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@ianbeckett
Mar 30 • 5 tweets • 7 min read Twitter logo Read on Twitter
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@ArmitageJim @retheauditors @premnsikka 1/ @TheFCA auth. #Emoney op (neobank) #Revolut reportedly frustrates its own board & raises eyebrows in the accounting industry after spinning a critical #BDO
#audit report as a clean bill of health (ft.com/content/9d2f61…). Image
2/ #Revolut published it’s 2021 audited accounts 5 months after they were originally required to be filed & 2 months after an extension to the deadline had expired. Revolut’s lawyers Schillings said there were "a range of views on the meaning of the qualified opinion". Image
3/ ‘Under the hood’, #Revolut has gone ‘full tonto’ on crypto, allegedly building on it’s alleged long term ‘association’ with crypto exchange #Bitstamp (which coincidentally withdrew its UK FCA crypto authorisation application - the UK is the largest crypto market in Europe). Image
4/ Last year (theguardian.com/money/2022/nov…) highlighted the M.O. of #APP (push payment aka #OpenBanking) scammers targeting UK victims, bypassing UK bank controls on transfers to crypto exchanges by allegedly ‘coaching’ creation of intermediate @TheFCA emoney op (eg #Revolut) accounts ImageImage
5/5 Background: ‘#Revolut announces much delayed 2021 annual results’ - ; ‘#Revolut & #Bitstamp, crypto-comrades’ - . Image

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More from @ianbeckett

Ian Beckett Profile picture
Apr 1
1/ @ArmitageJim @premnsikka More from the ‘rotten boroughs’ in only the first conviction of an ‘Eat Out To Help Out’ Govt. COVID support scheme blagger (bbc.co.uk/news/uk-englan…). Now convicted fraudster/money launderer Mohammed Ikram reportedly made 19 fake claims (£434k) for …
2/ eight different food outlets through the scheme, most of which were "entirely fictitious". Md. Ikram, now a former Keighley Town councillor was also a member of it’s Finance & Audit Committee. Scant publicly available records seemingly indicate Md. Ikram was a ‘co-opted’ … ImageImageImage
3/ (unelected) Keighley Town councillor from around 03/2021, some 6 months or so after reportedly making 19 fraudulent ‘Eat Out To Help Out’ claims over four weeks in 08 & 09/2020. The court reportedly heard that Md. Ikram had run up debts ‘running a care home’ - … Image
Read 9 tweets
Ian Beckett Profile picture
Mar 30
1/ #CryptoCrap - CEO (Michael Stollery
aka Michael Stollaire) of Titanium Blockchain Infrastructure Services Inc (#TBIS)/EHI Internetwork & Systems Mgmt Inc (#EHI) sentenced to 4.25 yrs for the $21m #TitaniumBlockchain (#BAR) crypto #ICO #fraud (justice.gov/opa/pr/ceo-tit…).
2/ According to court documents, from 2017 Michael Stollery, touted #TBIS & the unregistered #TBIS crypto ICO (purportedly a decentralised enterprise infrastructure services platform, monetised by a native crypto token: #BAR). Investors were lured through a series of … ImageImage
3/ false & misleading statements including fake client testimonials + false claims that he (#EHI) had business relationships with the Federal Reserve & dozens of prominent companies to create the false appearance of legitimacy. ‘Team Titanium’ had apparently “over 2 centuries … ImageImageImage
Read 7 tweets
Ian Beckett Profile picture
Mar 30
@ArmitageJim @premnsikka 1/ #LSE listed taxpayer funded homeless/vulnerable accommodation op & #BDO audited ‘#HomeReit’s biggest tenant (‘#LotusHomes’) dished out £1.2m to bosses before bankruptcy’ (cityam.com/exclusive-home…). HomeReit’s punters were bedazzled, it’s …
2/ ‘double dipping’ auditor/IPO advisor #BDO remains befuddled, the UK’s blind eyed financial regulator (@TheFCA) remains becalmed & trading in HomeReit’s shares remains suspended. Background: ‘how scandal-hit investment fund let down war veterans’ - ; … Image
3/ ‘#HomeReit’s social responsibility claims ring hollow to the Hyde family’ - ; ‘self-styled cruel negotiator at heart of homeless property row’ - ; ‘major HomeREIT tenant (#LotusSanctuary - 12% of HomeReit rentals) on the brink … Image
Read 4 tweets
Ian Beckett Profile picture
Jan 15
@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’,
Read 15 tweets
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

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