Article: London Capital & Finance spent £70m of bondholders’ cash on firm with two fraudsters

Article - Media, Publications

London Capital & Finance spent £70m of bondholders’ cash on firm with two fraudsters

Jim Armitage, 21 May 2021

Bosses at the collapsed investment firm London Capital & Finance invested £70 million of bondholders’ money with a hotel property firm where two senior players now have fraud convictions.

Prime Resort Development was one of the biggest recipients of LCF loans, but administrators to the bust lender say its assets in Cornwall, Cape Verde and the Dominican Republic, are only worth up to £15 million. One of Prime’s main players, Paul Seakens, was convicted last week over a carbon credit “boiler room” scheme that defrauded vulnerable investors out of £36 million. He is due to be sentenced on 28 May.

The other, Terrence Mitchell, was sentenced in December 2018 to two years’ jail for fraud and six months for “carrying on regulated activities” at collapsed savings scheme Anglo Wealth. Continue reading “Article: London Capital & Finance spent £70m of bondholders’ cash on firm with two fraudsters”

Article: Short-seller Marc Cohodes strikes back on Reddit saga as GameStop shares tumble again

Article - Media, Publications

Short-seller Marc Cohodes strikes back on Reddit saga as GameStop shares tumble again

Jim Armitage, 04 February 2021

A highly regarded short-seller has written a heartfelt defence of his breed to US senators investigating hedge funds’ role in the Reddit GameStop saga just before shares in the company fell a further 35% Marc Cohodes’ lawyer has written to Senators on the senate committees on Banking and Home Affairs about GameStop to declare: “The share price was not manipulated down; it was manipulated up.” Continue reading “Article: Short-seller Marc Cohodes strikes back on Reddit saga as GameStop shares tumble again”