Exposed Tom Winnifrith. Going to Jail?

Biggest crook on the AIM!

I accuse that well known financial Journalist Tom Winnifrith, shareProphets of wholesale fraud, blackmail, tax evasion and market abuse the hypocrisy charge being incidental but never the less indicative of the deceits and charges  Winnifrith now has to answer in full.

The list of charges are endless the evidence is compelling.

This is a man who has ‘Self-Styled’ himself as the ‘Sheriff of Aim’ a man that is up to his neck in market abuse, fraud and ‘dodgy’ deals par excellence. Using the cover of  ‘financial journalism’  for personal financial gain. The sheer bloody hypocrisy is jaw-dropping.  He was informed yesterday that this was coming. As per form Winnifrith has been running scared, emailing and contacting my close city friends attempting to put pressure on me not to publish. You were told and warned many times by myself that you keep attacking me and my friends and I will unleash the dogs of war. The truth of what every retail investor reads here is horrific. This is a 14 month investigation. What is written here is just the tip of a large corrupt financial scandal. There’s much more to come. Particularly rumours of a USA London listed Company seeking to bring racketeering charges in America.

Rivington St Holdings

Winnifrith, as most already know, ran the ill-fated Rivington St Holdings, a company that went bust losing thousands of share-holders millions of pounds. He was ‘booted’ by Jim Mellon for major compliance failures. Documents seen by this website paint a sorry tale on the back of a report from a KPMG investigation into the transference of £100,000 of share-holder money that was rinsed out of the company to Tyre Solutions Ltd, just before the administrators came knocking. Tyre Solutions very quickly went bust. The report found that: There were three potential areas for a fraudulent transaction. – that the initial investment proposal was a fraud on the EIS fund – that the proceed of the investment were fraudulently expended by Commercial Tyre Solutions Limited or its officers or employees – that residual assets were fraudulently disposed of before the appointment of the administrators”.  Winnifriths recollection is rather sketchy….

TW had also been actively buying stock in Athol Gold to ‘hold up’  the share-price. He was the AG Investment Advisor! This is absolutely incredible! The document has 18,  yes 18 major compliance breaches. On compliance Note/breach 13 (Unlucky for Tom) ; Athol Gold c30% held on an aggregated basis —TW inv advisor to AG. Funds keep buying AG to hold up price. Tips 1M get perf fee from AG and from funds. The full list of Compliance breach’s can be read at the bottom of this Blog.

It gets worse, a Suspicious Activity Report (SAR) filed by the compliance officer, Michelle Lees, on yet another dodgy deal orchestrated by TW, (see document at bottom of blog) with a chap called Mr Zamavi Sithole, who was on the then ‘FSA radar’, accuses him of acting ‘Ultra Vires’ which basically means illegally. Among the many allegations levelled, Winnifrith had been trying to force accelerated opening of  JPJ share trading accounts for Mr Sithole without ‘appropriate KYC,’ know your client. It further states that ‘Compliance’ was warning that any association with this client (Sithole) would be ‘very damaging’. The fact that RSCP stated the FSA had given a ‘steer’ in favour of the deal was admitted by the compliance officer to be nothing short of a lie. Complyport summed it up thus; “The potential person (Sithole) is on the FSA radar and any sale to this individual would, without putting too much colour, be regarded as laughable in the extreme unless you want to commit regulatory suicide”.

Winnifrith was motivated by 2 factors:
1. The need to increase his own wealth – even though it was mainly paper based (apart from the massive dividend he paid himself in 2011).
2. The need to cover up the fact that he should never have been allowed to run any company – and never a public one.
The Suspicious Action Report document is a record of an internal investigation into a proposed transaction that would have achieved 3 things:
1. Sold a dormant entity called T1ps Investment Management UK Limited to a chap called Sithole for £20k. BUT
2. As part of the deal Sithole would have bought £600k worth of 10% loan notes in RSH, raising much needed cash in Sept 2011, AND
3. Sithole would have bought a substantial amount of RSH shares from Ambrian, who were a motivated seller.  By doing this TW keeps the shares off the market and keeps the share price up. That is wholesale market abuse. Slam Dunk!

