Replies to post #133093 on DD Support Board and Research Team

[samsamsamiam]

U.K. pump-and-dump ring tried laundering via a Picasso, U.S. alleges
MarketWatch
MarketWatchMarch 2, 2018
A London-based microcap pump-and-dump scheme tried to launder proceeds via a Picasso painting, the U.S. government alleged Friday.

https://finance.yahoo.com/m/96395e3f-daba-3510-96b8-05f545e0939d/u.k.-pump-and-dump-ring-tried.html

https://www.marketwatch.com/story/uk-pump-and-dump-ring-tried-laundering-via-a-picasso-us-alleges-2018-03-02?siteid=yhoof2&yptr=yahoo


U.K. pump-and-dump ring tried laundering via a Picasso, U.S. alleges
By Steve Goldstein
Published: Mar 2, 2018 1:06 p.m. ET

A London-based microcap pump-and-dump scheme tried to launder proceeds via a Picasso painting, the U.S. government alleged Friday.

In a wide-ranging indictment that targeted London broker Beaufort Securities, which is now in the U.K. equivalent of bankruptcy, the Justice Department said there was a $50 million money laundering and securities fraud scheme.
The charges arise in part from an undercover operation by an Federal Bureau of Investigation agent.

The Securities and Exchange Commission said the stocks of HD View HDVW, +2.21% and West Coast Ventures Group Corp. WCVC, +9.05% were manipulated.

The defendants proposed the undercover agent could purchase a painting by Pablo Picasso entitled “Personnages, Painted 11 April 1965,” and provided paperwork for the painting’s purchase.

One of the defendants told the undercover agent that the art business was “the only market that is unregulated” and that art was a profitable investment because of “money laundering.”

The Picasso never transferred ownership, the Justice Department added.

Several companies listed on the London Stock Exchange’s LSE, -2.66% AIM had to change brokers as a result of the allegations. The British regulator, the Financial Conduct Authority, said it was assisting the investigation but didn’t say there was any pump-and-dump activities with regard to U.K. securities.

The only defendant in custody, Arvinsingh Canaye, was assigned a public defender. PwC, the administrator for Beaufort Securities, didn’t return a message seeking comment on the U.S. charges.

[samsamsamiam]

Should I assume this is the same Beaufort?

https://www.pwc.co.uk/beaufort

Beaufort Securities Limited ("BSL") in Administration & Beaufort Asset Clearing Services Limited ("BACSL") - in Special Administration ("the Firms")
On 1 March 2018, the High Court appointed Russell Downs, Dan Yoram Schwarzmann and Douglas Nigel Rackham, each a qualified insolvency practitioner and of PricewaterhouseCoopers, joint administrators of Beaufort Securities Limited, pursuant to Paragraph 11(a) of Schedule B1 to the Insolvency Act 1986 and section 359 of the Financial Services and Markets Act 2000, and joint special administrators of Beaufort Asset Clearing Services Limited pursuant to Regulation 6(1)(e) of the Investment Bank Special Administration Regulations 2011.

During the period for which the High Court Order is in force the affairs, business and property of the Firms shall be managed by the joint administrators in accordance with the Insolvency Act 1986.

Both of the Firms were placed into insolvency following an urgent application by the Financial Conduct Authority (FCA). The FCA took this action following an assessment of the financial positions of BSL and BACSL (the Firms) which led the FCA to believe that both Firms are insolvent. The FCA also considers it necessary for administrators to take over the running of the Firms in order to protect assets from dissipation and protect UK consumers, including customers of both Firms, due to concerns that the Firms may be involved in financial crime. For further information please follow the links below:
PwC Announcement
https://www.pwc.co.uk/assets/pdf/pwc-announcement-beaufort.pdf
UK High Court Order in respect of BSL
https://www.pwc.co.uk/business-recovery/administrations/assets/bsl-court-order.pdf
UK High Court Order in respect of BACSL
https://www.pwc.co.uk/business-recovery/administrations/assets/bacsl-court-order.pdf


The joint administrators / joint special administrators will contact all affected customers of the Firms in due course.

If customers of the Firms require more information about how they will be affected, they should continue to monitor this website for further announcements or call the following numbers:

UK: 08000639283
International: [phone]



Contact details

Address:
Beaufort Securities Limited (in Administration)
Beaufort Asset Clearing Services Limited (in Special Administration)
63 St Mary Axe
London
EC3A 8AA

www.pwc.co.uk/beaufort

[1manband]

The SEC appreciates the assistance of the Office of the United States Attorney for the Eastern District of New York, the Federal Bureau of Investigation, the Internal Revenue Service, the Alberta Securities Commission, the Ontario Securities Commission, the Financial Conduct Authority of the United Kingdom, and the Financial Industry Regulatory Authority.

Another US OTC scam run out of New York and the UK, but somehow the Canadians are involved again. In this case, two Provinces.

These days, it seems every US OTC fraud runs through Canada in some way. Previously, only about half of them were.

[janice shell]

That's very interesting. I wonder if there's any connection between that Beaufort and the Beaufort Capital Partners that was involved in the CRGP story.

Back in 2015, an in-the-know poster on the CRGP board suggested I write to someone in the U.K. about Beaufort. It would be hard to find the PM again. Whoever the person was, his name wasn't Kyriacou...