Veridicus

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Shocking Truth Behind a Green Fraud Scheme: NQ Minerals Case Study

In an era defined by the urgent need for environmental sustainability, the global community has embarked on a collective mission to build a greener world. From renewable energy projects to eco-friendly innovations, the push for a more sustainable future has gained momentum. However, amidst this noble endeavor, there are those who see an opportunity to exploit the noble cause and set up complex fraud schemes to steal vast sums of money. The case of NQ Minerals PLC serves as a stark example of how individuals can manipulate the aspirations for a greener world to further their own devious agenda. In this tale of deception and greed, we delve into the shocking revelations from the LSE site, if proven, exposes the dark underbelly of green fraud and its devastating consequences.

Executive Summary :

NQ Minerals PLC (NQ) is an OTC-listed company with mining assets in Australia, including the Hellyer Lead/Zinc Mine, Beaconsfield Gold Mine, and various exploration projects. The company’s main source of revenue is the Hellyer mine, while the other assets have the potential for future development and revenue generation. In 2020, NQ generated $56 million in sales and $25 million in EBITDA but reported a net loss.

Between May 2018 and mid-2020, NQ sold approximately $100 million of Retail Bonds to investors worldwide. These bonds were marketed as having security over NQ’s mining assets worth A$286 million. However, it was discovered that during these same years substantial commissions were paid to various parties involved, including Bedford Row, Doyle, marketing agents, and consultants. Doyle and his associates also channelled money out (allegedly, around $70 million ) through mining subsidiaries via discounted inventories, inflated procurement expenses and various arrangements. All these contributed to NQ’s poor financial situation.

In May/June 2020, an alledged rigged vote orchestrated by Bedford Row and Doyle gave away the bondholders’ security for no consideration.

In 2020, NQ defaulted on its bonds, leading to a restructuring plan and intended listing on the LSE mainboard. However, the listing did not happen due to the company’s 2020 financial accounts not being signed off by its auditor PKF Littlejohn. The auditor raised concerns about going-concern issues and irregularities surrounding bond commissions and claimed marketing and consultancy expenses. The LSE also recommended replacing the entire management team.

In August 2021, NQ went into administration with approximately $200 million in debt, including a $55 million senior secured loan from ING, second ranking bonds issued by Audley Funding PLC, unsecured convertible loans, and gold and silver streaming agreements. Begbies Traynor was appointed as the administrator to assess the company’s state of affairs and gather claims.

In December 2021, Munich Partners acquired Keen Pacific, the holding company for Hellyer Gold Mines, out of administration. However, it was discovered that Walter Doyle’s associate James Dean’s family member held a registered charge over Munich Partners. Dean’s involvement raised concerns about his role (from the rigged bondholder vote, an unauthorized royalty granted to his company without board approval and the sale of Keen Pacific).

Despite creditor concerns and warnings about potential insider dealings, Begbies Traynor proceeded with the transaction and closed the deal with Munich Partners in August 2022.

1) Background

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NQ Minerals PLC (“NQ”) is an OTC-listed (LSE+Frankfurt) company owning several mining assets in Australia, namely: i) the Hellyer Lead/Zinc Mine (“Hellyer”); ii) the Beaconsfield Gold Mine (“BCD”); and iii) several exploration projects (Barnes Hill, Ukalunda and Square Post)

 Principal value of NQ today lies in Hellyer as it is the only asset in production and generating revenue. BCD and Barnes Hill are forecast by NQ to generate revenues in excess of Hellyer subject to further development. 

 In 2020, NQ generated approximately $56mm in sales, $25mm in EBITDA and a net loss. 

 2) History of the bond

 From May 2018 through mid 2020, NQ sold approximately $100mm of Retail Bonds to investors around the world. Bedford Row had several bond shelf programs funding NQ (including Audley, CP Funding, Invenio and Al Waseelah) with bonds marketed through their network of global distributors (regional financial advisory firms).

 The Retail Bonds were marketed and documented as having security over NQ’s mining and other assets worth a reported A$286mm. Bondholders invested principally on the basis of this security. 

The Bedford Row retail bonds had up to 16% Marketing Allowance to introducers

It turned out that  Doyle’s relatives and friends were exclusive distributors of the bonds. 