The problem was, Sithole was also a crook and someone at RSH found out when he tried to take out a massive life insurance policy on the back of the proposed deal with RSH.

Chris Potts & ShareProphets. #Pottsgate
Christopher Potts, who is he? Let me educate you all! Potts or ‘Pottsy’ as most corporates refer to him, used to work at Evolution Securities, a regulated individual. He’s a long time close friend and business associate of TW. ‘Pottsy’ was booted out of Evolution Securities for market abuse and censured by the then FSA and fined £75,000. Never to be  regulated ever again. Now I need to state I have no axe to grind against this man. He’s doing what most investors try to achieve and that is make money and get the information that can limit his risk.

However on the formation of shareProphets he paid £25,000 to TW for a major stake in SP. Winnifrith failed to declare the full cash transaction with not only UK tax authorities but with Company’s House. He also kept ‘Pottsy’s involvement with SP ‘quiet’. He pocketed the cash. That is fraud and tax evasion. It gets worse, much worse… Most of the companies that Pottsy invests in are given ‘glowing’ ramps by SP.

Companies such as Optibiotix, dotDigital, Ascent Resources, BlueBird Merchant Ventures, Frontier Resources (Now Called Concepta) the list goes on and on and on.. And guess what? At no time did shareProphets declare that their business partner and MAJOR share-holder in shareProphets was holding stock in these companies, not only holding but trading and making millions of pounds! That is market abuse on a gargantuan scale! shareProphets and Winnifrth were ramping their business partner and MAJOR shareholders stock! A man censured and fined for market abuse. So come on Tom speak up explain how many stocks and shares you’ve ramped that Pottsy held and lets have a look at your share-trading account/s. I’m sure YOU never traded on any of the information or companies that Pottsy was in….  Just how many brown envelopes were there?

And just where was Mr Christopher Atur Potts on Wednesday of this week? Why he was (with some difficulty to great guffaws of laughter ) cracking open bottles of champagne with Thomas Z Winnifrith at the UK Investor Cabaret night (Pre Show). You’ll all recall just how much TW hates and castigates the corporate coke sniffing, champagne ‘PR bimbos!’ and brokers. Well that party was full of them! The Hypocrisy of this fooker knows no bounds…. Retail investors are being rinsed and laughed at by these corporate hyenas and the biggest joke of all is that everyone at that party, whether it be CEO’s, Brokers Public/Investor Relations, know full well that this has been going on for years. The joke here is that TW will be hosting a seminar tomorrow at that show on Fraud. Yes on April fools day. You couldn’t make it up could you?

The ‘Lenigas’ payments

Pays cash to stop his companies being attacked.

David Lenigas (DL) needs no introduction.  He is a corporate shyster, most people with half a brain know it.  2/3 years ago DL confided in me that he had paid upwards of £70,000 to shareProphets/UK Investor show/s. At the time SP were actively backing this man and the stable of AIM listed companies he ran, they were promoting/ramping his stock. Some where along the line there was a falling out. Winnifrith stopped receiving the ‘Lenigas shilling’. He then stopped singing the ‘Lenigas tune’.

Dozens if not hundreds of Articles/Blogs started to appear on SP ripping to pieces DL and all his companies, twitter was awash with TW accusations. He was labelled among many things a ‘market abuser, a crook.’ (My favourite ) ‘The fat Aussie Share Ramper, Horse Shit Hill, a Conman, the epithets and abuse carried on and on and on. Videos and seminars were used to attack DL. Eventually a truce was called.  The upshot of that truce/agreement is that Winnifrith is once again receiving the ‘Lenigas Shilling’ and it is no coincidence that all Articles/Blogs attacking DL companies have ceased on shareProphets. Indeed David Lenigas is being promoted at the UK Investor Show. His picture is all over it. So here we have Winnifrith taking payments from a man who he has labelled a market abuser and a crook. Since Winnifrith started receiving Lenigas cash, not one single article has appeared on shareProphets attacking those companies. That my friends is blackmail.

