Goodbye

Regular readers will probably have noticed that the output of Bond Review has continued to drop recently. In the first year of Bond Review I reviewed over 60 investment schemes that were being promoted to the public; in the past 12 months I've reviewed a third of that number. Although there are still far too … Continue reading Goodbye

Astute Capital hit by FCA warning, still being promoted on Facebook

Astute Capital logo

The Financial Conduct Authority has posted a warning about Astute Capital, whose bonds were reviewed here in March 2019. A search for Astute Capital on the FCA register now brings up:

This is an unauthorised firm that may be providing financial services or products in the UK without our permission. If you deal with unauthorised firms you will have less protection if things go wrong.

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Blackmore Global under investigation by Isle of Man regulators

Blackmore logo 2019

Blackmore Global, the sister investment scheme to the UK minibond that collapsed with £46 million of potential losses, is being investigated for potentially running an illegal collective investment scheme.

Blackmore Global was established a few years before Blackmore Bonds. It is, on the surface, an unregulated investment scheme consisting of a closed-ended company registered in the Isle of Man.

The BBC revealed in 2018 that a number of UK pension investors had been missold in transferring their pension funds into Blackmore Global, an inherently high risk unregulated investment. The linked article has been suppressed by Google - along with its BBC source - due to legal action by Blackmore.

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Fortress Legal / FLF Litigation goes dark, Companies House moves to strike off

FLF Litigation Services (formerly known as Fortress Legal, Litigate Aid and Robert Dodds Watches), whose bonds were reviewed here in August 2019, has been issued with a strike-off notice by Companies House for failing to file accounts for December 2019 on time.

Unless the strike-off notice is cancelled, e.g. due to an objection from a creditor, in June FLF Litigation Services Limited will be dissolved and all its assets will pass to the Government.

Worryingly for investors, FLF Litigation Services' failure to file accounts (a criminal offence) appears to be part of a general pulling down of the shutters.

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Smith & Williamson dumps Buy2LetCars founder from Entrepreneurs’ Hall of Fame

buy2letcars logo

Following last week's FCA shutdown of new investment into Buy2LetCars, Smith & Williamson has unceremoniously dumped CEO and owner Reginald Larry-Cole from an "Entrepreneur's Hall Of Fame".

Google's cache shows that on Friday 19th, the day of the FCA's intervention, the hall of fame entry was still up. But at some point after this it was quietly removed.

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Breaking: Buy2letcars closed to new investment by FCA, assets frozen

buy2letcars logo

After over 8 years in operation, the Buy2letcars investment scheme has been closed to new investment by the FCA.

A "first supervisory notice" placed on Buy2letcars' parent company, Raedex Consortium, prohibits the company from carrying out any regulated activities other than collecting payments on vehicle leases that were already in place.

Buy2letcars solicits investment via social media and radio ads from the public, whose money is used to purchase a car to be leased out to a borrower. As the investment is unregulated, the FCA does not technically have the power to stop Buy2letcars taking in investment. However, FCA does have the power to stop Buy2letcars arranging new vehicle leases, and if Buy2letcars can't arrange new vehicle leases, it can't take in new investment as it can't do anything with it.

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Bentley Global finally files 2019 accounts

Bentley Global has filed accounts for August 2019, 5 months overdue (even after allowing for the Covid 3 month extension). In doing so it has earned a reprieve from a strike-off action issued by Companies House in November and suspended the following month.

Bentley Global's August 2018 accounts showed that it had raised £4.8 million in its bonds paying 12 - 20% per year. That figure swelled to £8.6 million by August 2019.

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Pardus uses accounting date trick to delay filing accounts

Pardus bond logo

Pardus Fixed Income Bond Company plc has delayed filing its first set of accounts for a second time in succession.

Pardus' last accounts were filed as a dormant company. As a PLC, its first accounts as an active company should have been filed nine months after the accounting date of January 2020, under the time limits specified in the Companies Act. That nine months already includes a three month extension granted by the Government due to Covid.

Instead, Pardus used a trick whereby it reduced its accounting period by a single day, which under the letter of the law grants it an extra three months to file its accounts. It has now repeated the trick, giving it another three months until the end of April 2021 (15 months after the last accounting period ended).

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FCA gives green light to Concept Capital’s unregulated investment scheme?

Concept Capital logo

Last month I reviewed Concept Capital's unregulated investment scheme which promises investors 10% per year "guaranteed" for investing in static homes.

Last week Concept Capital got in touch and took issue with various parts of the review. The only part on which they provided any significant new information was the section where I'd discussed the risk that Concept Capital could be viewed by the FCA as an unauthorised investment scheme.

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