Substantial commissions were paid to Bedford Row, Peter Doyle (the Retail Bond’s exclusive Distributor), Unspecified marketing agents or consultants (believed to be associates of or connected to Walter Doyle) as well as James Dean Funds (in the form of highly discounted bonds) and others. Doyle and his appointees also channelled additional monies out through mining subsidiaries in the form of discounted inventories and inflated procurement expenses. For example, at NQ’s flagship Hellyer subsidiary (in Tasmania Australia), the company’s gold and silver production was and is being sold to NQ Director Kevin Puil at a 70% discount to market (ie gold at $400/oz and silver at $6/oz). 

 From 2018 to July 2021, it is estimated that US$70mm was channelled from NQ back to  Doyle, Scott Levy and Doyle’s associates (which includes several of Doyle’s directors and affiliate funds) through various ‘consultancies’, ‘commissions’, ‘marketing and administration expenses’ and other arrangements. 

NQ’s poor financial performance has stemmed from i) high debts and interest expenses; ii) high bond sales commissions; and iii) substantial payments to executives, directors and alleged related parties. 

In May/June 2020 (immediately ahead of a loan from ING) Bedford Row and Doyle without, unknown to the majority of bondholders by rigging a vote that gave away the bondholders security (A$286mm of mining assets) for no consideration. [more detail in the vote section]

ING grant a $55mm loan

In 2020, Scott Levy of Bedford Row took £10mm from the bondholders “liquidity and reserve fund” for himself, leading to the initial bond default.

NQ defaulted on its bonds in Feb 2021 and the company announced plans to restructure and list on the LSE mainboard 

NQ failed to list in 2021 on the LSE mainboard on account that NQ’s 2020 financial accounts were not signed off by its auditor PKF Littlejohn given going-concern issues and irregularities surrounding the company’s payment of bond commissions and claimed “marketing” and “consultancy” expenses. It is alleged that PKF would not sign off on NQ’s 2020 financial accounts, in part, because of significant kick-backs that NQ executives sought to reclassify as “marketing” or “administration” expenses. Further, the LSE commented that all of management should be replaced.

Bondholders believe these payments are to Parties involved in the Retail Bond Fundraising and Fixed Voting Scheme. 

  1. Walter Doyle resigned in  May 2021 and the banker from ING who had led a $55mm loan for the company in mid 2020 took the helm. Adrian Moroz.
  2.  Moroz put NQ into administration in August 2021 with Administrator Begbies Traynor spending several months to gather claims and process the company’s state of affairs.

Company went into Administration in Aug 2021 with approximately $200mm in debt, including: 

  1.  US$55mm Senior Secured Loan – Provided by ING in July 2020 and issued/secured at the Hellyer subsidiary level (the “ING Loan”). The ING loan bears interest of approximately 6.5% per annum and matures Dec 2026.
  2.  Approximately US$100mm in Second Ranking (formerly First Ranking)  Bonds issued by Audley Funding PLC with NQ Minerals PLC the listed beneficiary and “Investment Advisor” (the “Audley Bonds” or “Retail Bonds”). The Retail Bonds bore interest of 12%, matured 2022 and were issued to retail investors from 2018 until mid 2020. The Retail Bonds had documented Senior Security over NQ’s mining assets valued at a reported A$286,000,000 and governed/enforceable under English Law. 
  3.  Approximately $30mm in Unsecured Convertible Loans, Notes, Intercompany loans and Trade Creditors; and 
  4.  Approximately $5mm in Gold and Silver Streaming Agreements and Commercial Royalties. These transactions are Unsecured and Subordinated in rank to the ING Loan and Retail Bonds  (the “Streaming and Royalty Agreements”). 

 In Dec 2021, Begbies surprisingly announced a tender of the company’s assets and provided less than 14 days notice to potential bidders (showing that an Insider deal was afoot). The administrator appointed a receiver with little experience in mining (called Hilco – who specialize in IP). Also the Administrator commissioned an independent valuation report from www.valuationconsulting.com (who also have no expertise in mining).

Munich Partners of Sydney Australia successfully purchased Keen Pacific (The Hellyer Gold Mines Pty Ltd. Holding company) out of Administration.

