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Published 3542 days ago
I had a good chuckle at Ben Turney’s ShareProphets Translation Service piece (HERE) covering the formal statement issued by AIM Regulation regarding the biggest stock market fraud the UK has seen in thirty years, otherwise known as Quindell. I am not laughing now. Wednesday’s statement from AIM Regulation proves once and for all that it is just a sham designed to lure investors into a false belief that the LSE’s junior market is policed. It is a front, and an affront.
Published 3047 days ago
Nomad Cairn has not resigned as adviser to Cloudtag (CTAG) even though it has lied to investors on a serial basis and committed Securities fraud. Cairn's reputation is thus in tatters. It thus begs the question of how any of its other clients are frauds, how many are simply not investment grade material and how many of the few good clients will want to be associated with the disgraced Nomad for much longer as it will not help their share prices to be linked to this rotten, stinking adviser. The clients are listed below by AIM or ISDX category.
Published 3485 days ago
With sincere apologies to David Bowie, a new version of Space Oddity for the AIM casino
Published 2838 days ago
The AIM casino has hosted the London stockmarket's biggest fraud for almost 40 years (Quindell) and a raft of smaller frauds in recent years. One might almost say that fraud is endemic. Yet, in a consultation paper published this week, the London Stock Exchange (LSE) has insisted that it is not within the remit of its own AIM Regulation department to tackle fraud or indeed do anything about it. This shows a complete contempt for investors - we bank the fees, you bank the losses.
Published 3830 days ago
Over the past months we have seen an astonishing array of articles clearly demonstrating that company directors, Nomads, Brokers, Auditors – just about every profession involved in running AIM-listed companies – have broken rules or been negligent in performing their duties. Tom’s ongoing exposee on Quindell (plc), Daniel Stewart (broker and Nomad), KPMG (auditor to QPP) are recent examples. Ben Turney’s revelations about New World Oil and Gas show the most extraordinary behaviour by its management and by its Nomad – and now Broker – Beaumont Cornish. I’ve been a right old bore about Digital Learning Markerplace plc from 2012 which has posed questions about its management, Broker, Nomad and Auditor. There are more. Many, many more.
Published 3339 days ago
We have today penned an open letter to George Osborne regarding the ever-growing scandal of the ShareProphets AIM-China Filthy Forty. Mr Osborne, you will remember, is keen to see greater links forged between the London and Chinese markets. Under the circumstances we are deeply concerned about this and call for a full investigation.
Published 3593 days ago
Rob Terry and his latest Quindell missive, the latest Sefton farce, the China frauds, the sheer level of mendacity, greed and corruption on the AIM casino is at a level which I cannot remember but the authorities do sod all and all the time the Private Investor gets screwed. This week AIM celebrated its 20th birthday and its allies in the crony capitalist cabal on Fleet Street lapped it up. I am sorry to say that my old pal Geoff Foster of the Daily Mail penned a vomit inducing piece HERE which needs "fisking"
Published 3945 days ago
We are pleased that Angus Forrest has given his side of the story with regard to what went on at DLM in 2012 - HERE. Whilst we believe his explanations fall short of satisfactory, at least he has taken the time and trouble to respond to some of the questions raised but we still call for the noose. Answering his points in turn…
Published 1904 days ago
Having sent a missive to AIM Regulation yesterday concerning AIM-listed Haydale (HAYD) and its Trading Update which appeared to admit to contravention of AIM Rule 11, the company issued a clarification RNS which appeared to me to completely contradict the original one, and both were signed off by Nomad Arden Partners under the watchful eye of the fine upstanding Mr Paul Shackleton, of China-fraud Naibu (NBU) and Daniel Stewart infamy. Call me old-fashioned, but the two statements appear to me to be impossibly contradictory – and that brings me to AIM Rule 10. Thus I have written again to AIM Regulation.
Published 3334 days ago
Cynical Bear showed what a total joke, AIM listed Craven House Capital (CRV) was. Now here is another total killer. If Nomad Spark was not aware of our full coverage yesterday from CB (HERE) it is now. And it should resign at once, this company is simply not investment grade material. It is uninvestable crap. And that brings me to Pressfit- a company that I have lambasted before HERE.
Published 3542 days ago
This week’s disclosures by Quindell (QPP) have shown conclusively that the gargantuan body of work which started back in April 2013 by ourselves and colleagues at ShareProphets was on the button. Along the way there were allegations of securities fraud, accounting fraud, VAT fraud, insider dealing, market abuse in what is simply a staggering litany of revelations. The evidence was passed to the FCA, AIM Regulation, the SFO and others in a series of submissions going back to April 2014. Yet the FCA and AIM Regulation utterly failed to act on the evidence handed over. The FCA took until June of this year to open an investigation – we rather suspect because of a me-too response, once it was known that the SFO was involved and that the Financial Reporting Council (FRC) had been looking at Quindell. AIM has yet to confirm any actions beyond a spot of belated flag-waving.
