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Ian Beckett Profile picture
@ianbeckett
Jan 15, 2023 • 15 tweets • 18 min read • Read on X
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@retheauditors @premnsikka 1/ “Flipping Hell”: #LSE listed taxpayer funded homeless/vulnerable accommodation op & #BDO audited ‘#HomeReit built on poor foundations’. CityAM, three days ago wrote: ‘#HomeREIT faces legal threat from biggest tenant over £5.5m rent relief deal’ …
2/ (cityam.com/home-reit-face…). A week earlier it was reported that #HomeReit’s ‘investment adviser’ (‘Alvarium’) had (prior to its #SPAC merger) spun out the unit ‘advising’ #HomeReit (‘Alvarium Home REIT Advisors Ltd’) allegedly to a newly created shell, …
3/ before, along with wealth manager #TiedemannGroup, a #SPAC merger (Nasdaq listing) with ‘#CartesianGrowthCorporation (ex-#AIG emerging markets PE funds crew from back in the day). The #HomeReit board allegedly in effect ‘subcontracted the business’ operation to Alvarium’,
4/ who the Times reported ‘sourced properties from vendors. But is yet to explain why buying 34 in Stoke, say, involved them being flipped three times in a day via two SPVs, with a portfolio the vendor collated for £3.2m sold to #HomeReit for £7.3m.’ (“Flipping Hell”).
5/ #HomeReit/‘Alvarium’ are also reportedly opaque on the thorny issues of ‘newly fully refurbished’ & ‘vendors "typically provide" tenants with "additional funding, usually representing 12 months of rent"’ - or as the Times put it - ‘where has the money gone ?’.
6/ #HomeReit responding (with a poopoo) to short-seller attacks, reportedly stated that it’s rent (lease) receivables were fully paid up (to 08/2022), however, 2 of its large charity partners (#NobleTree & #BigHelp) were reportedly refusing to pay their rent (lease) before then.
7/ #NobleTree is reportedly withholding more than £860k in rent from #HomeReit after claiming it has failed to receive promised funds to refurbish its properties despite assurances from ‘Alvarium’. HomeReit’s auditor pre & post it’s 10/2020 IPO was #BDO, ‘Alvarium’ was …
8/ sole broker, placing agent & intermediaries offer adviser. #Audit fees, however, weren’t #BDO’s only taste of the ‘#HomeReit’ honey. HomeReit’s inaugural 2020/1 accounts contained £326k of BDO audit fees & £240k of BDO non-audit fees. ‘Alvarium’ were pleased with BDO’s …
9/ corporate finance team - what HomeReit’s board thought is unknown. BDO & Mazars were criticised in 2022 by the UK audit regulator #FRC for ‘unacceptable’ audits (the worst auditors inspected for the 2nd year running). Meanwhile over in the US ‘BDO USA botched more than …
10/ half of its audits inspected by the US #audit regulator #PCAOB in 2021’. #BDO has been challenged on its independence after revelations that #HomeReit’s CFO James Snape was allegedly, until 03/2022, a senior audit manager at #BDO charged with checking HomeReit's books.
11/ Although where #HomeReit’s (in effect) IPO CFO (#Alvarium’s Gareth Jones) ended & HomeReit’s alleged recent maiden CFO James Snape started is unknown as HomeReit was allegedly a board of 4 non-exec directors that had delegated day-to-day running of the Company to ‘Alvarium’.
12/ Background: ‘#HomeReit delays results after allegations from short-seller #Viceroy’ - (); ‘#HomeReit responds to short seller #Viceroy’s allegations with a poopoo’ - (); ‘the uncomfortable two-way trade in making money from …
13/ homelessness’ - (); ‘#HomeReit - who dat?’ - (); ‘short-seller #BoatmanCapital calls out #HomeReit on its property valuations’ - ( AND cityam.com/home-reit-sign…); …
14/ ‘Law firm mounts challenge against #HomeReit’ - (); ‘#HomeReit delays results, ‘we’ve no idea where our rent comes from’’ - (); ‘#HomeREIT’s investment adviser (#Alvarium) distanced itself from #HomeReit ahead of it’s SPAC …
15/15 merger/listing’ - (); ‘#BDO in the spotlight over #HomeReit’ - ().