 It was however found out that: 

 a.    NQ Founder Walter Doyle’s associate James Dean holds a registered charge over Munich Partners by way of his son Adrian Dean’s Balius Ventures LLC.  

b.    Dean’s charge extends back to 2018, illustrating Munich Partners entered the Administration process as a Dean front.  

c.    Dean is Walter Doyle’s longtime associate and concert party in alleged fraud at NQ. After Administrator Paul Cooper attempted to award a Dean-led group control in fall 2021, CFO Adrian Moroz supplied BT with evidence of Dean’s malfeasance at NQ including his role in a “rigged” bondholder vote of May 2020 (wherein bondholders lost first-rank over A$286mm in security through a voting scheme orchestrated by Doyle/Dean and involving Dean controlled funds) and an ~ £8.5mm royalty granted to Dean’s Eldorado Mines Limited without Board approval. 

D.   Beyond his actions with Doyle, Dean is partnered with or fronting for known criminals at NQ. Dean is a joint director with Grant Cardno [1] [2] [3] [4] at Eldorado Mines Limited which received the £8.5mm royalty from NQ. Cardno was indicted by the US SEC for a scheme that defrauded 1400 investors in the US of US$390 million. His assets were never located. Dean and Cardno share or have shared directorship of multiple companies including Eldorado Mining, Agio Global, VX Nominees, Daydream Productions, Brandhouse Global and others. 

e.    Dean associates were also involved in mini-bond schemes that raised over £100mm of bonds for NQ (in default), including Alan Dean of Sovereign Resources SRL, a listed creditor of NQ and “introducer” of NQ’s bonds based in Romania. Dean’s mini-bond distributors also include Dean Resources in London and market projects beneficially controlled by Doyle/Dean and others under the pretext of marketing “alternative investments that are safe and secure and provide our clients with excellent returns”.

f.     The final award to Munich follows two attempted awards by Begbies Traynor to associates of Walter Doyle, the first being an attempted award to a James Dean led group in/around Oct 2021 and the second to Doyle proxy Steve White and appointee Adrian Moroz in/around Jan 2022. In the third and final attempt, the winning Munich bid was submitted 6 days after the “best and final” deadline set by sales agent Hilco. 

In spite of repeated creditor concerns over Begbies Traynor’s attempts to award control to corrupt insiders and specific warnings in May 2022 of Munich Partners serving as a front for such parties, Begbies Traynor proceeded to close the transaction with Munich Partners in August 2022.

April 2023, The Financial Services Compensation Scheme (FSCS) announced that it is currently investigating Herefordshire-based Haich & Associates (UK) Ltd linked in selling NQ minerals bonds.

The UK lifeboat scheme said: “FSCS has received claims in relation to Haich & Associates (UK) Ltd activities as ISA manager and its role in arranging customers’ investments. “The investments include bonds in BoxVn Ltd and NQ Minerals plc. FSCS is investigating whether the firm was involved in any regulated activities and whether such activities may give rise to valid claims.”  

 3) Key Actors at NQ

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a.    Walter DOYLE (NQ Founder, CEO and its largest shareholder) – Doyle is the key architect of NQ dealings and involved the below parties, inter alia, as executives / contractors into NQ (together the “Doyle Associates”)

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b.    David LENIGAS (NQ Chairman, Director and Key Promoter) – 

Lenigas is a Doyle associate and longtime promoter of penny stocks and various speculative investments. Lenigas’s promotion is alleged in a prior legal dispute he was involved, to have been used to secure financings for the target company and facilitate “self enrichment at the expense of and contrary to the interests of shareholders”.

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c.    James DEAN –

Doyle associate who involved several of his fund partners including RIVI Opportunity Fund, KIWOZ and RCA NQ LLC (together, the “James Dean Funds”) to execute the Streaming and Royalty Agreements as well as the purchase of discounted Retail Bonds.

 NQ provided the James Dean Funds with exclusive deals that delivered outsized returns and/or undisclosed payments or benefits compared to other NQ security holders. Terms on these deals were demonstrably off-market and deleterious to NQ’s value.

 Example 1: James Dean Funds invested in NQ Retail Bonds at a deep discount compared to the majority of Retail Bondholders. Discounts as high as 45% provided James Dean Funds with 20%+ yields and rapid capital recovery ahead of the majority of other Bondholders who received the contractual 12%. 

 Example 2: By way of the Streaming and Royalty Agreements, James Dean Funds obtained discounts on Hellyer’s production at substantial discounts to market value. The Silver Streaming Transaction for example provided James Dean Funds with NQ’s silver at $6/oz compared to the then spot price of $16/oz (and today’s price of $23/oz). The Gold Streaming Transaction provided James Dean Funds with NQ’s gold at $400/oz compared to the then spot price of $1,200/oz (and today’s price of $1,911).

