UK 09:14 Wednesday, 7 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
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.
The sorry saga of AIM listed China fraud Naibu (NBU) gets murkier and murkier and at the heart of it is City Nomad and broker Daniel Stewart, the firm that brought Quenron to the AIM casino and acts for Naibu. I asked it to show integrity at the weekend by quitting Naibu given my explosive revelation HERE. But Daniel Cesspit would rather bank the fees. So let’s talk Fraspens. Fraspens who you say? Well let me explain, on 21 July this fine enterprise issued a press release announcing inter alia:
Already a member? Sign in
• All premium articles
• Tom Winnifrith’s Bearcast
• Access to all the entire nearly 13 year archive
• ShareProphets Daily Newsletter
Cancel any time
This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Comments
Smudgedan
Great article Tom. Was wondering what happened to the Fraspens IPO as was planning to short it if possible. I saw the Fraspens website when it was working a few weeks ago and the similarity to Naibu was uncanny. Same layout, same font and even colouring their logo! Was in Naibu before but sold out before the drop. If it sounds to good to be true…….
Compounder
Looks like Daniel Stewart has been exposed. Will they now change their name ?
Harry Halfwit
Brilliant stuff Tom. This whole series of articles on the criminal Chinese scams is compelling reading. Keep it up. As long as spotlight is firmly directed on the AIM regulators, the nomads and the brokers there is a chance something positive will result. This would be a good subject for an investigative BBC documentary.
Tom Winnifrith
Harry
Many thanks. I am trying to collect my thoughts on where AIM sits right now given the wholesale fraud and failure of regulation.
I shall try to put it into words tomorrow but I hold out no great hopes. I shall however maintain the pressure
T