There are many CEO’s and PR companies who pay to go to the UK Investor Show. Some pay in cash some pay in stock. The majority who pay in stock were never declared by TW. It was only recently over the last year or so that TW started intimating some of the company stock held. This started about the time I started corresponding/talking to him about such matters… What a coincidence! They pay for one reason and one reason only. They do not want their micro-cap companies attacked. It is racketeering. If this was in the USA Tom Winnifrith would be locked up. That is a fact. CEO’s and brokers should hang their heads in shame appearing at this show and paying the ‘Greenmail’. Winnifrith is making a fortune…. How many companies have paid you in stock since the inception of this show?

The Eden Moore Trust

So just where does all the cash generated go. You’ll all recall that TW has stated many times that he doesn’t receive a single penny or benefit from any of it!!! Yes he works for free….. It’s a big fat whopping lie.

Winnifrith set up a Gibraltarian trust fund named The Eden Moore Trust. The beneficiaries of that trust are his immediate family. One is his wife! His cut of the cash and share dealing goes directly into this Trust, circumventing UK Tax laws. The executor of that fund is, wait for it wait for it… Darren Attwater. Tom Winnifriths gopher his business partner. Darren authorises ALL the payments back to the UK, who instructs Darren to make payments? Would you ‘Adam & Eve it’ Tom Winnifrith! Presumably some, if not most of it goes to TW’s wife. You know the woman he lives with. But he doesn’t receive any financial benefit from it.. Honestly guv…  Tax avoidance on a grand scale. It is sheer crookery designed to confuse and obfuscate.  An orchestrated pretence that Winnifrith who works 60 hours a week doesn’t receive a single penny for his labours… Who do you think you are kidding Mr Winnifrith?

THE FCA & AIM Regulation

So just where the fuck is The FCA & AIM Regulation in all of this? This man is involved in ‘factory farm’ criminality, market abuse, fraud, stock manipulation, racketeering, tax evasion and breach’s of virtually every financial regulation. There’s no doubt that there’s been complaints, there’s no doubt that he’s on their radar. The modus Operandi is well known. Winnifrith corrupts CEO’s, Brokers and such. He uses inside information to promote himself and his cash generating operations and to destroy companies that don’t pay the ‘Greenmail.’ If I as one lone researcher can garner such damning information then where and what are the regulators doing? Does it take a reformed Bank Robber to uncover this, are my skills so special? I think not! Or is it quietly being monitored and investigated. I urge everyone who reads this article to cut and paste it and send it to The FCA and AIM Regulation team. Any investigation will result in Winnifrith going to jail. Of that I am whole heartedly convinced.

Indeed do!!! I had a telephone conversation with him on one such brokerage/nomad where he explicitly stated three (3) times that he was receiving inside information from them on a whole host of their clients. (He’d corrupted a nominated advisor) and if he was called into the High Court that he would deny every thing. He was prepared to commit perjury!  A man who is prepared to commit Perjury in the Royal Courts of Justice is a crook. If he’d like to deny that conversation then please do. I have that conversation taped and forensically transcripted.