 Example 3: As described further below, it is alleged James Dean Funds or their related parties were provided special payments from NQ in 2020 following a “Fixed Voting Scheme”, payments that no other investors received. 

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d.    Scott LEVY 

(Owner of Bedford Row PLC, NQ’s main financier and arranger of $100mm of Retail Bonds).

In 2011, Levy was implicated in the Aria Protected Funds Saga, a significant event that occurred several years ago. During that time, he faced another troubling situation when an audit conducted by KPMG Luxembourg inaccurately reported substantial profits for Levy’s funds, which he subsequently promoted worldwide. However, KPMG later admitted the error, revealing that the funds had actually incurred losses of around 15%. This revelation led to a massive withdrawal of investments from the fund.

To address the situation, Levy and the other director, David Barclay Miller, attempted to stabilize the situation by using their own funds to reimburse investors. Afterward, they discreetly sold off the troubled assets to a third party for a nominal amount, distancing themselves from the fund and redirecting investors to deal with the new entity. Unfortunately, the investors who were involved in Aria funds have yet to recover their initial investments.

Following these events, Levy maintained a low profile for some time, operating a company in Malta before re-emerging reinventing himself in London under the name Bedford Row Capital.

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e.     Stuart Gordon (Owner of Bedford, Chairman)

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f. Alper Deniz    

Truva (Trustee for the Bondholders) – Formerly GRM Law Trustees. Truva CEO is Alper DENIZ of Keystone Law, who is also legal advisor on the Audley Retail Bond programme arranged for NQ by Bedford Row. Scott Levy (as Arranger) and Alper Deniz (as Trustee and Legal Advisor) are known associates who undertake significant financing work together and provide  key advisory and fiduciary roles in NQ and other retail bond financings ie., serving as Deal/Facility Counsel, Bondholder Trustee, Registrar, Arranger etc. Truva and Bedford Row share the same office address. Alper’s role was not as straightforward as it seemed. He was also acting as a trustee for Truva Trustee, a position that put him in direct conflict with his duties as a lawyer. As a trustee, he was supposed to work with the bond issuers to ensure they paid their debts. But Alper had other plans.

Using a complex structure that took advantage of the weaknesses in the UK law system, Alper worked with the bond issuers to avoid paying the bonds they had issued. His targets were mostly unaware retirees, who had invested their life savings in these bonds, trusting in the system to protect their interests.

The list of bonds Alper was involved with was extensive :

  • Audley Funding PLC
  • Invenio Capital PLC
  • Intergroup Mining 1
  • Intergroup Mining – Escher Marwick
  • Escher Marwick PLC – Just Cashflow (ISIN GB00BDH37892)
  • Escher Marwick PLC – ISIN GB00BFYFCF43
  • Balise Springs PLC
  • Ethika Finance PLC – ISIN: GB00BD3H2N59
  • Dover Hartcourt PLC – ISIN: GB00BYMV4732
  • Dover Hartcourt PLC – ISIN: GB00BF0MWT35
  • Omnia Bond II PLC – ISIN: GB00BFM7CV87
  • Minerva Lending PLC – ISIN XS1713668520
  • WELLESLEY SECURED FINANCE PLC
  • Sustainable Capital PLC – ISIN GB00BM8QTK66
  • Audley Funding PLC – The Resort Group (ISIN: GB00BYWLR183)
  • Audley Funding PLC – My Club Betting (ISIN: GB00BDZC8S53)
  • Escher Marwick PLC – Chip chip Holding (ISIN: GB00BD36YT22)
  • Escher Marwick PLC – ISIN: GB00BD0FRG07
  • Escher Marwick PLC – ISIN: GB00BDD88415
  • Escher Marwick PLC: ISIN: GB00BF0L7628
  • Escher Marwick PLC: ISIN: GB00BFYLD592
  • Escher Marwick PLC: ISIN: GB00BF0L7628
  • Escher Marwick PLC ETP: ISIN: GB00BD4F3X58

h.    Richard POULDEN – NQ Director. Longtime associate of Walter Doyle. Poulden assumed the Director title following Doyle’s resignation from NQ’s Board in May 2021. 

