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Post by harryvederci on Feb 21, 2024 16:25:41 GMT
Raids and four arrests as Serious Fraud Office launches £140m S**** Group investigation
Link removed as it identified a security property, which is against the forum rules.
Deja Vu!
Hotel rooms, apartments etc sold on fractional off plan sales to investors, while the entire property was mortgaged on bridging development finance, so double dipping.
The same SFO modus operandi doesnt seem to apply to those Ly & Col student accomm sites though!
insert code here
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Post by overthehill on Feb 21, 2024 17:10:34 GMT
Raids and four arrests as Serious Fraud Office launches £140m S**** Group investigation Link removed as it identified a security property, which is against the forum rules. Deja Vu! Hotel rooms, apartments etc sold on fractional off plan sales to investors, while the entire property was mortgaged on bridging development finance, so double dipping. The same SFO modus operandi doesnt seem to apply to those Ly & Col student accomm sites though! insert code hereWhat's the relevance to P2P lending ? I notice it seems to be in one of my investment exclusion zones !
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p2pfan
Member of DD Central
Full-Time Investor
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Post by p2pfan on Feb 22, 2024 12:40:00 GMT
The news is here on the SFO website. Also see here regarding another lending-related arrest by the SFO recently. These are very relevant to P2P lending, because it is fairly commonplace in P2P lending to have fraudulent borrowers who use all kinds of carefully-constructed lies about themselves and their projects to get money they don't pay back. A case in point is various Ablrate borrowers who have stolen millions of pounds. These borrowers fly in private jets and party on luxury boats they own etc. but won't pay back a penny they've "borrowed" because they think there is no comeback. These borrowers and the figures that support them think they are immune to prosecution because the authorities have hitherto generally turned a blind-eye to white-collar crime in this country. However, the arrest of the people behind the notorious S**** Group and other such frauds is a wake-up call to such fraudulent P2P borrowers that they are living on borrowed time and should be expecting knocks on their door from the Serious Fraud Office soon. I would urge any victims of P2P frauds to report them to the SFO, police and other bodies. These organisations only bother to investigate and proceed with matters if they receive a lot of persistent complaints. No action means no results. |
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p2pfan
Member of DD Central
Full-Time Investor
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Post by p2pfan on Feb 22, 2024 13:34:45 GMT
Your link is to other relevant one, Buy2LetCars This is the link to the S**** / SFO announcement www.sfo.gov.uk/2024/02/21/If you want to change your post to have the correct link, I will delete this post My apologies! I have updated the link in my post above. Thank you.
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Post by Ton ⓉⓞⓃ on Feb 22, 2024 13:56:30 GMT
Please observe the forum rules, if you want share links to articles about this loan/borrower please use DDC
I will unlock the thread when I've finished redacting
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star dust
Member of DD Central
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Post by star dust on Feb 22, 2024 19:24:33 GMT
Please observe the forum rules, if you want share links to articles about this loan/borrower please use DDC
I will unlock the thread when I've finished redacting
very petty It’s more than likely these particular forum rules are very blunt instruments, however, the forum volunteers are not running a commercial media site and do not have access to any kind of legal team/advice or funds, so are merely continuing to follow the donated legal advice that was provided when the P2PIF was first established. They are not in a position to differentiate the rules on a case by case basis. Should it have escaped your attention, the forum exists through the kind donations from a number of it’s ‘ordinary’ members, and is run entirely by unpaid volunteers. Having been one of these volunteers for close on seven years, I can attest that the forum and it’s volunteer team have received many threats of legal action during the course of that time, and not only from Platform’s but also from some non-platform forum members. In the litigious world of P2P these threats are real and need to be taken seriously, and I can’t see any reason why the volunteers running the forum should be put in a position of potentially losing their capital or even homes so that you or anyone else can post what you want. What does it cost you to post this information in DDC where it is not in the direct public gaze? If you want a more public post then redact details as required and provide a more generalised link if necessary or describe where the information can be found. Or alternatively, I’m sure a very large donation to a legal fund for the P2PIF and the volunteers who run it would be very welcome.
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