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Post by luckyescape on Jun 22, 2023 6:31:53 GMT
These books were never supposed to leave Italy as they were of national importance. There was never consent to export them and senior management knew that.
Also, the relationship was handled personally by R. Luxmore who was wined and dined by the attractive female borrower I’ll let you draw your own conclusions on the legitimacy of any updates etc but internally many challenges were made regarding this matter. Similar to the art loans, the borrower was regularly allowed access to the collection - and would take items on the promise of returning them…
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r1200gs
Member of DD Central
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Post by r1200gs on Jun 22, 2023 7:17:38 GMT
These books were never supposed to leave Italy as they were of national importance. There was never consent to export them and senior management knew that. Also, the relationship was handled personally by R. Luxmore who was wined and dined by the attractive female borrower I’ll let you draw your own conclusions on the legitimacy of any updates etc but internally many challenges were made regarding this matter. Similar to the art loans, the borrower was regularly allowed access to the collection - and would take items on the promise of returning them… None of this surprises me one little bit.
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Post by df on Jun 22, 2023 12:52:29 GMT
These books were never supposed to leave Italy as they were of national importance. There was never consent to export them and senior management knew that. Also, the relationship was handled personally by R. Luxmore who was wined and dined by the attractive female borrower I’ll let you draw your own conclusions on the legitimacy of any updates etc but internally many challenges were made regarding this matter. Similar to the art loans, the borrower was regularly allowed access to the collection - and would take items on the promise of returning them… One of the shocking parts of this shady deal was the difference between the "valuation" presented to us and the real value of the library... I'm curious why the borrower needed to access the collection, good night reading?
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Post by luckyescape on Jun 22, 2023 18:09:31 GMT
Remember we are dealing with at best a naive, at worst completely stupid, man! He had micro sculptures stolen from his bag while in the loo having left them with the borrower. He and his “mate” started a property lending business with no experience of property other than buying their own houses and his wife buying a certain buy to let in Reading. He didn’t understand property security documents. He didn’t understand risk. He didn’t understand common sense. He attempted fraud - badly. He used his work email account to send incriminating emails about a fraud ring (otherwise they wouldn’t have been found). He mis-appropriated client funds - a direct breach of CASS regulations - despite being a corporate accountant. He was the Money Laundering Reporting Officer, for a company that until 2018 did no identity or background checks on investors, and to my knowledge never conducted checks on borrowers. He loaned to a former lawyer who had been struck off and imprisoned for mortgage fraud - but he allegedly didn’t know because of an apparent lack of checks/controls/processes in place. He loved being wined and dined it seems. His head turned to any “glamorous” story or pretty face - almost a desperate need to be liked and to move in circles he didn’t understand. This man is not brain of Britain!
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Post by luckyescape on Jun 22, 2023 18:10:16 GMT
He won’t have understood the difference between a valuation and an insurance valuation. He didn’t understand much of the business he ran.
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Mucho P2P
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Post by Mucho P2P on Jun 22, 2023 20:06:24 GMT
He won’t have understood the difference between a valuation and an insurance valuation. He didn’t understand much of the business he ran. Thats all very well, however.....ignorance is no excuse. And if he was that naive, what were the FCA letting him run the business without adequate checks or supervison?
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Post by luckyescape on Jun 22, 2023 20:09:54 GMT
Completely agree!
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Post by df on Jun 22, 2023 21:09:07 GMT
He won’t have understood the difference between a valuation and an insurance valuation. He didn’t understand much of the business he ran. Thats all very well, however.....ignorance is no excuse. And if he was that naive, what were the FCA letting him run the business without adequate checks or supervison? Not just him. They approved few more dodgy entrepreneurs (Liam comes to mind first) and messed up Collateral. Just a speculation, but we could have been better off if FCA didn't interfere with the initial administration process.
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Post by luckyescape on Jun 24, 2023 9:15:21 GMT
Thats all very well, however.....ignorance is no excuse. And if he was that naive, what were the FCA letting him run the business without adequate checks or supervison? Not just him. They approved few more dodgy entrepreneurs (Liam comes to mind first) and messed up Collateral. Just a speculation, but we could have been better off if FCA didn't interfere with the initial administration process. Bear in mind that the loans weren’t regulated, but the firm was. This seemed to be a “get out of jail free” card (pardon the pun) as far as RL & NH were concerned. I don’t understand how the FCA approved them for controlled functions. I am still trying to work out who is worse, RL & NH for committing the fraud, or FCA for letting them get away with it. P2P regulations came in, but no one actually seems to have checked up on whether firms were adhering. In a regulated mortgage space this would never happen. P2P really was the Wild West!
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merlin99
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Post by merlin99 on Jun 24, 2023 9:41:44 GMT
Not just him. They approved few more dodgy entrepreneurs (Liam comes to mind first) and messed up Collateral. Just a speculation, but we could have been better off if FCA didn't interfere with the initial administration process. Bear in mind that the loans weren’t regulated, but the firm was. This seemed to be a “get out of jail free” card (pardon the pun) as far as RL & NH were concerned. I don’t understand how the FCA approved them for controlled functions. I am still trying to work out who is worse, RL & NH for committing the fraud, or FCA for letting them get away with it. P2P regulations came in, but no one actually seems to have checked up on whether firms were adhering. In a regulated mortgage space this would never happen. P2P really was the Wild West! Agreed just like the Wild West but in the P2P case it was the cowboys running the show not the FCA Marshals as it should have been!
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mah
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Post by mah on Jun 24, 2023 11:54:26 GMT
Thats all very well, however.....ignorance is no excuse. And if he was that naive, what were the FCA letting him run the business without adequate checks or supervison? Not just him. They approved few more dodgy entrepreneurs (Liam comes to mind first) and messed up Collateral. Just a speculation, but we could have been better off if FCA didn't interfere with the initial administration process. Agree. At least the Fees would have been lesser with maybe similar or slightly lesser outcome (for me, it's still ZILCH after 4+ yesrs).
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Post by df on Jun 24, 2023 12:55:18 GMT
Not just him. They approved few more dodgy entrepreneurs (Liam comes to mind first) and messed up Collateral. Just a speculation, but we could have been better off if FCA didn't interfere with the initial administration process. Agree. At least the Fees would have been lesser with maybe similar or slightly lesser outcome (for me, it's still ZILCH after 4+ yesrs). It depends on individual loan book. I was lucky to receive some money from the first BDO distribution. Yes, the fees and also the timing. Anything received earlier could be then reinvested somewhere else and earn interest, thus mitigating the loss.
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Post by beepbeepimajeep on Jun 24, 2023 13:16:37 GMT
What is the delay in just finalising these loans with a horrendous loss as expected? I am in many of them.
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mah
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Post by mah on Jun 24, 2023 22:27:34 GMT
Agree. At least the Fees would have been lesser with maybe similar or slightly lesser outcome (for me, it's still ZILCH after 4+ yesrs). It depends on individual loan book. I was lucky to receive some money from the first BDO distribution. Yes, the fees and also the timing. Anything received earlier could be then reinvested somewhere else and earn interest, thus mitigating the loss. I am due quite a bit from the 1st distro too (as per their own records), but they still haven't managed to transfer it to me :-(
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