The Ingenie Panama Pump fraud at Quindell – killer details emerge: Are you happy Gary Lineker?

As the Company’s House filings emerge more details of the various Rob Terry frauds at Quindell (QPP) emerge and the latest concerns Ingenie, the insurance company for whom Gary Lineker made £5 million. This is a panama pump. And it is black and white slam dunk, jail meriting, fraud, not for Lineker who is innocent of any wrong doing but for many others.

Lineker got free Quindell shares for his work promoting Ingenie as its "brand ambassador". Jug Ears flogged them and made £5 million. Do you feel good about that jug ears? You were totally unaware that Ingenie was a fraud of that we are all sure. But don’t you think your gains should be donated to a good charity in light of what follows??

The latest filing at company’s house is for Ingenie (UK) Limited a 100% owned subsidiary of Ingenie. You will see that it is dormant and non-trading.

Back on 19 September 2013 as Quindell tried to ramp its share price ahead of the November bailout funding, it announced:

Quindell has subscribed for shares representing 40% in each of two newly formed subsidiaries of ingenie satisfied by the payment of £4 million in cash for each. The two newly formed entities, ingenie UK and ingenie Canada, will extend ingenie's existing telematics insurance offering, which has to date been aimed solely at drivers in the UK that are under 25. Now, prospective customers who are over 25 in the UK, and drivers of all ages across Canada will also be able to benefit from ingenie telematics insurance. 

The directors of Quindell and ingenie have high confidence that ingenie will continue to achieve rapid and sustainable growth in these two new markets. Prospective partnership discussions have already commenced with major brands in the UK who in combination represent over 25% of UK drivers and a number of core industry participants in the Canadian markets, including the Insurance Brokers Association of Ontario (the "IBAO"), whose members directly or indirectly distribute approximately 60% of insurance in Ontario.  These partnerships look set to deliver significant volumes to ingenie within a relatively short time frame from launch.

Ends.

Oooh Rob Terry that sounds really exciting.  But as ever with this fraudster all is not what it seems. Now read Ingenie UK Limited’s annual report for the period to December 31 2014 (filed only 9 months after the period end) HERE

A loss of £5 million on sales of nil. That is pretty good going and leaps out at you on page 8 but it is the notes to the accounts that are most fascinating. You will see on page 19 that the company prepaid a license to Ingenie (its parent) for £1 million but more pertinently it prepaid £4 million to Quindell for a licence and services support.

So in other words Quindell subscribed £4 million for its 40% stake in a worthless company. But Ingenie UK Limited promptly then sent that £4 million straight back to Quindell which it was then able to book as Sales, profits and pure operating cashflow.  That would have been included in the Q3 trading statement announced on 21 October 2013 as part of the ramp ahead of the placing on November 15.

The bogus sales, profits and cashflow were also included in the 2013 annual report.

This shows clear fraud on the part of Rob Terry, Laurence Moorse but also Richard King of Ingenie (whose best man at his wedding was, of course, jug ears).  No doubt the Serious Fraud Office are aware of all of this.