Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Exclusive: African Minerals; another shameful failure by Jefferies International

By Ben Turney

26 February 2015 06:43

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How much longer will the London Stock Exchange permit discredited Nomad Jefferies International to cover up the scandalous behaviour of its clients? After enabling IGas Energy’s (IGAS) lying CEO Andrew Austin to disguise his deeply discounted £7,000,000 share sale, it now looks like Jefferies has failed even more catastrophically in its duties to shareholders of African Minerals (AMI).

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Comments

DUCK AND DIVE

26 February 2015, 09:19

Nicely written, Ben. Shocking dereliction of duty. Have there been any class actions brought against Nomads by shareholders who they failed to protect?
Leven

27 February 2015, 11:19

Very well put and AMI is the worst of the lot (which is saying something)!!!…this debacle has everything…two of my favourites

http://brontecapital.blogspot.com/2014/08/more-than-ten-thousand-tonnes-of-fuel.html

http://ftalphaville.ft.com/2014/08/06/1919662/he-admired-frank-timis-as-courageous-and-clever-at-marketing/
David Colins

5 April 2015, 16:29

Jefferies at it again, on this occasion they are unlikely to be able to scuttle innocently away. Surely the regulators cannot allow these scandalous acts to go unchecked ? It is only going to take one investor to file a legal case against Jefferies which will result in a forced disclosure of their records which in turn will highlight their inability to function as a NOMAD triggering the mother of all LSE fines and their compensation chequebook taking the beating of its life. Jefferies of course will adopt a wall of silence in the meantime, praying that the impending fallout will leave them unscathed and they can hurriedly shred and delete any information that would be undesirable for public view. However records must be maintained for three years, no doubt the countdown clock has already been started to buy the new shredding machine and total deletion software ! It’s actually amusing that their behaviour has been so appalling it’s blindingly obvious they are going to have to compensate at lot of investors if even the slightest legal questions are asked to have any hope of remaining in a NOMAD capacity. A true financial sword of Damocales with a three year hang time. Beautifully written article I may add.