By Tom Winnifrith | Tuesday 12 June 2018
Although Julie Meyer is no longer regulated to manage other folks cash, rules are for little people not for Julie “lingerie on expenses” Meyer MBE and not only is she managing her ACE fund she is lying to investors to raise another £2 million. But beware, the scale of this ponzi is revealed in the data below.
To date Meyer has raised £7.6 million from mug punters and she boasts that the fund is now worth £7.8 million as she tried to lie her way to raising more cash. As I demonstrated HERE that claim is ludicrous – the real value of her investments today is – at best just over £2 million. So where has the cash gone?
Let us start with the expenses. You can see from the spreadsheet below - provided by ACE to investors and passed onto Winnileaks – that the scale of expenses is astronomic. Add up set up fees, legal & professional, audit, accounting, Advisory Committee (largely J Meyer), marketing resources, borrowing costs, and the £750,000 management fee paid to Ariadne capital Limited and you arrive at a total cost base of £2.979503 million. And that is just up to the end of 2016, you can bet the ranch that the total is now well over £3 million.
But of course that is not the only investor cash flowing out of the building, largely back to other Julie Meyer controlled entities. There is the little matter of the £750,000 in cash paid by the fund to Ariadne Capital Limited ( now in administration) for a 15% stake in the worthless ECG business. If one adds that money in the fund would have had well under £4 million to spend on other investments.
Now the reality is, that contrary to what Julie Meyer has stated, as we have shown, for instance, HERE most of her investments have performed very badly indeed. Even as at 2016 Meyer was in the spreadsheet below fessing up to a £658,000 diminution of investments. Since then the demise of companies such as Taggstar ( with the last director accusing Meyer of fraud and theft, on which there is more to come) means that the NAV will have fallen by even more.
And thus we arrive at a situation where the true picture is of a fund where Ms Meyer has turned £7.6 million into – at best – little over £2 million and she has done that in five and a half years which has been a raging bull market for everyone else. Quite an achievement. No wonder Vince Cable and Call Me Dave Cameron thought she deserved an MBE.
20% of the cash went direct - via a management fee and the first ECG share purchase - direct to Ariadne capital Limited to help pay for Meyer's flat, the lingerie, the sex toys etc, etc.
Since NONE of the companies Meyer is still invested in are in any way close to an exit event or paying dividends the fund has no cash and thus, one suspects, management fees payable to keep the Meyer empire going are being accrued until Julie can persuade more mug punters to stump up fresh cash.
But she can’t do that by saying that £7.6 million is now worth £2 million so she has to lie and say it is worth £7.8 million. And that can only be done by adding in the £3.75 million valuation for the remainder of ECG based on a sale by Ariadne capital Limited in Nov ember 2016, but ignoring the fact that the fund has not paid for that purchase. Then refuse to write off investments in companies that have gone bust, do a bit of Meyer maths (i.e. not adding up correctly) and ACE is worth £7.8 million. Hey presto. Let the ponzi continue. Get in new cash, and then pay off those unpaid invoices from other Meyer entities for management charges and levy a few more bills.
Make no mistake ACE is nothing more than a way of transferring cash from mug punters to keep Julie Meyer in the lifestyle to which she has become accustomed, lingerie and sex toys on expenses, shopping at Armani and holidays by the pool, all paid for by other folks. That no regulator has closed this woman down for good & NOT started moves to prosecute her is just shocking. #Lockherup!
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