UK 18:45 Saturday, 24 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
The FCA Investigation into Wandisco (WAND) and its fraudulent sales continues. I wrote to it last week about the way that ex CEO Dave Richards MBE and CFO Erik Millar were given huge bonuses solely because of fraudulent sales figures. Now I have written again on the subject of payoffs.
The FCA Investigation into Wandisco (WAND) and its fraudulent sales continues. I do not expect it to affect the business going forward but I hope that it results in ex CEO Dave Richards MBE and CFO Erik Millar being thrown to the wolves if not into jail. I have dropped the FCA a note focusing on the issue of 2022 bonuses, as you can see below
After a $30 million bailout fundraise at just 50p, shares in Wandisco (WAND), suspended at 1310p, have relisted, crashed and are now just 49p but I would not touch the stock with a bargepole and here is why.
Following my three exposes yesterday I put a number of questions to Wandisco (WAND) via its PR firm FTI Consulting. I have also reported Dave Richards to the Charity Commission with whom I had a fruitful conversation. Next up will be the taxman but that is a bit complicated.
Earlier today I showed how the related party transactions between Wandisco (WAND) and its former CEO, disgraced Dave Richard MBE stank to high heaven, especially the ones involving Sheffield Wednesday and Dave’s private company Eyup. But as I now look into the accounts of the DJRFF, Dave’s charity, which is also involved in the related party deals, there is much worse emerging.
Earlier I looked at the obscene bonuses awarded to ex Wandisco CEO and CFO David Richards MBE and Erik Millar in a year when they brought the company to the verge of bankruptcy. I still cannot see how this can be allowed. Now let’s move on to the stinking related party deals involving Richards which, in a way, are even more shocking.
It is on page 42 of the Wandisco (WAND) annual report, sent to shareholders yesterday, where you find what must be the most disgusting reward for failure the AIM sewer has ever seen.
Oh dear, oh dear, the bad news just keeps on coming at the $1 billion AIM fraud Wandisco (WAND). But before we get to the bad news I invite you to read the 2022 report on corporate governance read by now ex CEO pompous Dave Richards MBE HERE. Did he believe this shite or just publish it anyway to allow ESG investors and woke FCA employees to get an easy jerk off. Anyhow back to the fallout from the fraud.
It was just six months ago that smug bien pensant Davie Richards MBE was boasting that putting his staff on a four day week but paying them for five days had seen sales rocket. Then it emerged that most of those booked sales were completely bogus, booked by one rogue saleperson. As CEO, Richards, and his hapless CFO, had not bothered to call any of these big new customers, had not verified the contracts indeed had done nothing even as bills were not paid. Richards was too busy being one of the “great and the good.” Today, the price of Richards’ ineptitude became clear as Wandisco (WAND), battling to stay solvent, has started mass layoffs.
I guess we will have to wait for the FCA enquiry as the internally driven enquiry by FRP Advisory does not address the key issues at Wandisco (WAND), until recently a $1 billion Unicorn. It appears to be a whitewash.
