The Millipede
08 Nov 2015
Re: not my fault Eagle - you are right of course. I am not trying to minimise the crime. But no one (well almost) ever goes to prison........ and there is no point in setting expectations too high IMVHO.The idea that the former CEO will hang around long enough to face criminal charges seems unlikely to me......... but I hope you are right..... and sorry about being the cause of your trouble with apple pie. 
Cheers,
eagle51
08 Nov 2015
Gallant Re: not my fault "OG, in fairness frauds are rare"................................really? How do you define fraud, gallant?What I say from here on has nothing to do with the above. Got that everyone?How long has David Lenigas been around, mainly on AIM? How many listed companies has he set up or otherwise been involved with either as director, chairman or consultant? I have read several articles, including a number published in the FT, Times, Telegraph and other generally non-controversial forms of the media that suggest it is upwards of 160. Do "DL companies" have any common traits, eg a tendency to release frequent RNSs that contain only positive news and point to a rosy future for all shareholders? Do these prospects often materialise? Does DL draw large sums out in various forms of remuneration, regardless of whether or not the companies are profitable (they very rarely are)? Are losses in them funded by regular placings at a discount to people who aren't named and never appear on the register (well, not the share register), the suspicion being the shares are dumped as soon as the next positive RNSs attracts more gullible people to buy? I could go on.How many Chinese owned or controlled AIM companies have delivered anything other than losses to shareholders?Has anyone checked out a remuneration set-up for directors of GVC Holdings I have never seen anywhere near the like of in my life, in the extent of the greed and effrontery of those benefiting from it? Have a look at it, Pendil and let me know what you think - directors are taking the equivalent of dividends on options issued to them in the millions. The scheme was approved by a non-exec who gained €750k by saying 'yes' because he had millions of them too). There was a brilliant new wheeze this year too (cost the company €11m) once they knew I was onto them - I can't go into the details here of what happened following a few posts I made - I wasn't the loser).How long has Nelson at IQE been promising things that have never happened? How long have the same dim analysts fallen from the spiel (or have they?) and recommended the shares as a buy? Why was Terry at Quindell crucified for selling shares when he said he was buying, but not Nelson and crew at IQE, who did the same thing with the same people?Anyone had a look at Juridica Investments Limited and what's happened there? Watch this space - may take a few months but I'll get there. Everyone's slamming doors but it won't put me off.I exclude all the above companies from any comments I make from here on.I have only looked in any detail over the past few years at a very few (maybe 15 to 20 - including GBO) of the over 1000 companies listed on AIM. I believe there is a technique used by organisations like MORI to extend sample sizes to gain a more representative overall picture; I believe it's called 'extrapolation'.Try it using this post as a base and see if, on reflection, you reach the same conclusion: ie "frauds are rare".Depends what you define as fraud and what you call: "rare". "Common" or "the norm" might be more appropriate.
Ripley94
08 Nov 2015
Re: Administration I posted he was he was about and speaking Tuesday this week.
gallant02
08 Nov 2015
Re: Greeks Someone on the ADVFN web site claims to have recently spoken to Costis at Globo, suggesting he hasn't done a runner but is trying to help. He apparently confirmed there isn't enough money around to pay all creditors, but no mention of any possibility of selling any valuable IP.Hope that means they managed to freeze his share sale proceeds before he got his mitts on it....
give the dog a bone
07 Nov 2015
Re: Greeks ah now that's a tad harsh. after all the greeks cant be all bad since they are giving the Syrians and the various immigrants temporary shelter on their islands before shipping them north to the promised island of milk and honey... aka the UK
frigginrascal
07 Nov 2015
Greeks Never trust a Greek, low life. Make their country pay.It's time we find him and ......
Ripley94
07 Nov 2015
Re: knievil If these types spotted something fishy why not regulators nomads ect.Maybe the old adage takes one to know one.
Ripley94
07 Nov 2015
knievil Saw a site which points out the interconnection between the big shorters on this one.Backgrounds cause concern.
