merlin99
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Post by merlin99 on Aug 5, 2021 14:38:00 GMT
An awful lot of the chat on this site has been about how much we have been duped out of. However to be conned the perpetrator of the con must have either attempted to or actually gained from the process. I am becoming increasingly curious about just how much the directors of FS have actually managed to screw out of us. Anyone got a handle on this or can make an informed guess? I am asking this as if the number is big enough perhaps an investigative journalist could get at the true facts and see if we could get some of our money back from the perpetrators.
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Mousey
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Post by Mousey on Aug 5, 2021 14:53:55 GMT
perhaps an investigative journalist could get at the true facts and see if we could get some of our money back from the perpetrators. Given the lack of interest in the allegations against the Lendy directors (circa £6.8m via the Marshall Islands) you might be stuck with me and my blog on this one.
Following recent donations to the Cheese Fund I was able to pay for a Hearing Transcript earlier this afternoon which will no doubt be of interest to FS investors.
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adrian77
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Post by adrian77 on Aug 5, 2021 19:12:23 GMT
I think impossible to say - given we don't know just how involved the original and later directors were (or won't) with some of these lenders We just can't believe any of these lender accounts e.g. Italian Library book, Whitehead etc
I just think there is a cess-pit of corruption here and most of us have been well and truly shafted
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Post by overthehill on Aug 5, 2021 20:22:11 GMT
I think impossible to say - given we don't know just how involved the original and later directors were (or won't) with some of these lenders We just can't believe any of these lender accounts e.g. Italian Library book, Whitehead etc I just think there is a cess-pit of corruption here and most of us have been well and truly shafted The lender losses are bound to end up close to 40M, 50% of the outstanding loanbook at administration. On the assumption that this charade wasn't just complete incompetence, the corruption could be anything from 1M to 5M. I don't recall the total amount FS lent but it was sizeable.
I reckon the thread title made the FC lawyers sit-up. Bound to be one, just a case of digging deep enough... Just kidding lawyers.
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agent69
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Post by agent69 on Aug 5, 2021 20:44:32 GMT
I think impossible to say - given we don't know just how involved the original and later directors were (or won't) with some of these lenders We just can't believe any of these lender accounts e.g. Italian Library book, Whitehead etc I just think there is a cess-pit of corruption here and most of us have been well and truly shafted The lender losses are bound to end up close to 40M, 50% of the outstanding loanbook at administration. On the assumption that this charade wasn't just complete incompetence, the corruption could be anything from 1M to 5M. I don't recall the total amount FS lent but it was sizeable.
I reckon the thread title made the FC lawyers sit-up. Bound to be one, just a case of digging deep enough... Just kidding lawyers.
When you read about the shenanigans going on at the likes of Col, Ly and FS it makes you wonder what was going through the minds of those in charge:
- were they just incompetent
- did they think they could grow the business quickly enough to cover up the problems
- did they know exactly what was going on, but though the money they were making was worth the risk of getting caught
- did they think their misconduct would just result in a slap on the wrist
- were they going to leg it before the sticky brown hit the fan (joining all those guarantors who felt a sudden urge to live in a far off country that doesn't have an extradition treaty with UK)
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merlin99
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Post by merlin99 on Aug 6, 2021 11:03:23 GMT
Sorry about this folks but I managed to screw up the title of this thread. It should read "The Funding Secure Con." No reflection on Funding Circle intended.
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pfffill
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Post by pfffill on Aug 6, 2021 11:15:18 GMT
Sorry about this folks but I managed to screw up the title of this thread. It should read "The Funding Secure Con." No reflection on Funding Circle intended. Not sure how it's done, but you might wish to correct it before somebody comes a-knocking....
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rogerthat
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Post by rogerthat on Aug 6, 2021 11:26:36 GMT
Sorry about this folks but I managed to screw up the title of this thread. It should read "The Funding Secure Con." No reflection on Funding Circle intended. If you wanted to..and as you're the Original Poster..you can edit the title by using the dropdown options on the right hand side...
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criston
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Post by criston on Aug 6, 2021 15:21:51 GMT
Many thanks guys for helping sort out my stupidity. No need to upset Funding Circle at this point. Easily done. I will delete my previous reply & if everyone else does, you can delete all your references to the wrong heading & no one will be the wiser.
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Post by overthehill on Aug 6, 2021 15:48:56 GMT
Many thanks guys for helping sort out my stupidity. No need to upset Funding Circle at this point. No space in FundingSecure !
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 6, 2021 16:21:02 GMT
Many thanks guys for helping sort out my stupidity. No need to upset Funding Circle at this point. Easily done. I will delete my previous reply & if everyone else does, you can delete all your references to the wrong heading & no one will be the wiser. Wrong heading? Where?
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Post by overthehill on Aug 21, 2021 18:51:22 GMT
80% recovery for a LCF bondholder below the cap of 68k is a good result compared to the likely result for FundingSecure investors. Even including historic interest earned, an average capital loss across all investors of 40% may turn out to be optimistic. Anybody want to raise it or lower it ? I don't know if a future documentary on the scandal would be cathartic or bad for your health. Flags out for any prison sentences or proceeds of crime recovery though.
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song
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Post by song on Aug 23, 2021 10:45:56 GMT
80% recovery for a LCF bondholder below the cap of 68k is a good result compared to the likely result for FundingSecure investors. Even including historic interest earned, an average capital loss across all investors of 40% may turn out to be optimistic. Anybody want to raise it or lower it ? I don't know if a future documentary on the scandal would be cathartic or bad for your health. Flags out for any prison sentences or proceeds of crime recovery though. Only for those who did not read the writing on the wall.
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adrian77
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Post by adrian77 on Aug 23, 2021 10:53:24 GMT
Ozboy and others did warn us about this outfit - I listened and got out as much as possible.
Also I warned about many what I perceived to be dodgy business plans from the development point of view That said I just can't believe how incompetent the FSA have been - goodness knows what we have invested in when all is revealed about what FS have actually done.
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Post by GSV3MIaC on Aug 23, 2021 13:43:47 GMT
MRC, if you recall, tried to blow the whistle several times on many of the FS activities, and was condemned and shouted at by the local shills (many of whose posts have since vanished).
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