And that ladies and gentlemen is why I am ADVFN Finance Blogger of the Year!
Viva!
Daniel Levi

 

 

Michelle Lees

From: Michelle Lees
Sent: 13 June 2011 09:15
To: Michelle Lees
Subject: RSH
  1. Compliance “holiday/’ , no CMP done for 14 months in either jurisdiction, includes no ICAAP done for RSCF. If FSA came in for an inspection we’d be in serious trouble. Compliance just firefight and perform an operational role rather than compliance oversight
  2. Conflicts of interest — same names appear in funds, BG, RSCF, GE&CR, also hold same names as prop positions. No conflicts of interest register maintained.
  3. TW over dominant — overrides compliance (blacklist) on a regular basis, e.g. GE&CR writing a research note therefore name out on the blacklist. TW is sub editor and so signs off on all research notes before they are released. TW will get compliance approval to trade the stocks in the funds before research note published because “he hasn’t read the note”. This would never bear up to scrutiny
  4. Substantial shareholders — c12 AIM announcements required. Fundamental lack of understanding how DTR 5/

AIM rule 17 works — from fund manager to compliance. Reflects very badly on the organisation

  1. Fund management no segregation of duties
  2. Fund management no portfolio management system, no data provider (Bloomberg), no deal log therefore virtually impossible to do any historical analysis or meaningful CMP
  3. No deal log no automated trade file
  4. No due diligence over the administrator
  5. Appears to be a poor relationship with both the administrator and depositary
  6. For a several months no performance fee accrued (RSH MUST have an ops administrator who deals with NAV reviews, compliance with risk lilmits etc)

 

  1. Funds always running very close to 10% holdings limit and 40% which they have breached — RM policy states we ahve an internal soft limit of 7.5% and 37.5% (but we never use these)
  2. Funds hold large illiquid positions (c50% ) of portfolios in illiquid assets — all positions marked to mid, IAS 39 fair value accounting?
  3. Athol Gold c30% field on an aggregated basis —TW inv advisor to AG. Funds keep buying AG to hold up price. Tips 1M get perf fee from AG and from funds
  4. FSC returns incorrect — local finance staff very poor. Have no faith at all they can prepare any meaningful returns
  5. No signatory lists
  6. Intra co holdings/ related party transactions — these need properly analysing — need to be able to prove that the related party trades don’t hold uo the share price. Eg Athol gold TW IA paid perf fee in specie (convertible loan notes) converted to stock paid to TIPS 1M then sold to the gold fund
  7. RSH transactions — funds bought RSH stock the day after the interim trading announcement. These need to be flagged and checked against the market
  8. Athol Pahram Jane Grey removed from board because she was viewed as undermining the board in the meeting

(i.e didn’t agree with Amit Pau, who incidentally isn’t even on the board) replaced with 22 year old trainee Ross

Jones — who I really don’t see as independent very much under the influence of TW

 SAR Suspicious Activity Report
Reasons for Suspicion

RSH Compliance Officer (Michelle Lees) received an enquiry from Liverpool Victoria (LV) on 6th March 2012 regarding an application for life, critical illness and income protection. Due to the size of the benefit applied for they requested the applicant (Zamayi Sithole (ZS)) to provide additional information to support his application. Part of the information provided was a Share Purchase Agreement (SPA) between Rivington Street Media Limited (100% shareholder of TIPS Investment Management (TIM)) and Eissen Limited — regarding the sale of TIM to Eissen Limited this was dated 8th August 201 1. A second document produced was a Companies House form appointing Dru Edmonstone as a Director of TIM dated 12th October 201 1 (please note Dru Edmonstone was a Director of Rivington Street Corporate Finance (RSCF) until 31 st December 201 1 from 7th February 201 1, he had been a permanent employee previously from the period January 2009 to April 2010). LV wanted RSH to confirm the authenticity of the documents. I sent an e-mail to the Board of RSH on 6th March requesting that they review the documents and confirm whether or not they were genuine. I also noted in that e-mail that the Company/ individual were already known to the firm. On 29th September 201 1 Tom Winnifrith (TW) had notified the board of a potential purchaser of 10% 2 year RSH loan notes — this was Zamayi Sithole. According to TW the individual was known to Peter Greensmith (PG) and had approached TVV to buy the Ambrian stake in RSH and also to buy E600k of RSH loan notes. also noted that “A ML check is bein done on him but he is well

 

known to Peter (Peter Greensmith) and Russell (Russell Darvill)”. It is not clear who carried out the ML check on him although Russell Darvill (RD) is the MLRO for the FSA entities.