 i.     Colin SUTHERLAND – Former Director and CFO of NQ from 2017 to Jan 2021

 j.     Suresh ADVANI – CIO of NQ. Responsible for Debt financing and Restructuring

 k.    Stephen WHITE – Known associate of Walter Doyle. NQ Director, banker and key signatory on NQ’s major agreements 

 l.     Mike BARDEN – Known associate of Walter Doyle. NQ Operational Consultant overseeing NQ’s mining projects.

 m.  Brian STOCKBRIDGE – Former NQ Director and Executive Chairman

 Other Relevant Parties

 o.    Begbies Traynor – NQ Administrator 

 p.    Stephenson Harwood – Legal Counsel to the Administrator

4)  Relevant Parties on the Retail Bond

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NQ mineral security structure

Audley Funding PLC is a Special Purpose Vehicle used to raise funds for NQ Minerals PLC by way of a listed retail bond programme which raised over US$100mm from various bondholders.

Audley Funding is owned by Bedford Row Capital and listed under the Frankfurt Boerse (ISIN code: GB00BDFBS041) with Bedford Row Capital Advisers as the lead manager of the bond tranche. Audley and Bedford Row are controlled by Scott LEVY. 

 Audley Funding PLC’s bond is backed by asset securitisation of NQ Minerals which was held by GRM Law Trustees Limited (later changed to Truva Trustees Limited’). Truva Trustees Director is Alper DENIZ, Partner and Solicitor at Keystone Law. Alper Deniz and Keystone Law served as legal advisors on the Audley retail bond programme. 

 The Audley Funding bond registrar is Avenir Registrars Limited (FCA-registered company number 09009850). Avenir Registrar is also controlled by Alper DENIZ. 

 Scott LEVY and Alper DENIZ are associates and have executed a range of retail bond programmes together beyond NQ/Audley. Deniz-controlled Truva Trustees is registered at the same office address as Levy-owned Bedford Row Capital.

 RED FLAG #1 

In this type of structure, there is a risk that the  DENIZ-controlled Truva/Avenir (Bondholder Trustee/Registrar) act in concert or under the direction of LEVY-controlled Audley Funding / Bedford Row Capital (Bondholder Arranger) for their own best interest.

RED FLAG #2 

Investors who entrusted their funds to NQ Minerals through their Pension, an ISA, or General Investment Account (GIA) may have concerns since it turned out that neither NQ Minerals PLC nor its investment products were regulated by the Financial Conduct Authority (FCA).

Consequently, claims against NQ Minerals are not covered by the Financial Services Compensation Scheme (FSCS).

However, many have invested through an FCA-regulated firm & CP Financial Claims has curated a list of regulated firms associated with NQ Minerals :

  • Ipsum Invest Limited
  • Hamilton Rose Wealth Management
  • Reyker Securities
  • Logic Investments
  • Bede Wealth
  • Peregrine Black
  • Venture Equity Limited, an AR of City One Securities, who used Jarvis as a trading platform to invest in NQ Minerals.
  • Haich and Associates (UK) Ltd (under investigation in April 2023)
  • Daniel Stewart and Company Plc (and their AR Opes Distribution), formerly Oval Ltd. In 2016, NQ Minerals announced the appointment of Daniel Stewart & Company Pl as Corporate Broker and Financial Advisor to facilitate a Standard Listing on London Stock Exchange.

5) The Fixed Bondholder Vote Scheme

On or around May 2020, NQ claims to have carried out a vote amongst Audley issued Retail Bondholders wherein Retail Bondholders voted in favour of subordinating their security, such subordination taking place to make way for a new senior secured loan from ING. The amendment would result in Retail Bondholders losing security on NQ’s key asset (Hellyer) and provide Retail Bondholders with no compensation, repayment or remuneration of any kind. 

 A significant majority of Bondholders were not aware or able to participate in the vote. 

 A former company Insider has disclosed to Bondholders that the vote was “rigged”. Specifically, we are informed the following took place: 

The Doyle Associates in concert with the James Dean Funds and Bedford Row engineered and/or participated in a scheme to fix the Retail Bondholder vote. 

Only the James Dean Funds and a select minority of bondholders were properly informed of a vote. This limited notice is alleged to have formed a quorum for a First Vote. Other Custodian confirmed in their email, no voting notification received from Avenir Registrars regarding the voting.

 The James Dean Funds, being a sufficiently large holder by way of its purchase of deeply discounted bonds, voted in favour of the amendment and delivered an approval of the Retail Bond subordination in the First Vote.

A second vote comprising only the James Dean Funds was carried out at the Bedford Row Office in person. Attending that vote was Bedford Row and the James Dean Funds. 

