LCF Bondholders

London Capital & Finance raised £237m from 11,605 savers before collapsing - Jan 2019. SFO are investigating. FSCS faced legal action. FCA was investigated.

[Serious Fraud Office (SFO) @UKSFO]

Thomson repeatedly breached a court-imposed restraint order. Listen to @BBCSussex 's coverage of the sentencing.

[Serious Fraud Office (SFO) @UKSFO]

👀 ICYMI: Last week the Serious Fraud Office secured a six-month prison sentence for Michael Thomson, former CEO of collapsed investment firm London Capital & Finance (LCF).

[Ian Beckett @ianbeckett]

1/4 #LCF mini-bond scandal: #LCF front man ‘Andy Thomson’ jailed for 6 months after admitting recklessly breaching the #SFO’s asset freeze order; wife ‘Debbie Thomson’ separately received a 6 months suspended sentence.

‘Andy Thomson’ was previously handed a 10-month suspended sentence in May 2023 for also breaching the asset freeze order by sending £95k to his wife to conceal funds from investigators.

The #SFO first obtained its asset-freeze order against ‘Andy Thomson’ in March 2019 as part of its ongoing investigation into the alleged fraud, with the aim of protecting any assets which could be used to compensate victims.

[LCF Bondholders @LCFBondholders]

Andy Thompson has been sentenced to 6 months in jail.

[Personal Finance @ftmoney]

Ex-LCF CEO sentenced to 6 months in prison over court breach https://t.co/aTY4DWyOIs

[LCF Bondholders @LCFBondholders]

Britain’s Bernie Madoff - Andy Thompson jailed for illegally selling hot tub and horse saddles

https://t.co/blyjiIiHzm

[LCF Bondholders @LCFBondholders]

Veteran solicitor who was embroiled in a Ponzi-style investment scheme has been struck off the roll. Robert Sedgwick, admitted in 1973, was found by the Solicitors Disciplinary Tribunal to have repeatedly backdated documents relevant to London Capital and Finance.

[Law Society Gazette @lawsocgazette]

LCF solicitor struck off over 'endemic' backdating:

https://t.co/6yal74QmAX

[Law Society Gazette @lawsocgazette]

Solicitor fined £30,000 for 'obvious conflict' arising from LCF role:

https://t.co/2Bozh5ZDVx

[Ian Beckett @ianbeckett]

4/4 When #LCF imploded in 2019, it was the start of a long fight for the #LCF victims group to get compensation for victims & now justice.

[Ian Beckett @ianbeckett]

3/ In witness statements to the High Court, ‘Jeremy Friedlander’ said that he had been introduced to #LCF crew-mate ‘Simon Hume-Kendall’ & #LCF major borrower #LOG back in 2016 and acted as a consultant to #LOG and consultant &/or director to other #LCF borrower linked companies incl. those linked to the infamous #Lakeview Country Club ‘respins’.

[Ian Beckett @ianbeckett]

1/ #LCF mini-bond Ponzi: #BussMurton law-firm partner ‘Alex Lee’ fined £30k (+£50k costs) over role as director of ‘bond trustee’ setup to purportedly protect the interest of #LCF bondholders, despite the "obvious" conflict of interest [his client was #LCF & it’s front-man ‘Andy Thompson’]

When acting for #LCF, ‘Andy Thomson’ was Alex Lee’s main point of contact and the solicitor knew that ‘Andy Thomson’ had some form of "residual interest" in #LCF borrowers.

Reportedly:

● ‘Alex Lee’ took on the job of director of Global Security Trustees Ltd. (#GST) at the end of March 2018 - a position that required him to act as security trustee protecting the interests of #LCF’s bondholders. This was despite the fact that he was said to have had a longstanding and continuing professional relationship with #LCF;

● The #SDT said that a number of significant "red flags" arose during the months that followed Alex Lee's appointment, including a £30m loan that #LCF had made to London Oil and Gas Ltd. (#LOG), which turned out to be the largest borrower in the fraudulent scheme. But ‘Alex Lee’ continued to act for the company;

● "The tribunal considered that the prolonged continuation of Alex Lee's dual roles, including during periods when concerns arose regarding security assets and regulatory intervention damaged public confidence," the judgment says;

● "The fact that a solicitor remained embedded in a conflicted position as matters deteriorated increased the harm caused to the reputation of the profession. Further, the harm caused was wholly foreseeable";

● The #SDT ruled that ‘Alex Lee’ had acted with a lack of integrity and caused harm to the reputation of the profession.

[LCF Bondholders @LCFBondholders]

Solicitor - Alex Lee - fined £30,000 over conflict role in £237million LCF collapse https://t.co/kIXGggLAl8 via @solicitornews.co.uk

[Ian Beckett @ianbeckett]

#LCF minibond scandal: #LCF crew-mate & now former solicitor ‘Robert Sedgwick’ ‘struck off’ by Solicitors Disciplinary Tribunal (#SDT).

[LCF Bondholders @LCFBondholders]

Robert Sedgwick has been banned for backdating documents to mislead FCA.

https://t.co/MApMbV0YZN

[LCF Bondholders @LCFBondholders]

Latest news from @MouseInTheCourt
London Capital & Finance solicitor Robert Sedgwick no-shows at disciplinary tribunal.
Read 20 pages of tribunal documents which set out the parties positions.

[Daniel the MouseInTheCourt @MouseInTheCourt]

Read our write-up and see tribunal documents here:

https://t.co/sbxTDCwtCn

[Ian Beckett @ianbeckett]

#LCF minibond scandal: LCF crew-mate & solicitor ‘Robert Sedgwick’ reportedly confirmed as #SFO suspect as he ‘no-shows’ for Solicitors Disciplinary Tribunal (#SDT) hearing.

[Daniel the MouseInTheCourt @MouseInTheCourt]

Chair Ms Cullen confirms tribunal will proceed and starts giving reasons ... but Mr Tabachnik KC's ability to hear this zoom hearing has ceased.

Proceedings adjourned until "the technology catches up"

[Daniel the MouseInTheCourt @MouseInTheCourt]

Sedgwick confirmed as SFO suspect as LCF solicitor no-shows for tribunal hearing

Andrew Tabachnik KC, obo SRA, is asking the Solicitors Disciplinary Tribunal to proceed with 2-day-hearing in his absence

Sedgwick had cited a risk of prejudice to him in any criminal proceedings

[LCF Bondholders @LCFBondholders]

SFO update 13 April.
Michael Thomson, former CEO of London Capital & Finance Plc and his wife, Debbie Thomson admitted to several breaches of a restraint order. The pair have been held in contempt of court following a Serious Fraud Office (SFO) application
https://t.co/yNwRY4Bk2T

[Ian Beckett @ianbeckett]

The Times Podcast: The #LCF mini-bond scandal: inside Britain’s biggest Ponzi scheme:

● The Ruined Estates of Kent and Sussex;
● Identifying the Architects: Golding and Hume-Kendall;
● The Mechanics of the 8% Mini-Bond Trap;
● Paul Careless and the Digital Hard Sell;
● Luxury Watches and Yachts: Where the Money Went;
● To Its Eternal Shame: The Failure of the FCA;
● The Human Cost: Chloe Dara's Stolen Future;
● Seven Years On: The Search for Legal Justice.

https://t.co/oqQo71wReu

[LCF Bondholders @LCFBondholders]

Listen to the latest podcast from The Story by @thetimes
“Where did the £237 million go?

https://t.co/rXwB03CvN4