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Rumors are reaching us Stateside that the recent coverage in Private Eye magazine of Connaught investors’ losses has come to the attention of producers at the highly regarded BBC current affairs program Panorama. We understand they are interested in how regulated firms such as Capita and their regulator, the FSA, could have allowed Unregulated Collective Investment […]
January 19, 2013
We Americans love those strange expressions you Brits come up with. Like having your cake and eating it. I mean, c’mon, why would you bother having a cake if you couldn’t eat it? And it’s not as if you Britishers are starving these days. Ever since we helped you out of a hole money-wise after […]
December 17, 2012
Magnus Peterson, founder of the failed hedge fund Weavering Capital, is unlikely to get much enjoyment out of the upcoming Christmas holidays: on Friday he was charged with numerous financial services offences relating to the hundreds of millions of pounds that investors lost when the fund collapsed in March 2009. His trial starts on January […]
December 6, 2012
News has reached us here in the States that the vote on Monday (December 3rd 2012) to remove dodgy insolvency practitioner Peter Hollis from the role of administrator of Connaught Asset Management Limited (‘CAM’) descended into farce. We hear that the overwhelming vote for his removal by investors was overturned by a series of […]
November 30, 2012
We hear that the Fund has made another appearance in the iconic British investigative magazine Private_Eye. Labeled, not unreasonably, ‘FRAUD’, and carrying the punning headline ‘All a big Con-naught’, the report outlines the nature of the scam, reports on the backgrounds and impossible positions of the principals of Connaught, and also demonstrates how the (in)actions […]
November 16, 2012
Until now, hapless insolvency ‘experts’ BDO have been at the head of the queue of professional services firms investors are hoping the FSA will hold to account for making up any shortfall between whatever can be recovered from Tiuta’s dodgy loan book, its directors and shareholders and the grossly inadequate professional indemnity (PI) insurance held […]
November 14, 2012
Word has reached us here in the States that Henry Lan and David Rubin, the insolvency practitioners appointed over Tiuta plc, are so far not covering themselves in glory. Their report to creditors dated November 6, 2012 has raised serious questions in investors’ minds: 1. What has happened to the Tiuta subsidiaries containing properties that we suspect were bought […]
November 8, 2012
Investors are campaigning for the FSA to look carefully at which professional services firms have been negligent and that such negligence allowed the fraudsters at Tiuta to perpetuate the Series 1 Ponzi scheme. We believe at the Action Group that the FSA has a duty to arrange for the relevant firms (many of which are […]
November 8, 2012
We have been campaigning for the police in the UK to investigate widespread allegations of theft and fraud from the Series 1 fund by Tiuta plc. The FSA failed to act on clear evidence provided to it in March 2011 and it has done little to date to win the trust of investors. Former employees of […]
November 8, 2012
Apologies that we have been off-air for a while as a consequences of the storms here in the USA. We confirm that on October 10, 2012 Geoff Bouchier of Duff & Phelps and Robert Palmer of Gallaghers became the administrators of Tiuta International Limited. This was a victory for investors who voted out two individuals from BDO […]
October 24, 2012
We have received allegations about dubious lending practices at Tiuta and would love to hear from any borrower or former employee. It appears that certain very senior individuals in the business overrode appropriate lending policies of the lending manager(s). This appeal is particularly aimed at borrowers who may have faced the rough end of those […]
October 19, 2012
It seems our limey colleagues are making some serious traction bringing investors’ plight to the attention of the media. A piece was published (top right) just yesterday in Private Eye magazine, exposing the conflict in interest in BDO being appointed administrator of Tiuta International and the tardiness of the ACCA in dealing with discredited insolvency […]
October 4, 2012
Here in the States, we never cease to be amazed at what you Brits have to put up with. Houses without air conditioning, tiny little cars with diesel engines, restaurant waiting staff who forget to smile and say ‘have a nice day!’… We’re astonished that you just soak it all up. But what has really […]
September 27, 2012
The Action Group requests that every investor who has put in a redemption request over 6 months ago to fill in the forms sent out by KPF and to send back the forms to him with a copy to us at our website email address: connaughtactiongroup@gmail.com. We would also request that you write a covering […]
September 24, 2012
Here in the States, BDO is currently spending a lot of money – we’re guessing tens of millions of Dollars – on a high-profile national TV advertising campaign. Here’s one of our favorites: http://www.youtube.com/watch?v=AW1jwwquCDc&list=PL631A57B79682F97E&index=1&feature=plpp_video The strapline is always the same: ‘People who know, know BDO’. The message is consistent too, that BDO is a highly […]
September 21, 2012
It is clear that the blame game for the failure of the Connaught Income Fund, Series 1 (formerly called the Guaranteed Low Risk Income Fund) has begun. It is now easy to point out that the Investment Memoranda relating to the Fund was grossly misleading. Fundamentally, as Mike Davies of Connaught admitted to a meeting […]
September 20, 2012
The Action Group has maintained from inception that Connaught Asset Management and Tiuta plc were trading whilst insolvent. It has taken the directors a long time, too long; to reach the conclusion that things just can’t carry on as before. 1. Connaught Knowing what we now do about Connaught’s amnesiac Chairman Mike Davies, who would […]
September 17, 2012
Reports have reached us in the USA that the elusive Danny Dartnaill began his presentation to a meeting investors in the Series 1 Fund on Wednesday September 12 with the observation that he understood that some of those who have lost money in the Fund are frail or elderly people relying on distributions from the […]
September 14, 2012
At a meeting of investors in the Connaught Income Fund Series 1 on 12 September 2012, 92.42 per cent of the investors who voted wanted the Fund to enter a formal insolvency process. The lobbying by Connaught in favour of an informal process where Connaught was involved as managing the loan portfolios was emphatically rejected. […]
September 14, 2012
At a meeting of investors on 12 September 2012, BDO’s duo, Danny Dartmail and Malcolm Cohen were given the firm message that they should resign as administrators of Tiuta International Limited. BDO had failed to win the trust of investors due to several factors. Prior to their appointment as administrators, BDO had advised Tiuta plc […]
Connaught Action Group 
February 4, 2013
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