Share this page!

Maybe Scrolly?
Ian Beckett Profile picture
Twitter logo
Jan 15 • 15 tweets • 18 min read
@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’ - ().

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with Ian Beckett

Ian Beckett Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @ianbeckett

Ian Beckett Profile picture
Jan 14
@retheauditors @premnsikka 1/‘ Investigation in to #AIM listed #RevolutionBeauty unveils "serious issues" over the way the business was allegedly run under previous senior managers’. Revolution hired Macfarlanes to investigate after their long term auditors #BDO ‘reared up’.
2/ Yesterday it reportedly emerged that Macfarlanes had discovered Revolution made "unacceptable" loans to senior managers, requested distributors book orders worth £9m to meet y/end financial targets + failed to consider key info. when acquiring a company owned by its chairman.
3/ Revolution’s auditor prior/during/post #AIM listing was #BDO. 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 half of …
Read 6 tweets
Ian Beckett Profile picture
Dec 27, 2022
@ArmitageJim @premnsikka 1/ Offshore #PSP (Payment Service Provider) #CheckoutDOTcom (formerly #OpusPayments) - “Checkout”: ‘how Europe’s most valuable start-up lost its crown’ (ft.com/content/308048…). Checkout (like it’s PSP brethren) was ‘formally’ authorised by the … ImageImage
2/ UK’s blind eyed financial regulator (@TheFCA, formerly #FSA) in 12/2012, following implementation of the 2011 #Emoney regulations: Checkout’s website would follow months later. The FCA’s ‘#Emoney scene’ has been long covered by a thick ‘FCA fog’ which scandal … Image
3/ after scandal has sunk in to (#Wirecard, #AlliedWallet, #Payza etc - the subjects of future exposes). Little is known from the press about Checkout (precursor: #OpusPayments) - many press articles read like the same company press release, simply regurgitated.
Read 16 tweets
Ian Beckett Profile picture
Dec 22, 2022
@retheauditors @premnsikka 1/ UK audit regulator #FRC fines #Deloitte £1.25m (£906k) c/w ‘severe reprimand’ over building materials distributor #SIGplc #audit failures. Deloitte’s audit partner Simon Manning fined £50k (£36k) - frc.org.uk/news/december-….
2/ Unsurprisingly for this type of business the ‘old chestnuts’ of y/end cash & supplier rebates reared their heads. A whistleblower reportedly ‘identified issues’ at its UK insulation & interiors subsidiary: ‘SIG Distribution’. KMPG were reportedly brought in to investigate.
3/ In 2018 SIG announced “With support from KPMG, the group has completed a review of financial reporting controls at SIG Distribution, which identified no further material accounting cause for concern” + “a number of employees are leaving the business” (insider.co.uk/company-result…).
Read 5 tweets
Ian Beckett Profile picture
Dec 22, 2022
@ArmitageJim @premnsikka 1/ ‘Key US law enforcement aide being investigated for allegedly extorting former Venezuelan officials’. But questions hang over Spain’s allegations that Martin Rodil exploited ties to US officials (icij.org/inside-icij/20…).
2/2 Getting on for a decade ago Bloomberg published a rip-roaring tale of US resident Venezuelan emigre chauffeur Martin Rodil, also working at the IMF as a data entry clerk entering #MoneyLaundering data - he allegedly became a US ‘deep state’/Israeli intelligence ‘middleman’.
Addendum 1/2 : for those interested in the mechanics of the alleged laundromat, the US indictment (USA v Ali Sadr Hashemi Nejad) gives quite a bit of detail including the ‘double trouble’ of Swiss/Dubai/London banks & Nevis passports (drive.google.com/file/d/14Q6NsU….
Read 4 tweets
Ian Beckett Profile picture
Dec 20, 2022
@ArmitageJim @premnsikka 1/ #TSB Bank fined by UK regulator (@TheFCA) £48m over ‘serious failings’ in IT platform meltdown (theguardian.com/business/2022/…). TSB was acquired by Spain's #BancoSabadell in 2015 + shunted on to the infamous ‘Sabadell Proteo’ spawned IT platform.
2/ “We have created a more digital, agile & flexible TSB,” said Paul Pester, CEO of TSB, at the unveiling of the bank’s new technology platform, Proteo4UK in 2017 (fintechfutures.com/2017/12/tsb-un…). However, switchover in April 2018 resulted in the loss of internet & mobile banking …
3/ services for many customers for > a week. Some customers reported seeing detailed account information of other customers, including balances of accounts other than their own. Paul Pester, then chief executive, stated that TSB was "on its knees"(bbc.co.uk/news/business-… AND …
Read 4 tweets
Ian Beckett Profile picture
Aug 11, 2022
@ArmitageJim @premnsikka - 1/ A corrupt solicitor: ‘Timothy Schools’, who named his firm ‘ATM’ because it was "a cash machine" for litigation awards has been convicted of a notorious #fraud - the £120m #Axiom Legal Financing Fund “Axiom”. Axiom was launched in 2009 as an …
2/ offshore fund (+ its associated ‘fund manager’ - Tangerine Investment Management’ - “#Tangerine”), purportedly providing litigation finance to small UK solicitors firms for low value high volume claims. It was peddled to the UK public & expats widely by a large web of …
3/ @theFCA made men/women & their associated unauthorised cold calling cowboys in the FCA’s SIPPshittery, @TPRgovuk’s pension liberation scams + allegedly ‘wrapped’ (in purportedly ‘insurance bonds’/SIPPs) by the FCA’s ‘Big Fish’ & peddled particularly to older …
Read 18 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

Send Email!

:(