The resolution was passed with NQ claiming a 95%+ approval by bondholders attending. 

Following the allegedly passed vote, it believed that substantial proceeds from NQ Minerals PLC were paid directly to or to affiliates of the James Dean Funds as compensation for delivering on the scheme. A review of NQ’s accounts can reportedly corroborate this.

Bondholders ultimately lost their security via this “Fixed Vote” and an Intercreditor Agreement signed in mid 2020 ahead of the ING loan. The signatories on the Intercreditor Agreement were ING Bank, Bedford Row PLC acting as “authorised signatory for Audley Funding PLC” (issuer of the Retail Bonds) and the James Dean Funds. The Retail Bondholders Security Trustee (GRM Law / Truva) and Registrar (Avenir) were not a Party to the Agreement

Following the vote that gave up Retail Bondholder’s security without any compensation, Bedford Row PLC raised additional Retail Bonds (an amount understood to be approximately $4mm) without amending the Bondholder offering document and thus not disclosing material change to the respective investors ie.that their bond was now subordinated to ING. 

Most bondholders were unaware of the vote having taken place and were not duly notified in advance. Many Bondholders were only informed of the vote after NQ went into Administration. 

The timeframe between the Fixed Vote and bond default and NQ administration is brief. Following the Fixed Vote in May 2020 and provision of ING funds in July 2020, the Retail Bonds went into default by Feb 2021 and Administration was filed in August 2021. The default on Retail Bonds came against the delivery of $55mm of new monies by ING and public comments by Doyle Associates including David Lenigas that NQ’s underlying operations were profitable and ramping-up. 

Upon discovering the result of the bondholder vote, Retail Bondholders were shocked but have had no avenues to action their objections/claims since their Fiduciaries (Bedford Row, Truva, Avenir et al) were either absent or complicit in the vote-fixing scheme.

Further, bondholders that approached the Administrator to register their claims have been referred back to their (demonstrably negligent) fiduciaries. Bondholders report their response from NQ’s Joint Administrators (Begbies Traynor) to their claims/objections are as follows:

‘You are not a direct creditor of the Company in Administration so please contact Audley Funding plc (directors@audleyfunding.com) for further information.’

 6) Additional comment

  i.   Given the US$200mm of debts raised against the assets of NQ, cumulative revenues in excess of $100mm to date and known pay-out schemes of up to 45%, Bondholders assert that in excess of US$50mm since 2018 has been misappropriated which NQ Directors knew of or should have known of and is worthy of full and fair investigation by the Independent Investigator. 

 ii.   Bondholders are further informed that a shareholder loan existed or exists between NQ and Founder/CEO Walter Doyle that provides him a return in excess of 40% per annum. 

 iii.   Bondholders are further informed that approximately £7mm per year (among other expenses) has been paid to a small group of Doyle appointed executives and “Consultants”. 

 iv.   Below is the list of troubled bonds by Bedford Row Capital , Truva Trustee (GRM Law), and Avenir Registrar as FCA regulated firm:

  1.   Audley Funding PLC a.   https://www.investegate.co.uk/audley-funding-plc–irsh-/rns/audley-funding-plc-company-announcement/202204211610299442I/

 2.   Invenio Capital PLC a.   https://www.investegate.co.uk/invenio-capital-plc/rns/invenio-capital-plc-company-announcement/202204211609499445I/

 3.   Intergroup Mining – Escher Marwick a.   https://www.investegate.co.uk/escher-marwick-plc–irsh-/rns/escher-marwick-plc-new-series-announcement/202109101130004303L/

 4.   Escher Marwick PLC – Just Cashflow ( ISIN GB00BDH37892 ) a.   https://www.investegate.co.uk/escher-marwick-plc–irsh-/rns/escher-marwick-plc-company-announcement/202204081140078182H/

 5.   Escher Marwick PLC – ISIN GB00BFYFCF43 a.   https://www.investegate.co.uk/escher-marwick-plc–irsh-/rns/escher-marwick-plc-company-announcement/202205131602144980L/

 6.   Balise Springs PLC a.   https://www.investegate.co.uk/balise-springs-plc/rns/balise-springs-plc-company-announcement/202107260925404313G/ b.   https://investegate.co.uk/balise-springs-plc/rns/balise-springs-plc-announcement/202202181606001841C/

