Patisserie Valerie
Comments
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For the rest of us without a FT subscription - which is where that link leads - to a FT subscription page
Same story at
https://www.dailymail.co.uk/news/article-6268589/Patisserie-Valerie-finance-chief-arrested-20million-black-hole-chains-funds.html
and for those who regard the DM as the devils spawn
from the Telegraph
https://www.telegraph.co.uk/business/2018/10/12/patisserie-valerie-finance-director-chris-marsh-arrested-police/0 -
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FatherAbraham wrote: »It might be an idea to be more circumspect with regards to allegations of negligence, no matter what one's emotions are, from a legal perspective. We wouldn't want you to suffer a defamation lawsuit from the auditors, in addition to your investment losses.
That there was fraudulent accounting is already a matter of public record and "at the very least it looks like the auditors were negligent" is fair comment. Based on what is already known, the only way the auditors could not have been negligent is if the entire fraud took place in the few months since the auditors did their last audit, which is implausible. Although I am not a judge, I just play one on TV.
The OP will not get a defamation lawsuit. In the immensely unlikely event that the utterly useless clowns at Grant Thornton (who I am reliably informed have poor body odour and kick puppies) bother to take action against the OP for defamation, they will issue a Defamation Act notice to MSE, who will give the OP the option of whether to provide his full name and address and stand by his statement, or let MSE delete the post. If he chooses the second option that will be the end of it.
Grant Thornton is the number 5 accountant in the UK, the top of the second division outside the "Big Four" (PWC, E&Y, KPMG and DTT). With outstanding work like this they're well on their way to making it a Big Five.0 -
verybigchris wrote: »If there's a FT story you want to read without a subscription, search it's headline on Google and click the result, and you'll get straight through to the article.
Just to add that puts a cookie on your PC and when you have a few of those it blocks further access until you clear your cookies“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
If they are short of cash and there is doubt on the true earnings potential of the business due to fradulant accounting then a brave investor would want to secure a big slice of the cake and dilute existing shareholders.
Although I have never been a customer they always seem to be doing plenty of good business so I would be surprised if nobody wants to save them.
Alex0 -
Malthusian wrote: »That there was fraudulent accounting is already a matter of public record and "at the very least it looks like the auditors were negligent" is fair comment. Based on what is already known, the only way the auditors could not have been negligent is if the entire fraud took place in the few months since the auditors did their last audit, which is implausible. Although I am not a judge, I just play one on TV.
The OP will not get a defamation lawsuit. In the immensely unlikely event that the utterly useless clowns at Grant Thornton (who I am reliably informed have poor body odour and kick puppies) bother to take action against the OP for defamation, they will issue a Defamation Act notice to MSE, who will give the OP the option of whether to provide his full name and address and stand by his statement, or let MSE delete the post. If he chooses the second option that will be the end of it.
Grant Thornton is the number 5 accountant in the UK, the top of the second division outside the "Big Four" (PWC, E&Y, KPMG and DTT). With outstanding work like this they're well on their way to making it a Big Five.
He's former EY too isn't he?0 -
If there's a FT story you want to read without a subscription, search it's headline on Google and click the result, and you'll get straight through to the article.Just to add that puts a cookie on your PC and when you have a few of those it blocks further access until you clear your cookies0
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There seems little point in a claim against the company because even if they had the money, the hit would reduce the share price by an equivalent amount
I'm "owed" £10k by the CEO of a US company that sold all his shares and decamped to Mexico a week later, before it turned out a day or two after that, that the whole company was essentially a complete fraud and it was shut down. Somehow I cant see that ever being recompensed
So, just write it off to experience. Sh*t happens, I've had worse.0 -
what steps can I take to recover what are likely to be significant loses?
Surprising question if you are a seasoned investor. With risk comes reward, and potentially total loss. That's the nature of investing.
One of the most basic rules is only gamble with what you can afford to lose.
Or is this a yet another fake news story to create a discussion?0 -
I regard investing more as calculated speculation than a random gamble - I do think there is a difference. I'm more than prepared to accept that some speculations will turn out badly - which is why I would never speculate more than I can afford to lose.
But I do think I have a right to expect a Company to provide accurate and truthful accounts for me to base my calculations on. Am I being unreasonable?0
This discussion has been closed.
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