rocky1
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Post by rocky1 on Aug 16, 2019 11:04:15 GMT
The way things seem to be as security seems to vanish or disappear like timber frames and cars and art work and FS seeing things that are not even there (Whitehaven) this security really would be like trying to find a needle in a haystack.
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SteveT
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Post by SteveT on Jan 28, 2020 12:49:58 GMT
"It has transpired that the borrower did not have title to the Micro Sculptures and had fraudulently used them as collateral for the loan. West Midlands Police and Thames Valley Police have been in contact with the Joint Administrators in relation to the return of the Micro Sculptures to their owner. The security is being reviewed on the other three Properties that the borrower has with FundingSecure to establish whether there is are any available funds."
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Mousey
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Post by Mousey on Jan 28, 2020 13:05:09 GMT
The borrower for this loan had a meeting with FS director Richard Luxmore on 11/10/16 during which the borrower introduced a Mr G**** to Luxmore. Mr G**** subsequently took out £2.3m worth of art loans.....
The borrower was paid a commission for the introduction.
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adrian77
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Post by adrian77 on Jan 28, 2020 13:17:18 GMT
YOU WHAT!
Have we any idea who it was - wouldn't be somebody known to us or the FS directors by any chance would it!
This farce gets worse than an episode of Minder every day - Minder had incredible plots and was entertaining like what this shambles isn't!
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KoR_Wraith
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Post by KoR_Wraith on Jan 28, 2020 13:40:19 GMT
"It has transpired that the borrower did not have title to the Micro Sculptures and had fraudulently used them as collateral for the loan. West Midlands Police and Thames Valley Police have been in contact with the Joint Administrators in relation to the return of the Micro Sculptures to their owner. The security is being reviewed on the other three Properties that the borrower has with FundingSecure to establish whether there is are any available funds." In my mind this is far worse than a dodgy valuation. Asset-backed lending 101: make sure the borrower owns the asset! Surely criminal charges should be pressed against someone in this situation.
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mikes1531
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Post by mikes1531 on Jan 28, 2020 17:52:24 GMT
"It has transpired that the borrower did not have title to the Micro Sculptures and had fraudulently used them as collateral for the loan." In my mind this is far worse than a dodgy valuation. Asset-backed lending 101: make sure the borrower owns the asset! Surely criminal charges should be pressed against someone in this situation. ISTM that the obvious target for criminal charges would be the borrower, and it would seem that they deserve a considerable sentence for fraud. But unless they are extremely wealthy and have lots of available assets to seize, their prosecution and conviction wouldn't accomplish anything for FS's investors in this loan.
Except, perhaps, a tiny bit of satisfaction that the borrower didn't get away scot free.
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hendragon
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Post by hendragon on Jan 28, 2020 17:57:06 GMT
A person who buys stolen goods is a fence. What would you call a person who lends money on stolen goods, be they microsculptures or art works? A rickety fence? or perhaps simply a plank.
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rogerthat
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Post by rogerthat on Feb 27, 2020 16:01:40 GMT
UPDATE: The owner of these microsculptures has claimed that when these were pledged the borrower did not have his authority. West Midlands police are carrying out an inquiry. It would appear from the information made available to the Administrators that a realisation is unlikely.
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adrian77
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Post by adrian77 on Feb 27, 2020 17:00:02 GMT
bloody brilliant - I am in this one - £250K and it appears FS never even confirmed ownership - there is no way on this planet the auction house I used to work for would have been had like this and also any professional lender would have taken addition security in case this sort of thing happened - looks like yet another 100% loss - in fact it is worse than that because doubtless the administrators fee would still need paying out of our pot...Gordon Bennett!
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michaelc
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Post by michaelc on Feb 27, 2020 17:54:00 GMT
I'm in this for only a very small amount so easy for me to say, but at least the updates appear honest at long last.
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kielbasa
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Post by kielbasa on Feb 28, 2020 14:05:22 GMT
Our microsculptures fraudster has been allowed to have a good life here despite his nefarious activities.
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Post by Ton ⓉⓞⓃ on Feb 28, 2020 14:20:54 GMT
I've just removed a post from above somewhere while we discuss. I may come back and edit some of the other posts above too as a result.
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Post by overthehill on Apr 14, 2020 17:39:56 GMT
100% capital loss as expected.
No indication from CG&Co if that is the end of it. He must have assets + our money and there has to be 100s of debt recovery companies where this is bread and butter work. I'm sure the loan is in his personal name.
I didn't realise how easy it was to take out an unsecured loan (as it turned out) and just laugh at the British Justice system as it protects the borrower and screws the lender, taken hundreds of years of development... Makes you wonder about lending your money in unsecured loans. 100s of £20 loans is the only way!
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Post by overthehill on Apr 14, 2020 19:53:49 GMT
Well it's not over until CG&co says it is over, there are details they won't put in the update as they appear here almost immediately.
There is a open police case which should lead to a criminal conviction and there is the outstanding debt. Since when does anybody take out a loan and just walk away without repaying it or at the very least is hounded by debt recovery agents for a couple of years.
The loan has been left open and if CG&Co close it, I will want full disclosure and an explanation of their inaction.
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rogerthat
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Post by rogerthat on Apr 16, 2020 10:44:29 GMT
As the previous post points out, this loan remains 'open'. Can anyone explain why ?
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