Published 2865 days ago
The Times yesterday ran an article "Investors take aim at LSE’s mistrusted upstart - Stock exchange defends Alternative Investment Market but its critics are losing patience", which it painted as a major attack on AIM. In fact it appears to have found one new critic - Standard Life - which, having done its conkers on Fusionex (FXI) because its fund managers knew better than our writers here who issued repeated warnings, now seems to think AIM has a problem. On which fucking planet has Standard Life been for the past ten years?
Published 1790 days ago
Tom Winnifrith and I have covered the FY19 results of AIM-listed Tern plc (TERN) and subsequent discovery of an unannounced change of Auditor is some detail already here on ShareProphets. But amid all our questions, in true Sam Antar style, Tern has remained stum so our questions go unanswered. Top of the list is why former auditor Grant Thornton stepped down – or was pushed – and whether the valuations on Tern’s balance sheet has anything to do with it. Indeed, one might wonder whether a breach of AIM Rule 11 has occurred.
Published 2748 days ago
At 5.45 PM yesterday Denzil Jenkins of the AIM Regulation team called Nomad ZAI. No-one answered so he left a message on its answerphone informing the Nomad that it was to lose its Nomad status at 6 PM that day and that its clients would be contracted at that time with the news. Jenkins followed this up with an email saying that ZAI could appeal but when you are going to lose all your clients what is the point? In fact the events of yesterday are just part of a story which shows AIM in a terrible light as a secretive and oppressive body covering its own failings with scapegoating and showing no regard for natural justice or any sense of fairness.
Published 3757 days ago
For over a year I have been providing the regulators with a chapter and verse dossier of breaches, lies, misrepresentations, incorrect filings, missing RNSs, market abuses, contract breaches and a whole lot more besides with regard to the collapse of Digital Learning Marketplace (DLM) in 2012. They were warned that it would all happen again unless they acted. They have not. And so, in the wake of an utter scandal at Tern (TERN) which, one way or another, involves almost ALL of the protagonists from the DLM scandal I have written an open letter to the chief executive of the FCA, Mr Martin Wheatley and to the head of AIM, Mr Marcus Stuttard. The latter, laughably, describes himself as The Sheriff of AIM. I think we all know that he is an imposter and who is the real Sheriff.
Published 3207 days ago
ShareProphets AIM-China Filthy Forty member LED International Holdings (LED) has been suspended from trading since 22 Dec 2015 – we are well into month seven of suspension, then. AIM Rule 41 says: “The Exchange will cancel the admission of AIM securities where these have been suspended from trading for six months”. Yet LED has still not been given the order of the boot by AIM Regulation. I dropped our friendly Oxymorons a line….
Published 3714 days ago
The statement today from Naibu (NBU) is comedy. This is such a slam dunk fraud I cannot see why we bother pretending otherwise. The tragedy is that with the shares still suspended investors face a 100% wipe-out. I turn to the statement and also to the roll of shame and how this MUST BE CAREER ENDING for some folks if AIM Regulation is to retain any credibility. Are you reading Marcus Stuttard, the phoney “Sheriff of AIM”? The Real Sheriff has a message for you too. Let’s start with the statement which comes after a suspension on January 9 as the NEDS sough clarification of Naibu’s financial position.
Published 2928 days ago
The ShareProphets AIM-China Filthy Forty is set to have yet another casualty – this time MoneySwap (SWAP) which is proposing to follow Taihua (TAIH) and Jiasen (JSI) out of the back door via a cancellation EGM to become the twenty-seventh Casino delisting. But this will be after almost eight months suspended from trading. Oh Oxymorons at AIM Regulation, whatever happened to AIM Rule 41 which says that execution comes at the end of six months’ suspension? Why don’t you just apply your own rules? Does the AIM Rulebook count for nothing these days?
Published 3746 days ago
Yesterday I ran a piece saying that IGas (IGAS) was still not complying with DTR 3 of the Disclosure and Transparency Rules in the FCA rule book. It isn’t, but it turns out that DTR 3 does not apply to AIM companies, not that I managed to glean that from the DTR rules, although it can be inferred from the AIM Rules in the Guidance Notes. Mea Culpa, then and I apologise for the error. But AIM Rule 17 contains much the same requirements and so here is a corrected version of that piece. For the record, DTR 5 (rules governing disclosure of holdings greater that 3%) DOES apply to AIM Companies.
Published 2786 days ago
There was a High Court Ruling this week which concerns attempts by the London Stock Exchange (LSE) and AIM to discipline the firm of ZAI Corporate Finance, a Nomad, or retained adviser, to firms on the AIM casino. The big question here is what dirty linen the Stock Exchange is desperate to hide. I should declare at this juncture that I am an expert witness in this case.
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