The FCA's ongoing investigation into London Capital & Finance took a more serious turn yesterday when the FCA revealed that it has placed the following restrictions on the company:
It may not (without the prior consent of the FCA) deal in any way with its assets, including the money held in its banks accounts.
It must cease conducting all regulated activity.
Around a couple of weeks ago the FCA ordered London Capital & Finance to remove all its marketing materials. The FCA has now announced:
that it is appropriate to publicise the fact of its investigation into LCF now, as a result of other public actions taken by the FCA and in anticipation of legitimate queries from investors regarding the firm.
The FCA is unable to say whether investors are likely to get their investment back at this stage.
Since early 2018, investors in MJS Capital (now Colarb Capital) have experienced issues with having interest paid on time and receiving their capital back on time.
Numerous comments have been left on this blog from frustrated and often frightened investors trying to find out what action they can take.
MJS Capital issued unregulated loan notes which were, by their nature, extremely high risk and only suitable for sophisticated and high net worth investors. Despite this, they were promoted by MJS Capital representatives as "very low risk" and "a safe haven".
An investor action group has been set up on Facebook at https://www.facebook.com/groups/mjscapital/ to help investors come together, share information, and find a way forward. The group is "closed", which means that anything posted in the group will only be visible to those who have been allowed to join.
Investor Square is an unregulated investment introducer which has been in business since 2011.
Investor Square is a trading name of RK Digital Media Ltd, which is owned by Ross Honorio Kelly.
Investor Square does not invest money itself; it acts as an introducer to other investments.
Neither Ross Kelly nor Investor Square are authorised by the FCA, meaning it is illegal for them to promote investments to the public in the UK, unless that promotion is covered by exemptions (e.g. promotions to sophisticated and high net worth investors).
Investments recently promoted by Investor Square include:
Halcyon Developments (Facebook post 29-5-18) - active
George Best Hotel / Signature Capital (Facebook post 24-5-18) - active
Pegasus Agriculture (Facebook post 6-10-17) - currently in default, website vanished
European Property Coin (Facebook 5-10-17) - unsaleable shitcoin
Essex and London Properties (Facebook 29-3-17) - Ponzi scheme collapsed in 2018
Colonial Capital Group plc (Facebook 19-1-17) - collapsed in March 2017, now in liquidation
Fuzzy Brush Products Limited was previously reviewed on this site in April when it was offering 1 and 2 year bonds paying interest of up to 14.43% per year.
Since that review, Fuzzy Brush has also started offering investment in its vending machines, under which investors invest up to £250,000 in Fuzzy Brush vending machines in exchange for a return of up to 19.7% per year for a 3 or 5 year term.
Fuzzy Brush Products has been overdue with its December 2017 accounts since September 2018, and Companies House has now issued a strike off notice.
A court date has finally been set for the Government's winding up petition against Store First and related companies.
The winding up petition was originally announced back in July 2017, but was then adjourned. The trial is now due to take place on 15 April 2019 (almost two years after the original announcement) at the Manchester District Registry of the High Court.
Cesco Investments offers bonds paying 3.5% per year, according to its website.
I have seen online reports, since deleted, claiming investors have been contacted with offers of higher rates.
However, 3.5% is the rate quoted on Cesco Investments’ website (cesco-investmentsltd.com), so we will go with that. Few details are provided; a “Find Out More” link underneath the description of Cesco’s bonds doesn’t work at time of writing.
Tempus Magazine was a luxury lifestyle magazine first published in 2012. If you liked yachts, luxury holidays and pictures of watches (lots of pictures of watches), Tempus was the magazine for you.
In March 2017 Tempus was effectively acquired by the unregulated minibond issuer MJS Capital. MJS MD Shaun Prince became its Chief Executive Officer, and the owner was named in Tempus' contents pages as Tempus Media Limited (taking over from Curve Content Limited). Tempus Media Limited was wholly owned by Martin Westney, an MJS Capital director.
This arrangement was referred to by Tempus as "sponsorship" but having the same CEO as your "sponsor", having another director of your "sponsor" owning the company which is named as the publisher, and substantial influence on editorial output goes well beyond sponsorship.
Oddly, Tempus Media's September 2017 accounts claimed it was a dormant company, even though by then Tempus Magazine clearly stated that it was owned by Tempus Media Limited.
Tempus' website (tempusmagazine.co.uk) is now down, and the magazine has not published its usual issue for November. Martin Westney has also applied to have Tempus Media Limited struck off the register. Oddly, his application to Companies House claims that Tempus Media Limited had not traded in the past three months, even though he signed this application on 4 September, only a day after Tempus Media's last issue was published.
With Tempus Magazine apparently no more, let's take a moment to reminisce about its history under its new owners. Continue reading...
Marcello Developments (UK) Limited launched in 2015 and raised £3.6 million from investors in five year loan notes paying interest of 8% in years 1-2, 9% in years 3-4 and 10% in year 5.
The company's February 2018 accounts would have been due at the end of November 2018, however at the last minute - days before they became overdue - it decided to extend its accounting date to June 2018. This means it now has until March 2019 to submit the 2018 accounts under UK company law.