@ArmitageJim @premnsikka 1/ The Telegraph’s @Will_Kirkman writes of yet another of @theFCA’s made men in the infamous #PremierFX scandal(). PremierFX operated in the FCA’s notorious #Emoney/#API cesspit of #MoneyLaundering & fraud facilitation, but ...
2/ scratch the surface + as if #Wirecard’s fingerprints were not enough it’s the same familiar tale we saw in the #LCF scandal (+ many more) of the FCA not just asleep at the wheel, but actively turning a blind eye to multiple red flags. In the case of #PremierFX, ...
3/ the FCA astonishingly ignored #PremierFX itself reporting to the FCA that it had been fined by the Bank of Portugal for operating illegally. In yet another parallel to the damning Dame Gloster #LCF report lashing the FCA, we also saw in the PremierFX scandal the ...
4/ “Halo Effect” of a “FCA sticker” being used to trick punters in to believing that all of #PremierFX’s activities were #FCA authorised & regulated/#FSCS insured. Bank Of Portugal fine aside, if the FCA had even bothered to look at PremierFX’s website they couldn’t fail to ...
5/5 notice unauthorised activities taking place - more red flags missed + again a striking parallel to Dame Gloster’s scathing #LCF report on the FCA’s gross regulatory failure.

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More from @ianbeckett

16 Mar
@ArmitageJim @premnsikka 1/ While @thefca slumbered, their FCA made men/women wet their beaks in the notorious dark world of “entrepreneurial” aka “Golden Visa’s”. In 2018 the UK suspended “Golden Visa’s over endemic #MoneyLaundering concerns independent.co.uk/news/uk/home-n… AND ...
2/ transparency.org.uk/sites/default/…. The FCA’s made men/women aren’t fussy, their target demographic at the top end usually Chinese “big crocs” & FSU “mini-me oligarchs”. This week @TheFCA woke up from its slumber + stopped #DolfinFinancial (UK) Ltd from carrying out regulated ...
3/ activities(fxnewsgroup.com/forex-news/reg… AND fca.org.uk/news/news-stor…) citing “serious concerns over the way Dolfin operated it’s business, including Tier1 Visa ops & financial crime controls”. The FCA was very quiet though about the seemingly all consuming Russian #CryptoCrap ..
Read 12 tweets
26 Feb
@ArmitageJim @premnsikka 1/ @TheFCA yet again in a short space of days released y/day yet another of its “saved up” press releases allowing it to waft its “extra special tickling stick”, censuring the notorious #PremierFX Ltd fca.org.uk/news/press-rel…. In contrast to the ... Image
2/ hyperbole of the FCA, @SkyNews reported on the Premier Fx scandal in 2019 - a damning indictment of the FCA, asleep at the wheel while yet another of its nefarious made men/women from its #emoney/#API cesspit (notorious for fraud + #MoneyLaundering) operated unfettered + ... Image
3/ without fear. Premier FX had opened the “regulatory catflap” + appointed 2 A.R.’s - an online payment gateway “Alacrity Payments Ltd” & “Securus Escrow Ltd”(which did who knows what - controlled by an insurance consultant). The FCA hasn’t the first clue who it’s A.R’s are .. ImageImage
Read 10 tweets
7 Feb
@ArmitageJim @premnsikka 1/ Some quite astonishing replies from Graeme Biggar (Head, UK National Economic Crime Centre) to extremely focused + knowledgeable questioning from Dame Eagle on the endemic levels of #Fraud & #MoneyLaundering in the UK + links to ...
2/ organised crime. This Treasury select committee session caught the headlines for the infamous “only 1%-3% positive outcomes from ActionFraud reports” but before being cut off by Dame Eagle was Mr Biggar really going to deny that there are often links between organised crime .. Image
3/ + pensions/investment scams?. Mr Biggar would go on to compund this by poopoo’ing reported comments from front line NCA officers who reportedly stated they “believe that targeting corrupt businessmen with expensive QCs + claims of private wealth is a waste of time”. ImageImage
Read 20 tweets
2 Feb
@ArmitageJim @premnsikka 1/ As TheTimes/Guardian peddle the “play the man” spin-byte(in contrast to the Standard for eg), perhaps we should think about what Dame Gloster “DG” said about the FCA’s (FSA) impenetrable apparatchik fatcattery & it’s hundreds of thousands of victims.
2/ DG told MPs that the @theFCA was broken with a culture of (paraphrasing) turning a blind eye to fraud + other behaviour endemic in UK Financial Services hurting so badly the public, she went on to tell MP’s that networks operated both inside + outside of the FCA’s pitifully ..
3/ small regulatory perimeter + that the FCA refused to look outside their pitifully small regulatory perimeter. DG didn’t talk about the porous nature(A.R.’s) of the FCA’s regulatory perimeter eg its “regulatory + hedge fund hotels” which means fraudsters + ex-cons are ...
Read 15 tweets
1 Feb
@ArmitageJim @premnsikka 1/ Leeds finance firm boss Liam Wainwright banned from being a director for adding >£12m in false entries to company records. businessleader.co.uk/lender-who-add… . “Under the hood”, the case becomes rather more interesting. The administrators proposals tell ... Image
2/ the all too familiar gruesome tale in the “Wild West” that is U.K. Financial Services. The debenture holders & company’s directors included rather fascinatingly the now deceased Lord (Prof.) Barrie Pettman & colleague Dr Richard Dobbins, amongst other things academics & ... ImageImageImageImage
3/ prolific finance/accountancy writers/publishers en.wikipedia.org/wiki/Barrie_Pe…. The administrators proposals outline a quite astonishing “bitch fight” in the “mysterious world of corporate insolvency” between debenture holders mounted on their chosen Insolvency Practitioners. ImageImage
Read 4 tweets
31 Jan
@ArmitageJim @premnsikka 1/ The Times’s @AlihussainST opens the lid again on the secretive networks that operate both inside + outside of @TheFCA’s pitifully small “porous” (A.R.’s) regulatory perimeter unfettered + without fear in ‘What happened to the £160m we put in ... ImageImageImageImage
2/ “secure” investments?. Bonds promising high returns were used to fund bizarre schemes around the world’. What isn’t in the piece (but still queued up for the “curious case” treatment) is that the #LCF crew played host to Bradley Lincoln’s activities, #LCF bondholder ...
3/ victims will also recognise Mr Zhang alongside the doyen of Sussex & Kent Tory MP’s, former MP’s + former council leaders #LCF crew-mate Simon Hume-Kendall, talking turkey over the LCF crews notorious Lakeview multi recycled/rebranded “scheme”. The #LCF scandal ... Image
Read 10 tweets

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