JPJ Share.com also received account opening requests from two companies associated with Zamayi Sithole one of them being Eissen Limited. Tom Winnifrith had been trying to force accelerated opening of the accounts without appropriate KYC in place and JPJ referred the case to Compliance. Compliance then in conjunction with Complyport (RSH external compliance consultants) reviewed the evidence available and came to the conclusion that from a regulatory perspective any association with this client would be very damaging. It also transpired that 1M/ was negotiating selling TIM to ZS. TIN informed me that RSCF had been in contact with the FSA and that the FSA encouraged an application to be submitted. He further commented that following that steer from the FSA we should surely submit on the basis of “you said go ahead what do you think” . I forwarded onto Complyport in complete disbelief that the FSA would ever give such a steer and Complyport confirmed my opinion. The evidence gathered was clear and Complyport summed it up with their comment “The potential person is on the FSA radar and any sale to this individual would, without putting too much colour, be regarded as laughable in the extreme unless you want to commit regulatory suicide”. Then I then instructed TVV at 13:57pm on the 12th October that the transaction must not go ahead. I had a reply back from -m “have instructed thus” at 14:50pm on the same day.

Background checks were run on ZS on Accuity which came back with no matches.

I queried with Complyport whether to file a SAR and they advised that at this stage they didn’t think it was necessary.

confirmed on the evening of the 6th March after my e-mail to the board regarding the documents that “This did not go ahead. It was aborted. This was the gent from Zimbabwe”. I followed that up immediately as to whether an SPA had been signed as TW had not answered the question. After many repeated requests from myself and David Gibson (RSH Non Executive Director) TW finally responded to the Board of RSH on 12th March with the following response

“A SPA agreement was signed by RD on behalf of RSM. I was aware of this.. TIM (UK) is a dormant shell with permissions. It was valued then at E20,000 — hardly meaningful. As you know we now have marginally higher offers. There were conditions precedent on the sale they key one of which was change of control being granted by the FSA. Before any application was submitted there were subsequent discussions about Sitole buying a line of RSH in the market and subscribing to an issue of RSH loan notes. The board was aware of this & DE (Denham Eke) rightly flagged some concerns. However Sitole then failed a JPJShare ML check and on the advice of Complyport all discussions were then terminated. As such what stands below is correct.”

TW and RD have both acted ultra vires and attempted to sell an FSA regulated entity without the approval of the RSH Board. The Board should now proceed with an internal investigation to ascertain exactly what has taken place and the roles of the various individuals involved.

This SAR covers both IOM FSC/ FCU and FSA jurisdictions.

 

Date.

ß /. zo.12-

 

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32 Responses

  1. Colin says:

    Jesus! What chance has the ordinary pi got in the aim cesspit, lying ceo’s scumbag bloggers, lifestyle companies? Basically we have no chance.. Disgusting state of affairs.

  2. REVENGE IS GOOD says:

    WINNI THE POO taking money what next attacking peoples mothers ? its justice you peace of shit. Its just the start payback more to come.

  3. Toshlines says:

    What a horrible world we live in. It takes an ex-Bank robber (no offence) to do the job of the authorities.
    Tom will just deny it all and carry on. Of thst there’s no doubt. He stands exposed even if only 10% of it is right.

  4. kennyb41 says:

    You absolute hero Dan,pity the authourities can’t get a hold of all his hard drives and tech stuff,the guy and others have full control of advfn with gazillions of alias.

  5. kennyb41 says:

    New bulletin board moron of the week…..TW….alias PWhite,Nod,Arlington Chetwynd Talbot and many many many many others!!!! Blues…blacks you name em,coz somebody will!!

  6. Rod Swaine says:

    Couldn’t happen to a nicer geezer. Up the Revolution!

