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IOM company defrauds man


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More great publicity. Autistic man who created £45M from manipulating securities markets ultimately cheated out of the money by IOM renewable energy company 

https://www.dailymail.co.uk/news/article-7935969/Taming-Hound-Hounslow-Hes-brilliant-savant-cheated-Wall-Street-bedroom.html

“A further £11.5 million was invested with Cranwood Holdings Limited, an Isle of Man company, which claimed it would develop a windfarm and produce profits of up to £400 million. Navs Cranwood investment was spent on salaries for the CEO and a number of his family members (who possessed no relevant experience), without securing a single site on which it could build a windmill.” 

Edited by MrPB
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Unfortunately, I can't think of anything on the Isle of Man that would be a sound investment? We have had the film industry, space industry, tidal power amongst other failures. The Government will be

He was only doing what most securities houses are doing with high frequency trading to inflate share prices. He reported the ability to abuse the system to the regulators several times then when they

tynwald only hand out torch batteries if they know where you want to point the torch.

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2 minutes ago, Manxberry said:

And yep, never invest in the Isle of Man, it's all scams. All the time.

Funny that I’ve never heard of Cranwood and the FSA here has never made any comment or statement in relation to this £11m fraud. 

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2 hours ago, Manxberry said:

Really clever and really dumb at the same time. 

And yep, never invest in the Isle of Man, it's all scams. All the time.

Manxberry, don’t you think with this new £25m+ a year splurge to satisfy the Currant Bun report criteria, that many more Manx scams and con artist’ business types wishing to get a stake in the yearly fund. Loved up politicos will be too interested in getting publicity and votes without the word SCAM registering. I would advise that our police invest heavily in financial crime - a point for Derek Flint?  As for reputation, especially for the island, Starship Enterprise only interested in bums on seats or cash received, it won’t matter if a crime or scam has taken place. 
I would argue that the island has a high proportion of elderly residents, just ripe for ‘ripping off’, and very little out authorities will do or want to do,
 

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31 minutes ago, Neil Down said:

Your title suggests that he was an innocent victim in this...

My title says he was defrauded by an IOM company which plainly he was. 

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8 minutes ago, MrPB said:

My title says he was defrauded by an IOM company which plainly he was. 

better title  would have been IOM company defrauds fraudster...

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Unfortunately, I can't think of anything on the Isle of Man that would be a sound investment? We have had the film industry, space industry, tidal power amongst other failures. The Government will be searching for SPCo investors shortly but it seems that they are the kiss of death to anything they get involved in. We also seem to attract a lot of chancers who get received with open arms and much trumpeting of their crackpot schemes from our great and good, not a wise head in there I'm afraid!

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1 hour ago, Neil Down said:

better title  would have been IOM company defrauds fraudster...

Sorry I didn’t realize that you were a moderator or had any sort of editorial control on this forum. However aside from a feeble attempt at trolling it doesn’t really matter about the circumstances as the reality is that Directors of a Manx company conned an autistic man out of £11m. How he got the money is incidental. Although actually you’d think the company would have been required to do AML on where the £11m came from in the first place and establish whether it was from the proceeds of fraud or not so it looks like a double fail for the IOM. Failed to do AML then conned him out of the £11m they failed to do AML on. You’d think the regulators might have picked something up? 

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1 hour ago, MrPB said:

My title says he was defrauded by an IOM company which plainly he was. 

He was only doing what most securities houses are doing with high frequency trading to inflate share prices. He reported the ability to abuse the system to the regulators several times then when they did nothing about his reports he decided to have a go for himself on the basis that the regulators seemed happy for it to continue as they did nothing. It’s not really fraud I’d say. He could just run the numbers and do the maths to manipulate the trading outcomes. 

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5 minutes ago, MrPB said:

Sorry I didn’t realize that you were a moderator or had any sort of editorial control on this forum. However aside from a feeble attempt at trolling it doesn’t really matter about the circumstances as the Directors of a Manx company conned an autistic man out of £11m. How he got the money is incidental. Although actually you’d think the company would have been required to do AML on where the £11m came from in the first place and establish whether it was from the proceeds of fraud or not so it looks like a double fail for the IOM. Failed to do AML then conned him out of the £11m they failed to do AML on. You’d think the regulators might have picked something up? 

AML would be unlikely to show up his fraud in getting the money in the first place.  He received his money from playing the stock market - he would evidence this by providing a statement or confirmation of receiving funds by return from some form of stock broker or agent.  This wouldn't show fraud.  In fact if you read the article, he even reported noticing the fraud capability to the Market Regulator and they told him several times that there was nothing wrong, before he decided 'screw it, if everyone else is doing it and the Regulator says it's ok, I may as well do it too'. 

 

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6 minutes ago, The Phantom said:

AML would be unlikely to show up his fraud in getting the money in the first place.  He received his money from playing the stock market - he would evidence this by providing a statement or confirmation of receiving funds by return from some form of stock broker or agent.  This wouldn't show fraud.  In fact if you read the article, he even reported noticing the fraud capability to the Market Regulator and they told him several times that there was nothing wrong, before he decided 'screw it, if everyone else is doing it and the Regulator says it's ok, I may as well do it too'. 

 

I agree with you Neil Down was trying to claim it was fraud (largely just to create a pointless argument) but as I said if it had been fraud any AML check would likely have said it was fraud. So AML checks either weren’t done, or it wasn’t fraud. I’d argue like you and GKW that it isn’t really fraud it was market manipulation with the regulators being pretty much aware of what was going on as he’d told them everyone else was doing it and they never took any action. Looks like nobody took any action here either when he was then fleeced for £11m. 

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18 minutes ago, MrPB said:

Sorry I didn’t realize that you were a moderator or had any sort of editorial control on this forum. However aside from a feeble attempt at trolling it doesn’t really matter about the circumstances as the reality is that Directors of a Manx company conned an autistic man out of £11m. How he got the money is incidental. Although actually you’d think the company would have been required to do AML on where the £11m came from in the first place and establish whether it was from the proceeds of fraud or not so it looks like a double fail for the IOM. Failed to do AML then conned him out of the £11m they failed to do AML on. You’d think the regulators might have picked something up? 

what editorial control? I pointed out that a fraudster rips of a fraudster. It's not trolling (is that the only phrase you know). How he got his money is far from incidental. plus his autism didn't prevent him acting like he did.

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40 minutes ago, Max Power said:

Unfortunately, I can't think of anything on the Isle of Man that would be a sound investment? We have had the film industry, space industry, tidal power amongst other failures. The Government will be searching for SPCo investors shortly but it seems that they are the kiss of death to anything they get involved in. We also seem to attract a lot of chancers who get received with open arms and much trumpeting of their crackpot schemes from our great and good, not a wise head in there I'm afraid!

Couldn’t have put it better.

There are a couple of things, we are now making a dog breakfast of things relating to the TT and Motorcycle Racing, and can only see chancers and moneymen trying to muscle in, with the likelihood that our Starship Enterprise will get fleeced somewhere down the line. Like I have mentioned this £25 million Climate Change Yearly Fund has the potential to create all manner of scams and ‘experts’ crawling out for a share. Unfortunately we have have a supine civil service who I’m afraid will dance to the politico’s tune.

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Just now, Neil Down said:

 I pointed out that a fraudster rips of a fraudster. It's not trolling (is that the only phrase you know). How he got his money is far from incidental. plus his autism didn't prevent him acting like he did.

He’s not really a fraudster though is he as a few have pointed out above. If he was a fraudster surely the AML would indicate that the funds were the proceeds of fraud. 

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