London Capital and Finance

jimjames

Catrina777 wrote: »

This site is not popular with one of the FB bondholder group admin.

Considering the bondholder group removed anyone who disagreed with their rosy and glowing reviews of LCF I'm not surprised they aren't fans of this site. However it was posters on this site that raised the warnings several years ago so they would be wise to heed information that has been posted here.

Catrina777

He just said he doesn't look at this site. I told him I was forwarding another member's research findings just so he knew. Felt he was smearing at the time but?

rr755507

Supercalafragalistic wrote: »

Mr Hume-Kendall’s twitter feed seems to indicate he is going to fight the bondholders, has had a first quarter trading that he would rather forget, and that he’s moving to his next venture. Sounds like a tough life ...https://mobile.twitter.com/SimonHumeKenda1?fbclid=IwAR1L9iTe2QBl6UeR1B0QxpueLzyQn3uRve-l9bzLYlYTu5tBcVEsgiJ5vB8

"Joined May 2019" it'll be a fake account.

Reaper

The fallout has spread to Asset Life PLC. The links between them and LCF are summarised here:
https://www.thetimes.co.uk/article/clues-to-lcf-disaster-were-all-there-2kvkx8kbk

Since the article was written the FCA has (finally) acted issuing a warning about them on its web site and is attempting to close down their web site. There is also a MSE thread on Asset Life here:
https://forums.moneysavingexpert.com/discussion/5692526/asset-life-plc

AnotherJoe

Just seeing this story today https://www.telegraph.co.uk/news/2019/06/18/hatton-garden-member-ordered-pay-back-millions-stolen-raid-owns/
Made me think about the relative scale of the monetary losses here and should fraud be proved what the relative sentences will be. Will out and out crooks who drill into walls get disproportionately higher sentences than those who conduct 10x and more the robbery but do it over the Internet ?

rr755507

Careless has been arrested, no charge yet though

https://www.standard.co.uk/business/millionaire-becomes-fifth-arrest-in-case-of-failed-bond-firm-lcf-a4171976.html

GDB2222

I was interested to read in the paper the other day that Captain Careless's company had spent something like £20,000,000 on Google advertising for LCF. I think that is about half of what he received in total. That rather limits the amount he will have available to repay, should he be ordered to do so.

AnotherJoe

GDB2222 wrote: »

I was interested to read in the paper the other day that Captain Careless's company had spent something like £20,000,000 on Google advertising for LCF. I think that is about half of what he received in total. That rather limits the amount he will have available to repay, should he be ordered to do so.

I'd say Google are equally culpable for showing these ads, i recall moaning here years back that when you put "best savings rates" or similar this sort of rubbish scam ads came up , but they will of course get off scot free.

Malthusian

GDB2222 wrote: »

I was interested to read in the paper the other day that Captain Careless's company had spent something like £20,000,000 on Google advertising for LCF. I think that is about half of what he received in total. That rather limits the amount he will have available to repay, should he be ordered to do so.

The administrators have asked CC to repay the profit that Surge made. So even if Surge complies with that request (and it is nothing more than a request at this stage, with absolutely zero legal force), that £26 million (the total that Surge is reported to have spent on all marketing channels) comes straight out of it.

Of course the chance that Surge was even going to repay that c. £34 million, having spent it on whirlybirds, minor Tory politicians, Bolivian marching powder, etc etc, are slim at best.

You would not be that surprised if Surge does throw a few million into the pot, having deducted all other legitimate expenses, in return for no further legal action from the administrators. Which will leave Surge's only threat as the aggressively inept Serious Farce Office. The ultimate beneficiary of said millions would be the administrators and whatever compensation scheme is eventually set up.

londoninvestor

Supercalafragalistic wrote: »

Following an extensive review of LCF’S business practices, we believe that Surge Financial Ltd, acting on behalf of LCF, provided a number of LCF clients with misleading advice. As this is a regulated activity, it means that FSCS protection would be triggered and that there may therefore be a number of customers with eligible claims for compensation.

At this stage though we don’t have access to all of the information needed to determine the nature and extent of this misleading advice, and we’re still working with the relevant parties on gaining access to it.

We’ve therefore launched a pre-application questionnaire, a link to which you’ll find below, for investors to complete in order to help us build a better picture of this advising.

You may have already completed a questionnaire for the administrators, Smith and Williamson, but we still need the information to help us better understand individual investor’s circumstances and the number of customers that may have been impacted. We’ll provide a further update next month.

Can you point us to the source of this please?