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Just how much financial trouble is broker Novum in and how did it manage to feck it up in this market?

By Tom Winnifrith | Thursday 6 August 2020

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.

Broker JubCap, whose financial woes we exposed here, is now in administration. It is an ex broker and not one that the world will miss. So who is next? Well, all the signs are that Novum, the bucket shop which employs king spiv Jon Bellis and has Gavin Burnell of Globo infamy working there even though he is not authorised to do so by the FCA, is in the merde. I suggested 66 days ago that its financials were so bad that the FCA needed to have a look and, for once, it seems the chocolate teapots have done more than that, acting on what I exposed. I count this as a win for the Sheriff so it’s ouzos all round at the Greek Hovel today.  But how is Novum in such a mess?

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