  7. David Ike says:

    Uhm, an ex con talking ****** because he has been shown to be lying ramper of CTAG amongst others and now he hits back with BBM journalism where assumption and conspiracies are dressed as facts. **** me, where’s David Ike!!

    • Dan Levi says:

      Everyone is entitled to an opinion. Even when it’s completely wrong…

      Try to keep the expletives out of your future posts etc.

      Dan (X Con)

  8. Josh says:

    I may now have to rethink my opinion of bmd. You were a criminal it was a longstanding bugbear to me. But this is something that has been out there for eons. Terrific writing does you no harm.

  9. Joe says:

    Well well well. Is the man who’s trashed more companies than Ben Turney about to get his come-uppance? Is the Sheriff about to de-badged? Has high noon finally arrived? Are the saloon doors finally closing on AIM’s very own, self appointed saviour of the people? Well, it would appear so and not a day too soon. The Black Maria is being warmed up, take him down officers.

  10. Matthew Palmer says:

    It is worth noting that about 3 years ago Private Eye magazine ran a big story on him saying he was doing wrong etc etc He never sued

  11. kennyb41 says:

    Please please please Dan make something stick,it’s the sheer hypocrisy of the man,them accountant toffy nose scum are all the same,he treats people like dumb shit and you can imagine the guy rolling back in his chair laughing,i’m praying that all his walls come tumbling down,he is scum of the highest order masquerading as he does,100% still carrying that very heavy load of childhood abuse,they think they have it under control,but it festers somewhere deep,that not even they know when it rears it’s head,please please please take him down,you will make a lot of people happy.

  12. kennyb41 says:

    Matt do you know of any way to find that article?

  13. Two Names says:

    Does explain a reason been multiple attempts at trashing Sound Energy.

  14. U.K. investor attendee says:

    Brilliant. Quite simply one of the most damning articles I’ve ever had the pleasure of reading. Did a tad of research on Potts and it’s obvious TW has been pushing shares bought by him. Never knew he was a big shareprophets shareholder. Most enlightening

  15. Mike H. says:

    #PottsGate. Love it! What a revelation.

  16. Thomas says:

    Funny T.W is already under attack and legal claims from https://www.aidanearley.org/tortious-interference-report/
    No smoke without fire. Hes in hot water now. Funny how he was going to take WRN to court yet has backed down as hes getting beaten. More and more people will stand up aganist people like this and TW is one who will be made an example of by the courts to make others think twice.

    • Graham says:

      TW deserves all he gets for his years of market interference slating & damaging companies that can’t afford to defend themselves. I sincerely hope this piece of **** gets the book properly thrown at him in court. Aidan Earley could be recognised as a true hero for his efforts in bringing justice against TW.

  17. Simong says:

    Not been a good week for the despised TW. Outed by a fucking ex con. LOL!!!!

  18. kennyb41 says:

    Like Dan says,every single one of us should insist the fsa take action,some dickheads are commenting that they won’t listen to ex convicts,the fact is if enough complaints are made by every Joe Bloggs,they have to sit up and look,and that includes the police and serious fraund office,ill gotten gains if siphoned off can be recovered.He has had a team working the bb’s for years and staff at advf under his control,he has shown how conniving he can operate,you get a good feel for the scumbag just through hisemails to and fro with Aidan Earley,I just hope Jim Mellon backs Earley all the way now with his millions.

  19. Rubber Lips says:

    Are there any updates to this article yet, or are we still waiting for the smug fucker to get his comeuppance?

  20. Michelle K says:

    This article is the best blog I’ve read this year online. ” Oh what a wicked web we weave when we practice to deceive”

    Well done. Good luck on Sefton. Hope you can turn it around

    • Dan Levi says:

      Thanks Michelle.

      Daniel
      x

      • Chris says:

        So is all my money lost in Sefton

        • Dan Levi says:

          You can apply for your shares to be bought back at the net cash value. We are progressing slowly.. It will take time. We either make it or we go bust. Those are the options.