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More from @ianbeckett

Ian Beckett Profile picture
Feb 12, 2025
1/ ‘Oliver Ryan’ (Labour MP - Burnley, Padiham & Brierfield), UNMASKED as second ‘Tameside Council’ linked @UKLabour MP member (along with ‘Andrew Gwynne’, Labour MP - Gorton and Denton) of ‘vile WhatsApp group in which racist, sexist & anti-Semitic messages were exchanged’ ().dailymail.co.uk/news/article-1…Image
2/ ‘Tameside Council’, next door to ‘Oldham Council’ (of ‘grooming gang’ infamy), has been a ‘rotten borough’ for years. ‘Oliver Ryan’, one of many @UKLabour nepo-babies, is the son of a Tameside Councillor & was a Tameside Councillor at age 19 (2015) - one of “the gang”. Image
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3/ A 09/2016 ‘Tameside Council’ document ‘REVIEW OF CHILD SEXUAL EXPLOITATION’ noted “over the last 2 years, a series of inquiries & reviews have highlighted significant weaknesses in our collective action to protect vulnerable children and young people from sexual exploitation”. Image
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Read 20 tweets
Ian Beckett Profile picture
Dec 15, 2024
1/ Russian #FSB reportedly raided an alleged #MiltonGroup linked investment scam call centre in Moscow, allegedly responsible for defrauding 100,000 people in 50 countries: 11 arrests (). < Warning: note possible disinformation >themoscowtimes.com/2024/12/09/rus…
2/ Russian #FSB claimed the call center was part of an international network, the #MiltonGroup, originally exposed in 2020 by a consortium of more than 20 news outlets around the world, including #DagensNyheter in Sweden, @OCCRP & #TimesofIsrael (dn.se/nyheter/sverig… AND occrp.org/en/organizatio… AND timesofisrael.com/israeli-run-sc…).
3/ The #FSB reportedly said it had arrested 11 incl. an Israeli-Ukrainian citizen ‘J. D. Keselman’ alleged to be one of the company’s heads. An arrest warrant reportedly was also issued for an Israeli-Georgian citizen ‘D. Todua’, alleged to be the other company head. Image
Read 6 tweets
Ian Beckett Profile picture
Mar 21, 2024
@ArmitageJim @premnsikka 1/ ‘'Solid gold' payments card case exposes limits of UK regulator (@theFCA). Arrest of #Nvayo's Christopher Scanlon raises questions about @theFCA’s ability to oversee digital payments sector. (). #Emoney #OpenBanking ft.com/content/20e7ed…

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2/ In 06/2017 #OnlineGambling op #GVC Holdings Plc (f/k/a #Entain) announced the completion of the sale of it’s ‘controversial’ in house #FCA auth. payment processing & card issuing group: ‘#Kalixa Group’ (f/k/a ‘#CQR Group’) that came in #GVC’s acquisition of ‘controversial’ #OnlineGambling op #BWIN.Party.Image
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3/ Surprisingly, #Kalixa Group was sold by #GVC for a fraction of its expected value to #Senjo Group, (linked to the #Wirecard scandal). Surprisingly, a month later it was announced that #GVC had sold part of #Kalixa Group: ‘BW Pay Ltd’ (up until shortly before the #Senjo sale named #Kalixa Pay - a #FCA auth debit card issuer/#Emoney op) to (UBO) Christopher Scanlon.Image
Read 5 tweets
Ian Beckett Profile picture
Dec 25, 2023
1/ #Wirecard’s former CFO ‘Burkhard Ley’ charged by German prosecutors with #fraud, 3 years after the now notorious German payment processing unicorn #Wirecard imploded. But who was ‘Burkhard Ley’ ? (‘Wirecard’s Mr Teflon’ - ). handelsblatt.com/finanzen/banke…Image
2/ Burkhard Ley was a bank clerk at a German savings bank (1982-8) before joining the now notorious #SalOppenheim private bank (1988-2000), rising to its director of corporate Finance. #SalOppenheim was one of Europe’s biggest/most conservative private banks, interacting with … Image
3/ the ‘German elite’ since 1789. That all changed when purportedly ‘Baron Christopher von Oppenheim’ took over the management of the bank in the 90s, surrounding himself with ‘outsiders’ - the bank allegedly going ‘full tonto’ in both risky & shady ‘investment banking business’. Image
Read 14 tweets
Ian Beckett Profile picture
Dec 15, 2023
1/ #Wirecard’s former CFO ‘Burkhard Ley’ charged by German prosecutors with #fraud, 3 years after the now notorious German payment processing unicorn #Wirecard imploded. But who was ‘Burkhard Ley’ ? (‘Wirecard’s Mr Teflon’ - Handelsblatt 10/2021 - ). drive.google.com/file/d/1vo5dQQ…
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2/ ‘Burkhard Ley’ was a bank clerk at a German savings bank (1982-8) before joining the now notorious #SalOppenheim private bank (1988-2000), rising to its director of corporate Finance. #SalOppenheim, was one of Europe’s biggest & most conservative private banks, interacting … Image
3/ with the ‘German elite’ since 1789. That all changed when ‘Baron Christopher von Oppenheim’ took over the management of the bank in the 1990s, surrounding himself with ‘outsiders’ - the bank allegedly going ‘full tonto’ in both risky & shady ‘investment banking business’. Image
Read 14 tweets
Ian Beckett Profile picture
Dec 6, 2023
@ArmitageJim @premnsikka 1/ #RationalFX: Yet another of Blinky’s (@theFCA) ‘big fish’ from its uber notorious #Emoney/#FX scene bites the dust & put in to ‘special administration’, leaving 10s of 1000s of it’s customers ‘in limbo’ & unprotected by @FSCS (). fca.org.uk/news/news-stor…
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2/ #RationalFX collapsed in to insolvency a few days ago, it’s long term (since 2013 y/end) auditor (#CLAEvelynPartners) signed off it’s last (UNqualified) 2022 y/end audited accounts on 23/03/2023 this year - in the background, the dual ‘red flags’ of: an extended (18 month) … Image
3/ reporting period; & in this extended period, the resignation of its owner (Rajesh Agrawal) as a director. A quick squizz at the last filed accounts turned up two rather strange items. Firstly, a rather strange (‘Other Income’) note to the accounts: ~ £1m in ‘’receipts from …
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Read 17 tweets

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