London Capital and Finance

justme111

It feels like Wonderland - why no action was taken for years? Why there will be no reports of people in the regulatory organs loosing their jobs as a result of the gross incompetence? Why someone had to go to court to get FOS to act - surely if it was supposed to act it should have done so on its own accord and if not it should not have acted at all?

Sledger

LONDON OIL & GAS LIMITED
Company number 09734575

Incorporated 15 Aug 2015 with 100 pound has {Text removed by MSE Forum Team}, LCF {Text removed by MSE Forum Team} along with {Text removed by MSE Forum Team} and accounts ploy on 16 Aug 2018 Current accounting period extended from 31 March 2018 to 30 September 2018 but not submitted and this is the last filing record

{Text removed by MSE Forum Team} is also with {Text removed by MSE Forum Team} and {Text removed by MSE Forum Team} in company 10741046 and 09184596

Alexland

justme111 wrote: »

Why there will be no reports of people in the regulatory organs loosing their jobs as a result of the gross incompetence?

Classic 'not my problem' attitude from the authorities until the problem becomes so big they need to take some enforcement action but it still seems to be limited to the least they could do with no motivation to actually help anyone.

Alex

jimjames

The list of linked companies that seem to owe money to LCF gets bigger and with more twists.

The ultimate owner of many companies owning money is LONDON POWER MANAGEMENT LIMITED. This company has used the account period loophole to avoid filing accounts 5 times and the 2016 accounts are now 6 months overdue. The company has a charge from LCF.

The directors of the company have also requested that the company be struck off although this has been suspended as of today.

https://damn-lies-and-statistics.blogspot.com/2019/01/london-capital-finance-linked-loans.html

One of the subsidiary companies notes in their accounts that their debt was paid by a group company. Is this how LCF have recycled loans between their companies avoiding defaults?

Sledger

On a minor issue, LCF have corrected their phone number on the updates.

billyolly

Is all this robbing Peter to pay Paul not some sort of fraud and should not thr FSA ,treasury or a other arm of the government not investigate?It is sharp practice and innocent people should not expect to lose all there investment,LS&F advertising was misleading to say the least.I accept there is a risk with this type of investment but people loosing all there money is inexcusable.

masonic

billyolly wrote: »

Is all this robbing Peter to pay Paul not some sort of fraud and should not thr FSA ,treasury or a other arm of the government not investigate?It is sharp practice and innocent people should not expect to lose all there investment,LS&F advertising was misleading to say the least.I accept there is a risk with this type of investment but people loosing all there money is inexcusable.

The FCA is investigating. Whether that will have any impact (positive or negative) on the outcome for those invested remains to be seen.

What is fortunate is that over the years a significant number of people came here before investing to ask is it too good to be true? Those people were given a very clear answer, usually involving the terms "unregulated" "high risk" and "100% loss potential"

Jelli

I concur with billyolly, although it could cost the taxpayer 200m if LCF weren't lying about that investment figure.

masonic

Jelli wrote: »

I concur with billyolly, although it could cost the taxpayer 200m if LCF weren't lying about that investment figure.

The cost to the taxpayer is unlikely to be anywhere close to that figure. The cost of the FCA investigation will mostly come from its case work budget, which would have been spent anyway. If you are referring to redress as a result of FCA negligence, then this will likely need to be proven in court (and it's early days to know if there is even a case for the FCA to answer), and based on precedent, the FCA could only be held liable for some fraction of the losses, not the whole loss.

billyolly

The frustrating thing is that for decades individuals and companies have been able to hide behind multiple names and at the stroke of a pen not be accountable.The people who where trusted with investing peoples money where either totally incompetent for not acting in the investors best intest and I my opinion should be investigated.Where they fit and proper people and company’s to be entrusted with peoples money,they should be checked.As tax payers don’t we all have right to have our voices listened to?