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KPMG and an ex partner already put out to pasture get another pointless FRC fine and nobody cares: it's sham justice

Your starter for 10: How long, before today, is it since KPMG was last reprimanded and fined by the FRC? Monk (Oriel College Oxford): Eight days! Correct! You now have three questions for five points each on lies told by Caracal Gold (GCAT). Today’s fine for KPMG is, of course totally meaningless but relates to the audit of The (WRKS) for the year end 26 April 2020. KPMG really fucked up here and to reduce the fine admitted so very quickly.

  • By Tom Winnifrith |
  • 2023-04-26 10:29:07 |

Neil Woodford’s Equity Income Fund - £235 million compensation but surely the real villains should hand over £100 million more

The FCA yesterday announced that subject to investors in Neil Woodford’s Equity Income Fund agreeing and to ACD Link making planned disposals then in due course punters would be receiving £235 million in compensation. That will claw back some of the losses folks suffered and I am sure that investors will welcome the news and support the package. But, the real villains are still sitting on £100 million of ill gotten gains.
  • By Tom Winnifrith |
  • 2023-04-21 07:01:29 |

KPMG and Stuart Smith sanctioned by the FRC for a second time! Of course it makes no difference

Today’s sanction sees KPMG fined £1.25 million, discounted to £875,000 for pleading guilty to its crimes, and getting another severe reprimand/ pointless slap on the wrists. The fine is peanuts and since all the big 4 get regular reprimands nobody cares any more. This time KPMG sinned by screwing up on the calendar 2016 accounts of Luceco.
  • By Tom Winnifrith |
  • 2023-04-13 13:01:23 |

BREAKING: Who have the City of London Police arrested in raids on the frauds Eden Pharma and Aries Robotics, its ouzo time again at Sheriff Towers!

I have repeatedly warned about Eden Pharma. The folks targeted by boiler rooms pushing it and Aries were also targeted by folks raising £65 million for One True View and Appbox Media. As you can see below in a letter sent out to Aries and Eden investors the fuzz have swooped on multiple addresses and arrested one 40 year old.
  • By Tom Winnifrith |
  • 2023-03-13 14:32:00 |
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