          Dan

          • Chris says:

            As Sefton is already a compete failure with shares as near dammit worthless, anything the company try to do to save investors a complete loss can only be a success! It can’t get worse! Good luck to the new board in their endeavours!

  21. Matthew Palmer says:

    As Promised

    From Private Eye 1296 October 2011

    PROMINENT share tipster, fund manager and former City page hack Tom Winnifrith seems to be losing some of his fans, if the recent share price of his self-styled conglomerate Rivington Street Holdings is any measure.

    Rivington provides one-stop financial services encompassing fund management, share tips, stockbroking, research and financial PR – not to mention pizza parlours. After rising steadily from 30p this year, the shares have been slowly slipping since June from a peak of 50p and last week saw the price hit 41p on a large sale of 80,000 shares.

    With London burning, the euro collapsing and the US heading for a double dip, shares generally have been on the slide. But Rivington had been talking up its profits and prospects, especially on the success of its gold and small company funds. So exactly why the sellers should be out might be considered surprising – especially as Winnifrith seems to have created a win-win model in which he has several bites out of the small company pies that Rivington helps to bake on the PLUS, AIM and German “pink sheet” markets. Companies can be floated, advised and tipped, all by different Rivington companies. Take, for example, the ShareCrazy website, which is aimed at private investors. The website was relaunched by Rivington, which runs a number of websites and newsletters aimed at retail investors. Winnifrith provides a “Tip of the Month” for the website. Since last September eight of 11 tips have been for companies in which either Rivington funds have or had a big position and/or Rivington companies have a professional relationship as advisers. The February tip was Rivington itself! But then Winnifrith was hardly likely to say sell, especially as he is the largest shareholder with around 30 percent and has been a steady buyer of the shares this year. The Rivington/Winnifrith-managed SF t1ps [sic] Smaller Companies Growth Fund has also been an investor. Rivington currently represents some 5 percent of the near-£18m fund. The next month the tip was Minoan Group, which is involved in a tourism project in Crete. Rivington Street Corporate Finance has been joint broker to Minoan since 2009 and prior to its appointment the company had hired Rivington’s PR arm, Bishopsgate Communications. And to complete the set, the Smaller Companies Fund was already an investor. Rivington’s t1ps Investment Management operation on the Isle of Man, where Rivington and Winnifrith have been based since last year (there was an unfortunate fire at its London offices in March), now holds 10 percent of the Minoan shares in two of its funds. Perhaps not surprisingly, given the chaos in Greece over the past 12 months, the shares have almost halved from a high of 19p to 11.5p. In December 2010 the ShareCrazy Tip of the Month was Ascot Mining, which is looking for gold in Costa Rica. T1ps has almost 15 percent of Ascot, which is also a client of Rivington Street Corporate Finance and Bishopsgate Communications. Ascot is also quoted on the sub-PLUS-style lesser markets of Berlin and Frankfurt but has failed to shine. In September last year the tip was technology consultant Avisen. Once again t1ps has a big position – 13 percent – and the company is a client of Bishopsgate. The shares have also done little. On two occasions – November 2010 and June 2011, the Tip of the Month was Avanti Communications. As recently as last month this was one of the ten biggest investments in the Smaller Companies Fund. The shares have been a steady faller. In May the tip was First Artist, now Pivot Entertainment. It was then the second largest holding by the Smaller Companies Fund, behind Ascot but ahead of Avisen, Minoan, Rivington and Avanti. This month’s ShareCrazy tip from Winnifrith was Northern Petroleum. Until May this was listed as another of the fund’s ten largest shareholdings. It has not been a recent winner – as Winnifrith admitted in his usual ShareCrazy TV presentation on the website. The shares are still less than half their 52-week peak. As in the case of Northern Petroleum, no doubt full disclosure of the t1ps positions in these shares was always made. But nitpickers might consider that there were some potential conflicts of interest going on when tipping what are in effect house or client stocks or ones in which an in-house fund has a big position. But then Rivington’s PR arm Bishopsgate acts for not just the Smaller Companies Fund but also several of its major investments – all of course perfectly legal, if a little incestuous. The Winnifrith brand was boosted last year by the arrival as Rivington chairman of perceived investment guru Jim Mellon. Like Winnifrith, he too is based on the Isle of Man, and his personal fortune is estimated by the Sunday Times at more than £500m. But this may have taken a bit of a knock, given the performance of some of the companies where he is on the board. Despite his guru status – he spoke at the April Master Investor conference run by, er, Rivington – Mellon’s track record is not without some blips. Regent Pacific Fund went into voluntary liquidation in 2003, as did Undervalued Assets Fund Series One in 2005 and Asian Opportunity Fund 1998 Series 1 in 2008. There were no unsatisfied creditors in those cases, so that was presumably a triumph. Previously Regent Global Fund and Undervalued Assets Greater China Fund Series 3 both went into voluntary liquidation, due to a decline in the size of the funds making them uneconomic. Once again, it is said there were no unsatisfied creditors – so that was presumably another result. Bigsave Holdings, a Manx company where Mellon was a director, went into voluntary liquidation in 2008. Once again it is said there were no unsatisfied creditors. This followed the compulsory winding-up of Bigsave UK in 2003. Mellon was also a director of UBQT Media, which was also compulsorily wound up in 2003. Then there is the curious matter of the arrest warrant issued for Mellon by the South Korean authorities in 2000 and reissued in 2004, which seemingly expired in March 2010. The warrant relates to an alleged conspiracy between Mellon and two South Koreans to manipulate the share price of Regent Securities and a failure to make adequate investigations in connection with the provision of loans by a Regent subsidiary to one of the Koreans. Mellon insists the allegations are without substance. Mellon is currently a director of several listed companies whose performance has been less than stellar. Among them is Speymill Deutsche Immobilien, where receivers were appointed to its German residential property holding companies last year and the shares were suspended on AIM. This has impacted on Speymill, whose shares are bumping along the bottom – as are those of Manx Financial Group, down about a third… or online gaming group Webis Holdings, down even more.