eagle51
06 Nov 2015
Re: not my fault The Millipede - I nearly choked on my apple pie (made it myself - quite proud) on reading in your post: "And while I think justice probably demands the former CEO never be allowed to serve as a director again, and might even send him to prison"...................if the situation turns out as all the signs are that it will, this was systematic fraud that's probably gone on for years; thousands of people being misled and parted from their money as a result and in the end the main perpetrator greedily trying to cash in his shares - we don't know how long he'd been selling and therefore how much he gained from his dishonesty. I don't expect the cash was ever there (probably hidden from the auditors using inter-company balances - they can hide a myriad of sins?). It certainly isn't now. Did they just steal it? Don't forget the complicit role of the CFO either (the POS); he may not be a qualified accountant - a red flag if ever there was one - but that doesn't excuse him, nor the other directors either. No-one can seriously pretend they didn't know at least something was going on. If you take a position as a NED in a listed company you're deemed to be streetwise enough to do the job properly - they took the pay readily enough. They can't just walk away. Their D&O policies will be worth looking at.I don't see that much difference between what the Greek slimeball got up to here and what Bernie Madoff got up to a few years back in the US - except in the volume of money stolen. He parted already wealthy US Jews from their savings by tempting them with unrealistically high returns on their money - he played to their greed. So did CP, whose constant promises about GBO's spectacular future didn't somehow ring true to some, but he won over a lot of disciples nevertheless. Evidently not BDO, but certainly Grant Thornton it would seem. Surely they'll settle (after a token fight), to minimise the damage long proceedings there was no hope of 'winning' would cause. All very embarrassing. Time will tell.I dare say there were some pretty powerful Jews inside the American legal system who were always going to ensure Madoff was never again going to set foot outside prison walls during his lifetime. Don't really know how his wife got to keep their swanky apartment and $10m - she must have known what was going on - maybe it was difficult to prove and there was some kind of trade-off? .What was good for Madoff should also be good for the Greek conmen - all those found to have been complicit anyway. What happened in GBO should never be forgotten and a crystal clear message should be sent out about what will happen to anyone else found guilty of fraud/criminal deception on this scale. My guess is that the CEO and Gryparis - assuming they don't disappear - will go to prison for a decade or more. If they don't it will be a travesty. Becoming part of a new flyover somewhere, before they even get there has to be a possibility - depending how seriously they've p'eed off people like the rich German family with the dedicated fund management set-up that ended up holding 11%.
Orchard Gate
06 Nov 2015
Re: not my fault Very fair point gallant02, other than to say frauds on AiM have become far from rare (Quindell, CamKids, Naibu, JSI and many others just this year) so where there are warning signs I think best avoid like the plague. Of course some will then be pukka but better to miss nine pukka ones and one fraud than lose 100% on an investment on the next Globo.
JakNife
06 Nov 2015
Re: Did You Short Globo? I'm with IG who have been a little awkward with Afren. I'm at 100% margin on Globo, which would have been painful if I hadn't anticipated this in advance.
IAmShareCrazy
06 Nov 2015
Re: Did You Short Globo? Which company is this with? Let's hope they hurry up because I am paying daily funding. Who are the brokers behind IG and spreadex, as it seems I am waiting on them or just an excuse?
gallant02
06 Nov 2015
Re: not my fault These people are well paid and should do a proper job, all too often they don't.There is a victim compensation scheme for victims of crime. In the case of Auditors it's called PI cover, it's there for a reason and we have every right to make use of it....
The Millipede
06 Nov 2015
Re: not my fault I think there are genuinely good questions to be asked around the role of auditors and AIM regulations as well as the law and possible punishments for directors who act as they did here. The matter of justice is obviously harder to resolve when directors are based in overseas jurisdictions: I doubt the Chinese authorities will be handing over the directors of Naibu for instance (although, who knows, some might prefer Chinese methods to be meted out in that case).There is certainly nothing wrong with calling people to account and expecting them to do their jobs properly (although we also need to accept that people can not be reasonably punished for incompetence which might - not saying it is - have been the case with the auditors and the non execs).But I genuinely think here one issue has been the credulity of investors. FWIW and if it helps I ask the following question pretty much every day about my holdings: is there anything I have missed and are there any reasons or interpretations of events that might cause me to sell. I always assume the worst plausible explanation and react accordingly.And while I think justice probably demands the former CEO never be allowed to serve as a director again, and might even send him to prison, I do not think it would be right to compensate shareholders who have taken on a risk (the risk that you invest in a company with a bent director) that went sour. Nothing more. This is precisely why someone like Warren Buffet sets such store by his assessment of the management of his investments. As a result he takes reasonable risks and makes a lot of money. Posters on iii are always complaining that they are invested in a great company but that just has incompetent/ dishonest/ lazy/ in-it-for-themselves executive teams at the top....... surprisingly enough these investments often seem to go wrong in the end. Just re prioritise this issue and I think investing becomes a lot more fun!Here endeth the lesson.
JakNife
06 Nov 2015
Re: Did You Short Globo? Probably not. It normally takes a few months to get confirmation and payment. Eg I'm still waiting for a payout on Afren.
