bluebear54 0 Posted February 13, 2012 Share Posted February 13, 2012 WHO??? The club had been for sale for years, with nobody willing to take it on. Whyte DID take it on, and only time will tell if it will work out. At the moment there appears to be a helluva lot going against Mr Whyte, but in the face of that, his comments about where the club is going haven't changed. Darthter, I'm well aware of that. Like most, I don't have any easy answers - if I did, I would share them. Agreed, Whyte did take it on. I just have serious misgivings as to why he took it on. He doesn't come across as a philanthropist. He comes across as someone who wants to get rich and doesn't seem to have any qualms about how he goes about it. I was essentially pointing out that the fan base is a key element to all of this. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted February 16, 2012 Share Posted February 16, 2012 (edited) Remember the Private Eye article that I posted last April? FSA Notice On 10 February 2012, we issued a Supervisory Notice stopping Pritchard Stockbrokers Limited carrying out its business. In addition, we have frozen the firmâ??s assets and the investor money and assets it holds. Here we explain what it means if you are an investor with the firm. Why has the FSA taken this action? We have serious concerns about the way that Pritchard Stockbrokers has been running its business and handling investor money. We are concerned that the firm has failed to adequately protect the money that it holds on behalf of investors, and has allowed this money to be used to meet its own costs. (Ringing any bells?) What does this mean to you? We have taken this action to protect investorsâ?? money by freezing the firmâ??s and investorsâ?? money and assets. We are continuing to work with the firm, but for now investors cannot withdraw their money. Will you get your money back? We are carrying out detailed work to assess the next steps for the business and will keep you updated on what this means for your money. What happens next? Customers and clients should contact Pritchard Stockbrokers in the first instance. We have instructed Pritchard Stockbrokers to contact investors by 17 February 2012 with further information. Guess who was appointed Company Secretary of Pritchard Stockbrokers on Form: CH03 - Change of particulars for Secretary SECRETARY'S CHANGE OF PARTICULARS / CRAIG WHYTE / 01/10/2009 Filed on: 19 Apr 2010 The FSA Register is currently unavailable so can't check if he is still a director or not. Edited February 16, 2012 by BrahimHemdani 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted February 16, 2012 Share Posted February 16, 2012 Merged your post in here BH. Bluedell said Whyte isn't a director, just Company Secretary. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,062 Posted February 16, 2012 Share Posted February 16, 2012 I believe Pritchards may prove to have greater baring on matters than initially thought. Causing problems for his other interests perhaps we will see some sort of domino effect occur yet. It was reported that £1m of the money in the Collyer Bristow client account used to provide proof of funds by Craig Whyte came from MHG. he board of Merchant House Group has softened its defiant message to clients of Merchant Capital over potential losses as a result of regulatory action against a stockbroker holding client monies, saying that it â??cannot at this time determineâ? if losses may be incurred. In a statement to the stock exchange today (16 February), Merchant House said that, as a result of the first supervisory notice issued to Pritchard Stockbrokers by the regulator last week, clients of Merchant Capital may suffer some â??economic lossesâ?. On 10 February, Pritchard Stockbrokers Ltd was issued with a first supervisory notice from the Financial Services Authority over alleged breaches in relation to client asset handling at the firm, including use of client funds in its own accounts. At the time, Merchant House said that the action against Pritchard, which holds all client monies of subsidiary Merchant Capitalâ??s structured products division in segregated client money bank accounts, said it did â??not believeâ? that the group or â??any of its clientsâ? will suffer loss. In contrast, todayâ??s announcement said: â??We are awaiting further news on the possible implications and therefore we cannot at this time determine whether clients of Merchant Capital may suffer some economic loss.â? The first supervisory notice means that Pritchard may not carry on any of the regulated activities in its part IV permission, except to close transactions which have already commenced. The regulator said it has come to this decision as it has â??serious concernsâ?, specifically that Pritchard has failed to arrange â??adequate protectionâ? for clientsâ?? assets when it was responsible for them. The regulator also said it believes that Pritchard may have allowed client money to be used in its own account. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,198 Posted February 16, 2012 Author Share Posted February 16, 2012 I think it could be this issue that will result in Whyte spending some time at Her Majesty's pleasure. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted February 16, 2012 Share Posted February 16, 2012 Merged your post in here BH. Bluedell said Whyte isn't a director, just Company Secretary. Thanks, you need to move fast around here! As stated, Mr Whyte is only Company Secretary but that is an important position with legal responsibilities. I have checked the FSA Register today and cannot find him registered in any capacity with any firm. That would mean (thankfully) he could not legally give anyone financial or investment advice. 0 Quote Link to post Share on other sites More sharing options...
54andcounting 0 Posted February 16, 2012 Share Posted February 16, 2012 I think it could be this issue that will result in Whyte spending some time at Her Majesty's pleasure. They should make an exception in Whyte's case....put him in Cornton Vale. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,062 Posted February 17, 2012 Share Posted February 17, 2012 Investors warned over Pritchard Stockbrokers Investors have been warned a stockbroking firm, whose company secretary is ex-Rangers chairman Craig Whyte, may not be able to return their investment. Merchant Capital had £8.8m on account with Pritchard Stockbrokers in Bournemouth at the end of June 2011. Parent firm Merchant House Group issued the warning to its clients in a statement to the stock exchange. Mr Whyte is a lead investor in Pritchard. He placed Rangers FC into administration earlier this week. Last Friday, the stockbroking firm was banned from further trading by the Financial Services Authority. It ruled that it had been using clients' funds to pay its own expenses and to trade on its own account, thus putting clients' funds at risk. That broke the rules under which it is licensed to act as a stockbroker. Merchant House Group responded with a statement saying it was confident client funds were secure, but it has since updated and reversed that statement. It told the London Stock Exchange: "We are awaiting further news on the possible implications and therefore we cannot at this time determine whether clients of Merchant Capital may suffer some economic loss". http://www.bbc.co.uk/news/uk-scotland-scotland-business-17073568 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted February 18, 2012 Share Posted February 18, 2012 Investors have been warned a stockbroking firm, whose company secretary is ex-Rangers chairman Craig Whyte, may not be able to return their investment. Ex Chairman - a Freudian slip perhaps or do they know something we don't? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,062 Posted February 18, 2012 Share Posted February 18, 2012 Thanks, you need to move fast around here! As stated, Mr Whyte is only Company Secretary but that is an important position with legal responsibilities. I have checked the FSA Register today and cannot find him registered in any capacity with any firm. That would mean (thankfully) he could not legally give anyone financial or investment advice. I believe the position of company secretary doesn't require FSA approval IIRC. 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.