    At least Central American gold/silver prospector Condor Resources is only down about half. Mellon is not the only well-known name connected with Rivington. Former directors and thus Winnifrith associates were a couple of old Eye favourites from the risky world of sharetipping – Malcolm Burne and Charles Wyatt, both, like Winnifrith, former financial hacks. Wyatt died last month. This brings us back to why Rivington should suddenly be less popular. The last trading statement in June was bullish. But some may not like the fact that at the half-year, debtors were £5.3m, compared with turnover of £6.8m, possibly suggesting a certain slow payer issue; or that cash in hand was only £601,000, compared with current liabilities of £6.8m, even if there were current investments worth another £2m. But how saleable these may be if investments on AIM or PLUS could be an issue. At the last balance sheet date in August 2010, the figure for creditors outstanding had jumped from 146 to 252 creditor days – sometimes an indicator as to how long trade creditors may have to wait to be paid, although with Rivington this figure may be exaggerated. But such fears seem misplaced, as profits are up and the company has just paid a dividend, so all must be well. And as any share tipster and former City hack knows, shares can always go down as well as up.

  22. Gordon Bowden says:

    Look up the Directorship history of MALCOLM ALEC BURNE and his direct affiliation to TOM WINNIFRITH and GEOFFREY HOODLESS. Oh dear fronted HH BRENNAN aka HOODLESS BRENNAN then morphed as BEAUFORT SECURITIES are the recent “New Brokers” of ANGLESEY MINING PLC the 34 year asset stripped money laundering PONZI SCAM. This is the biggest international Organised Crime Political Corruption Scandal in British History, researched and recorded for over 16 years. PANDORAS BOX INVESTIGATIONS LIMITED

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