wikipedia.org/wiki/Restraint_order

A restraint order can be made by a Crown Court judge on the application of a prosecuting or investigating authority. The subjects of the restraint order may be individuals or companies who either are alleged offenders who are believed to have benefited from a criminal offence, or are persons who have received (by way of what is known as a 'tainted gift'[4]) an asset from an alleged offender.

Botheredin

londoninvestor wrote: »

And their associates' assets:
https://en.wikipedia.org/wiki/Restraint_order

So why no action? Or none publicly spoken?