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Hi there, newbie to the group and investing so please be gentle with me.
Backstory - my soon to be ex sold/transferred his Worthington shares to Whetstone. Currently holding 17,500 Whetstone shares, (which I currently believe to worth zero)
As part of our divorce agreement he has agreed to pass all the worthless shares over to me. (I know, generous isn't he! Lol!)
I guess what I would like to know is a little bit of the history in very basic terms about what has happened, what is currently happening and is there any hope of me ever seeing any money coming from these shares? Thank you.
The good news is, it's our money, as taxpayers ..so goose chase or not, it's up to us where we send them.
THINK THE FCA MAYBE COMING AFTER THE TROLLS WHO SENT THEM ON A WILD GOOSE CHASE AND COST THE TAX PAYER ALL THAT MONEY ON A INVESTIGATION WHICH WILL FIND NOTHING.
hopefully tim lyle is a long way from the action on that other share.
the bit that seems ropey to me is the way that ZM has puffed
that ‘miner’ as a supposedly independent chartist, without
that company or ZM highlighting the money he receives from ACF
who were paid by that co. to promote their stock (given that even
ACF acknowledge their ‘report’ is a *marketing communication*, !,
not independent research, and that this specific report is *not* !
required to meet FCA regs, even though their parent company is.
the odd thing is, that EUA as an AIM share is in theory subject
to better checks and balances than WRN was - since EUA has to
have a nomad scrutinising their RNSs etc, whereas WRN was on
the main market, but crucially **not** on the premium section
of the main market listings. main market shares with a ‘standard’
listing are effectively subject to lower governance requirements
than AIM shares. … the snag is, AIM governance partly depends
on how ethical and effective that particular nomad is - and some
companies on AIM get rid of nomads who try to play by the rules,
and deliberately select a nomad with lower / sloppier standards
who will turn a blind eye so long as they get paid. caveat emptor.
good luck and good health.
3 MONTHS, IF YOU SAY SO
Good man.
Whilst I have completely given up any hope of getting a cent back here, I would like to see the perpetrators brought to justice, if indeed they have broken any laws.
As per the correspondences I have posted below, see the letter from FCA, stating that they expect prosecutions in the next 3 months.
The merry go round continues.
Is there still a live investigation I wonder?
https://find-and-update.company-information.service.gov.uk/company/10905791/filing-history
Even though FCA have their hands full with Worthington and connected entities, I have successfully halted strike off of Whetstone Capital with information provided.
Now that there is an amount of time available I suggest anyone interested comes together to ensure these people and all connected are brought to justice.
Dear Customer
Thank you for your objection, dated 15th October 2021, to this company being struck off:
WHETSTONE CAPITAL GROUP PLC-10905791
I acknowledge receipt of your objection to the striking off and dissolution of the above company. In view of the recent information and evidence supplied, I can confirm this action has been suspended until 15th April 2022.
To maintain the objection after this date, you’ll need to provide acceptable evidence to show progress in resolving outstanding matters. You will need to re-apply to object to this company being struck off. We must receive this evidence at least 2 weeks before the objection is due to expire.
If we don’t receive further evidence, the striking off action will resume, and this may result in the company being struck off and dissolved.
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Yours sincerely
Kylie Peachey
Dissolution Case Officer
Dissolution Section
0303 1234 500
This update comes from the FCA with regards my emails regarding assistance with preventing Whetstone Capital being struck off:
Dear Mr Cox,
I write further to our recent exchange of emails in relation to Worthington PLC and other companies. As you know from my previous email the focus of our investigation has been and remains Worthington Group PLC.
In relation to Whetstone Capital we are not investigating that company or its activities and it is therefore not within the scope of what is already a large and complex criminal inquiry. Accordingly, we are unable to take any action in regard to its imminent striking off. Any concerns in relation to that company should be addressed to Companies House.
In relation to the on-going FCA investigation we hope to be able to provide you with a substantive update in the next few months.
Kind regards
Andy Jones
Indeed Spikey, it’s a well worn method to hook in people:
Lie. Repeat the lie. Amplify the lie. Get others involved in executing the lie imo
Hi Spikey. Sorry, only just seen your response but it's fair, measured and good advice. Also appreciate that it doesn't just apply to here. ;-)
HAPPY CHILLED AND RELAXED HERE.
evening king. i think i can understand what you mean about feeling
ashamed at falling for it, but that’s very common in these situations -
the real point is just that these guys are very, very good getting people to
fall for it, because they’ve had a *lot* of practice, over 20 years+ of similar
activities across various set-ups. … it’s more about what scum-buckets
they are, rather than your decisions. ? the learning point is perhaps just
to be wary of stock promoters in other companies who have an attractive
‘story’ to tell, but provide implausible figures about potential growth /
sales / prospects etc, or simply claim that they can’t actually tell you
the figures because it’s all very hush-hush to avoid compromising the
magic deal that will make all holders rich? atb, stay well, lucky & happy.
Nice one Ben. I'm ashamed for being suckered into it. I'm assuming Picto his still happy, chilled and relaxed. He reminds me of another poster on another board tbh.
For anyone who's interested, I have had the following update from Andy Jones at the FCA.
Dear Mr Cox,
Thank you for your email.
I can inform you that the enquiry concerning Worthington Group plc has continued throughout the pandemic despite issues associated with it and with that in mind the Investigation Team hope that any potential charges will be brought before the end of this year.
You will appreciate at this stage of the investigation I am limited in respect of divulging information, but I will hopefully be able to update you further later in the year.
Your sincerely,
Andy Jones
Andy Jones
Associate / Wholesale 2 / Enforcement & Market Oversight Division / Ext.69701 / Desk: Fifth Floor, North.05
His name is Andy Jones,email address andy.jones2@fca.org.uk. Tel.no.+44 (0)2070669701. I received an email from him last year but didn't get back to him...thought it was a lost cause!
If you feel dedicated, it might be worth searching back through the threads to around the time, the FCA thing was initiated.
Good luck! (I mean it)
I don't even remember who that was, however, unfortunately.
Has anyone got the email address of the FCA guy who was collating evidence against WRN and Whetstone? I have been asked to provide to companies house to prevent strike off of whetstone and to instigate investigation. TIA
I couldn’t agree with you more Ben. The Worthington board stated that their business model was built around main market listing. Whetstone was never close to achieving main market listing. They listed on little known share-swap website called Britdaq ffs.
(& sorry to hear of the bereavements. such sad matters
tend to bring sobering perspectives to shares etc.)
if you haven’t already been interviewed by the FCA about WRN, you
could also email FCA and say that you understand they still have an
investigation in progress about WRN, that you have heard that some
pis were contacted to give statements, and that you are able and
wanting to contribute your own experience to their investigation?
(as has been noted relatively recently on the other site by davidk,
there still seem to be asset sale restrictions in place for certain
connected individuals apparently still under FCA investigation.)
Thanks Ben, I'll be adding my voice to yours, then. Is it worth getting in touch with the FSCS or is that not applicable here?
As Knowbodyyouknow says, it's hard to have the energy and willingness to do these things when you have a busy life but, having gone through 2 bereavements this year and discovered the financial messes of those we have lost, I am minded to push to get some sort of recompense for my misguided speculation with Worthington, even if it's probably 4 years overdue.