Capone investing in bonds
Even if your accounts have been transferred at different times, all funds will be added to the account that was first opened. Will I need to sign up as a new user if I currently have a Millennium Trust account or had one in the past? Read more If you are an existing or former client with credentials on the MTC Investment Platform, your transition will be simple.
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He was already drunk. I stopped liking him then and we stopped our business shortly afterwards. He had memory lapses. It was shocking. This was necessary to ensure certain Keydata offerings could be sold in Britain as Individual Saving Accounts ISAs -- popular tax-efficient savings and investment products.
Ford saw this as an opportunity to grab a piece of the action. Acting as both the bond issuer and the UK distributor meant Ford could now claim commissions at both ends of the product chain. In Malaysia, he set up Dragon Blaze, an exclusive club that leased jets and yachts designed for the super rich. But as the credit crisis hit, the club struggled to attract interest. He had been inspired by Swedish-born business partner Johan Eliasch, who had made millions in investment banking and sporting goods.
An investment banker, and one-time adviser on deforestation and clean energy to former British prime minister Gordon Brown, Eliasch owns a chunk of the rainforest as well as sports goods group Head. Ford says Elias was battling renal problems due to alcoholism at the time. He had seen a Singapore-based stem cell expert, who Elias claimed had saved his life with stem cell treatment. His Amazon adventure played into that. He believed he was on the cusp of a medical breakthrough -- as well as for carbon credits.
Between and , Keydata, its salesforce of financial advisers and a British Virgin Islands-based company owned by the Ford family trust, earned almost million pounds from Lifemark in commissions and fees, according to a notice to bondholders published in March Elias was also to benefit. By this time, Elias had bought out his U.
It was not going well. Ford said Keydata regularly had to bridge an SLS income gap from corporate funds. September was grim. As Lehman Brothers fell and the credit crisis took hold, Ford personally lent Elias around 5 million pounds. The loan was secured against assets owned by Elias, including his stake in a Dutch computer screen developer and the Amazonian land.
In all, the assets had a total value of million pounds: the value of the SLS portfolio. It quickly became obvious that Elias needed more cash. He said he wanted to pay back the SLS bonds early. But it was all a sham. VX in the first few months of , making off with the proceeds under the nose of custodian Equity Trust, an offshore trust services provider that was supposed to protect investors' funds.
Equity Trust says it does not comment on client relationships. It got worse. Ford discovered that the assets Elias had offered him as collateral for his personal loan had already been pledged to the Swedish-born millionaire Eliasch. I had engaged with him, one businessman to another, to try and help him personally get on his feet again because he said he had liquidity problems.
The FSA was closing in. Keydata modified its brochures. But the FSA continued to scrutinise the company, according to the Keydata insider. Ford did not volunteer information that Elias was having liquidity problems or that SLS had defaulted on income payments.
On a Friday afternoon in June last year, the FSA decided it had seen enough and effectively fast-tracked Keydata into administration. In a move reminiscent of the tactic which U. It ordered the company to stop accepting new business and required it to retain its assets.
Ford and his lawyers scrambled for a way out, making a last ditch plea for Keydata management to step aside and the business to be sold, which they argued was a quick and cost-effective way to ensure it would be left with adequate resources.
Ford and his colleagues were outraged, insisting that Keydata was both solvent and nearing a deal with the tax authority. The move also cut off the flow of fresh UK money into Lifemark, whose ability to pay the premiums on its portfolio of insurance premiums, interest on retail investments and overheads depended in part on recruiting new investors.
Some investors say the tough action by the FSA, under fire over its failures in the financial crisis, could be seen as an admission that it should have studied life settlement products more carefully. In February, the regulator described death bonds as complex, inherently risky and unlikely to be suitable for many investors. Despite this, the Luxembourg regulator approved a prospectus for a new tranche of Lifemark bonds that would have allowed the company to replenish its coffers.
This had been an investment managed in the expectation that there would be no sudden and irrational changes of mind by the regulators that would need to be taken into account. That may be true. But other FSA decisions have raised eyebrows. The appointment of PwC as administrator, for instance, has sparked a furious row between Ford and the FSA over apparent conflicts of interest. As administrator, PwC had hoped to secure a quick sale of Keydata.
But having discovered the million pound black hole linked to SLS it was forced to call in the Serious Fraud Office -- and has failed to extricate itself. Since being appointed Keydata administrator, PwC has consequently racked up more than five million pounds in unpaid fees and is now a top-ranked Keydata creditor -- a position Ford says sits at odds with its duty to protect the interests of Keydata investors. Elias did not break any laws by selling the SLS portfolio.
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