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The Action Group has previously expressed the belief that Tiuta plc is insolvent (particularly if the alleged release of its guarantee in favour of the Connaught Income Fund Series 1 can be set aside as a preference) and is aware of evidence to the effect that Tiuta plc has difficulties in paying its debts as […]
August 30, 2012
We hear on the grapevine that our trusted friends at Connaught are lobbying investors and IFAs to vote on 12 September for the Fund to continue to be wound down informally. They claim to be motivated by a desire to save investors money. But when did Connaught, whose chairman Mike Davies admitted at the 13 […]
August 24, 2012
We have now produced a second newsletter (see the newsletter section of our website) containing damning evidence of fraud by Tiuta and others and further exposing the role of BDO in this affair. We will be revealing further shocking evidence of the role of BDO shortly. We have little doubt there are individuals at BDO […]
August 23, 2012
Dear Lord Turner, Tuita/Blue Gate Captal/Capita/BDO The FSA regulates all of the above-mentioned firms and yet tens of millions of pounds have been lost in a ponzi scheme in which they were involved to a greater or lesser extent. The chief culpit appears to be Tiuta which appears to have stolen millions from the Connaught […]
August 15, 2012
We Yanks like to think we excel you Limeys in most fields of endeavour. Heck, even our Ponzi schemes put yours in our shade. As we’ve already pointed out, the man who invented the concept, Charles Ponzi, was an American citizen (OK, he was born in Italy, which we hear is somewhere in debt-mired Europe, […]
August 15, 2012
Investors in the Connaught Income Fund Series 1 were not impressed by the lengthy and self-serving statement read out to them at the meeting in Birmingham on 13 August. BDO pointedly declined to attend the meeting in person. BDO as administrators of Tiuta International could have answered investors’ questions about where money invested in the […]
August 15, 2012
Match report on clash at Birmingham At the meeting of investors in the Connaught Income Fund held on 13 August 2012, Duff & Phelps (acting for the Fund) flatly contradicted claims by Mike Davies that Connaught had proper procedures to safeguard the interests of the Fund. Duff & Phelps pointed out: (1) It appears that […]
August 14, 2012
These are our most frequently asked questions received by the Action Group here in the USA from you guys in Great Britain. Explanation of a ‘Ponzi’ scheme Charles Ponzi was a fraudster in the early 1920s. He ran an investment scheme which offered high returns to investors across the length and breadth of the USA. […]
August 14, 2012
We request that any borrower from Tiuta or any solicitor who has acted for any borrower from Tiuta to contact us at the Action Group if you have encountered material delays in obtaining DS1s (land registry forms to cancel entries on the register relating to mortgages or charges). If after repayment of a loan, you […]
August 14, 2012
We have grave suspicions concerning the role of BDO in this affair. Our additional questions for BDO in BDOgate are: 1. When were BDO first aware that Tiuta was insolvent? January 2011? 2. When did BDO first learn that loans that had been redeemed were still recorded as existing loans in the books of Tiuta? […]
August 13, 2012
In the UK, the statutory definition is set out in the Fraud Act 2006. It consists of the following offences: Fraud by false representation; Fraud by failing to disclose information; Fraud by abuse of position. These offences carry prison sentences of up to 10 years or a fine or both.
August 13, 2012
Hi Barney How are U doing? Greetings from the land of the free! We have a few extra questions to add to the list we gave you earlier, as follows: Is it true that White Dragon acts for Tiuta as well as Connaught? How have you managed the conflict of interest between your clients? Is […]
August 13, 2012
They say that familiarity breeds contempt. When it comes to links between regulators and the regulated, we wonder whether it also breeds complacency, and may even give rise to opportunities to collude. That’s why it’s important for bodies such as the FSA to ensure that registered firms are supervised by employees who have no former professional or personal links to […]
August 13, 2012
http://www.fsa.gov.uk/consumerinformation/firmnews/2012/connaught.shtml
August 12, 2012
There is confusion around the true nature and extent of the historic involvement of BDO with Tiuta. It is widely accepted that BDO was engaged to carry out a piece of work relating to Tiuta plc and its subsidiaries, in early 2011. But what was the brief? And what were the findings? According to Connaught, […]
August 10, 2012
The Action Group has been shocked by the revelation that Duff & Phelps have been appointed as advisers to the Fund and are paid from investors’ monies in the Fund. Our questions are: Why is not Connaught or Tiuta or Blue Gate Capital paying for the advice of Duff & Phelps? Surely the persons responsible […]
August 10, 2012
The Action Group has just learned that the CEO of Tiuta plc did not resign for family reasons as has been claimed. According to our sources, he resigned after receiving BDO’s findings as advisers to Tiuta. Apparently, he reported his concerns about wrongdoing to the FSA, but his concerns were downgraded as the unsubstantiated allegations […]
August 8, 2012
We have been told that the name of the Guaranteed Low Risk Income Fund, Series 1 has been changed to the Connaught Income Fund, Series 1. We can’t think why the name was changed. We also have been told that the address of the Fund has been changed to: 18-22 Lloyd Street Manchester M2 5WA […]
August 8, 2012
Investors in the Connaught Income Fund, Series 1 (formerly known as the Guaranteed Low Risk Income Fund, Series1) thought that any lending undertaken by the Fund was guaranteed or underwritten by Tiuta Plc, an FSA regulated company. The Investment Memorandum explained that : “If the full amount [of a loan made by the Fund] is not […]
August 8, 2012
Hi Buddy, Greetings from the USA, the land of the free! We sure hope that you are enjoying the Olympics in London. However, to be serious, we also can’t get over your message. It has caused us much hurt and anxiety. It’s so not in keeping with the Olympic ideals. As fair-minded people, we will […]
Connaught Action Group 
September 4, 2012
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