UK 19:53 Friday, 23 October 2026
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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.
Oh dear, poor old Quindell (QPP). Following news of the FCA investigation and additional internal checks on Rob Terry’s accounting fraud, I can reveal that those plan ing a class action have now appointed a top barrister as they prepare to lodge a claim. This is an additional threat to the special dividend this fraudulent company had promised.
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Comments
DUCK AND DIVE
When YLF file their claim, they can presumably also ask for a court order to ring-fence, say, um, £500m of Swindell’s current/expected cash resource pending resolution of the case.
Some shareholders might object but there is no guarantee the full divvy is heading their way anyway.
turbograndad
YLF, are well on it, have been in touch with me today, no win, no fee basis, etc.
I registered my complaint with them some months ago, so give it a whirl @ said tel no.
meh.
The directors probably have insurance. They would be nuts to join the board without it.
But it doesn´t cover fraud.
Tom Winnifrith
MEH
Sure they will have D&O Ins. But that does not cover them if they pay out a dividend knowing this could leave them unable to meet liabilities, they personally would be on the hook. Which is why the 100p a share is under threat
T
turbograndad
Sorry, it is not a no win no fee basis, there are potential charges.
Re my previous comment.
Showtime
Tom – slightly “off topic” but relevant and amusing none the less is a posting on the Quob Park Estate blog – “Quob Park Estate Appointed as Exclusive Advisor to SMI Technologies”. SMI Technologies was formerly Quindell Telecoms Ltd and prior to that it was SMI Telecoms Software Ltd. The latest name change is registered at Companies House on 19th June so presumably this was the date that QPP would have “sold” this business. I had a quick look but can’t see any QPP RNS on this disposal although it merited one when QPP bought it…
A little digging around Companies House brings up a whole load of other “SMI” entities with a Phil Brooks as the lead Director. A number of these were, to put it nicely, not very successful and have achieved little more than generate nice fees for Receivers and Liquidators. If you dig through these reports you see the same Quenron names scattered about. It seems Mr Brooks and Mr Terry go back a long way. In the blog post Mr Brooks praises “Rob’s…management advice and guidance to me personally over the years has been invaluable”. It is pretty obvious what he has learned from this…Anyway, since incorporation on 1st May 2012 SMI Technologies has only ever submitted one set of accounts. Strike-Off procedures were initiated and then discontinued, accounting year-end was changed etc ie usual Terry Posse behaviours. Couple of interesting things in these accounts:
1) Under Note 2 – Fixed Asset Investments (all of £3,000 no I have not missed any zeros) it states “The company holds more than 100% of the share capital…” More than 100%? Mr 2+2= {whatever he needs it to be}
2) These wonderful businesses (including the US arm), valued at £30 million according to QPE’s blog has a net worth of…drum roll please…-£2,718 made up of £3,000 of equity and cumulative losses of £5,718…
And remember that this was what QPP paid/valued at £8 million when it invested £800K for 10%. It’s not clear where that £800K went either but that’s another story.
I really hope that Mr Terry doesn’t lose his writing privileges when he goes to prison.
a1hooky
dont suppose there is a ylf action group for sefton shareholders is there? i got out after reading toms articles but lost a packet due to jimmyliars ramping
lloorree
Just a thought:
The current Quindell directors instigated the FCA enquiry to:
1) Allow previous accounts to be amended – given that tax has been paid on the inflated amounts, doesn’t a refund beckon;
2) place the blame at the door of previous directors – ie rendering them personally liable for all frauds liable?
its me
The company can’t instigate an FCA inquiry, the FCA do. I would think that its not really the accounts that are top of their agenda but market abuse is the real reason. I would say particular scrutiny would be around the EFH deal, normally in these types of transactions ALL the shares are sold PRIOR to the announcement, this protects the share price and gives the seller an exit. The loan aspect of the RNS and purchase of more shares is a smokescreen. These deals have been going on in the US for years. If I was RT id be a very worried man.