London Capital and Finance

Jelli

masonic wrote: »

Does any of your paperwork name specific companies to which loans were made?

The only paperwork I got was a certificate for each investment but that's it. The PDFs themselves don't mention companies.

sully1311

Aegis wrote: »

FCA halts trading by mini bond firm


Not a great sign for anyone that believed the headline figures and gave money to this firm.

They told them to stop a while ago now. That's what has been discussed for the last few pages.

jimjames

If anyone is in any doubt how people are being conned into buying these sorts of products then the advert I saw today is obvious. No mention of these not being fixed rate cash ISAs and listed along side ones that are.





https://damn-lies-and-statistics.blogspot.com/2019/01/top-isa-rates-misleading-fake.html

AnotherJoe

How many suckers will "invest" in these [STRIKE]scams[/STRIKE] schemes before FCA takes action I wonder?

Jelli

There has been an update on the LC&F website
https://www.londoncapitalandfinance.co.uk <-(Scroll down to find a short FAQ).

It seems to mention the existence of borrowers and loans at the bottom.

masonic

Reposting due to substantial edit...

Jelli wrote: »

There has been an update on the LC&F website
https://www.londoncapitalandfinance.co.uk <-(Scroll down to find a short FAQ).

It seems to mention the existence of borrowers and loans at the bottom.

It seems to have been written by LCF rather than the FCA ("LCF will use this website to update bondholders and borrowers on developments when it is appropriate to do so"), although the wording would probably have been agreed with the FCA.

They mention the Security Trustee in the FAQ. It would appear that this "Security Trustee" is none other than LCF. Here is a borrower: https://beta.companieshouse.gov.uk/company/09324527/charges
Note that the LCF declined to tick the box stating they were acting as a trustee of the property or undertaking that was subject to the charge, which casts doubt on investors having trust claims, rather it appears investors are unsecured lenders to LCF, who are using the borrowed money to invest on behalf of themselves. An actual Security Trustee would be a separate corporate entity set up so that the main business had no claim over the assets held.

What's interesting is that there is a company that appears to be the Security Trustee (Global Security Trustees Limited). This company has two charges registered against LCF, supporting the case that LCF is lending itself money from these bonds. If you look at the directors of this Security Trustee, you'll see the connection with the company in the previous paragraph.

So it certainly appears from first glance that LCF has been taking money off punters and lending it out to... LCF and friends

bxboards

AnotherJoe wrote: »

How many suckers will "invest" in these [STRIKE]scams[/STRIKE] schemes before FCA takes action I wonder?

I wonder if action should be taken against sites that promote them?

I'm be very surprised if these sites do not operate on a commission basis.

Time to make the owners / directors of these sites personally liable rather than hide behind their Ltd company.

Most the the sites on that site are legitimate but obviously the item appearing at the top would be bargepole time for you and I - but would be a magnet for the gullible.

jimjames

masonic wrote: »

So it certainly appears from first glance that LCF has been taking money off punters and lending it out to... LCF and friends

Some fantastic research going on here - amazing what can be done by people sharing their knowledge.

I'm not sure if you spotted but this certainly backs up your statement above. Looking at the charge document the lender is LCF at{Text removed by MSE Forum Team} and borrower is Leisure & Tourism PLC registered at - wait for it - {Text removed by MSE Forum Team}. Company reg # 09324527

I'm not sure how many legitmate borrowers of a company would be registered at exactly the same address and with the same directors. Check the PDF of charge document here on page 3

{Text removed by MSE Forum Team}

I wonder how many of the other companies that the directors of LCF are associated with are also borrowers of the company

{Text removed by MSE Forum Team}

jimjames

Looks like Masonic might have found the key! Yet another company with a charge against it from LCF.

CAPE VERDE SUPPORT LIMITED, Company number 10741046

Guess where it is registered and who the director is! https://beta.companieshouse.gov.uk/company/10741046/charges

and another CV RESORTS LIMITED Company number 08422800
https://beta.companieshouse.gov.uk/company/08422800/charges

Some very interconnected companies here - CV has a charge from Cape Verde (presumably CV in name refers to Cape Verde too). There's more I've found but will post later.

Aretnap

masonic wrote: »

Here is a borrower: https://beta.companieshouse.gov.uk/company/09324527/charges

Leisure and Tourism Developments Ltd, a company which seems to have no internet presence at all, apart from its Companies House listing.

Interestingly a former director of Leisure and Tourism Developments Ltd is one {Text removed by MSE Forum Team}, who is currently a director and major shareholder of... London Capital & Finance PLC.

Here is another borrower - London Group LLP. It is listed as having significant control over Leisure &Tourism Holdings Ltd, which in turn is listed as having significant control over the aforementioned Leisure and Tourism Developments Ltd. Many of the same names crop up on the director lists of those companies as well.


I suppose if LC&F are lending money primarily to themselves and their mates that would explain the fact that they don't seem to need to put much effort into advertising themselves as a lender. It wouldn't fill me with confidence as a bondholder however...