 7.   Ethika Finance PLC – ISIN : GB00BD3H2N59 a.   https://www.investegate.co.uk/ethika-finance-plc/rns/ethika-finance-plc-delisting-announcement/202104070825286474U/

 8.   Dover Hartcourt PLC – ISIN : GB00BYMV4732 a.   https://www.investegate.co.uk/article.aspx?id=202203151040148266E b.   https://www.sharesmagazine.co.uk/news/m arket/LSE20220315104014_4303581/dover-harcourt-official-announcement

 9.   Dover Hartcourt PLC – ISIN : GB00BF0MWT35 a.   https://investegate.co.uk/dover-harcourt-plc/rns/dover-harcourt-plc-company-announcement/202205031122551131K/

 10. Omnia Bond II PLC – ISIN : GB00BFM7CV87 a.   https://www.londonstockexchange.com/ news-article/market-news/omnia-bonds-ii-plc-company-announcement/15439047

 11. Minerva Lending PLC – ISIN XS1713668520

a.   https://www.investegate.co.uk/minerva-lending-plc–irsh-/rns/overdue-principal-on-maturing-notes/202007241535040662U/ b.   https://www.investegate.co.uk/minerva-lending-plc–irsh-/rns/statement-re-series-c1-and-c2/202112171433010187W/

 12. WELLESLEY SECURED FINANCE PLC –

a.   https://www.wellesley.co.uk/wp-content/uploads/2020/01/wsf2017.pdf

b.   https://www.investegate.co.uk/wellesley-secured–irsh-/rns/delisting-announcement/202108181541500816J/

 13. Sustainable Capital PLC – ISIN GB00BM8QTK66

a.   https://www.investegate.co.uk/sustainable-capital/rns/sustainable-capitalplc-company-announcement/202201111648329676X/

 14. Audley Funding PLC – The Resort Group ( ISIN : GB00BYWLR183 )

a.   https://www.londonstockexchange.com/news-article/IRSH/audley-funding-plc-company-announcement/14982164

 15. Audley Funding PLC – My Club Betting ( ISIN : GB00BDZC8S53 )

a.   https://www.investegate.co.uk/audley-funding-plc–irsh-/rns/audley-funding-plc-delisting-announcement/202104070700135634U/

b.   https://www.londonstockexchange.com/news-article/IRSH/audley-funding-plc-company-announcement/14669554

 16. Escher Marwick PLC – Chip chip Holding ( ISIN : GB00BD36YT22 )

a.   https://www.londonstockexchange.com/news-article/IRSH/escher-marwick-plc-company-announcement/14632205

b.   https://www.londonstockexchange.com/news-article/IRSH/escher-marwick-plc-company-announcement/14842187

 17. Escher Marwick PLC – ISIN : GB00BD0FRG07

a.   https://www.investegate.co.uk/article.aspx?id=202205131602144980L

b.   https://www.londonstockexchange.com/news-article/IRSH/escher-marwick-plc-company-announcement/14976377

  18. Escher Marwick PLC – ISIN : GB00BDD88415

a.   https://truvacorp.com/wp-content/uploads/2022/02/Escher-Marwick-plc-Series-2016-5-Notice-to_Noteholders-25.11.19-1-1.pdf

b.   https://markets.ft.com/data/announce/full?dockey=1323-14184239-6A9VGNUA1EVDDDAHHIRCA1E6QP

  19. Escher Marwick PLC : ISIN : GB00BF0L7628

a.   https://investegate.co.uk/escher-marwick-plc–irsh-/rns/escher-marwick-plc-company-announcement/202112310938351760X/

 20. Escher Marwick PLC : ISIN : GB00BFYLD592

a.    https://investegate.co.uk/escher-marwick-plc–irsh-/rns/escher-marwick-plc-company-announcement/202101270938480452N/

 21. Escher Marwick PLC : ISIN : GB00BF0L7628

a.   https://investegate.co.uk/escher-marwick-plc–irsh-/rns/escher-marwick-plc-company-announcement/202012311122412992K/

 22. Escher Marwick PLC ETP : ISIN : GB00BD4F3X58

a.   https://www.londonstockexchange.com/news-article/IRSH/escher-marwick-plc-delisting-announcement/14926531

b.   https://theresortgroupplc.com/wp-content/uploads/2017/05/EMFactApril17.pdf

 Alper Deniz personal track record, plus all of the above (https://www.keystonelaw.com/lawyers/alper-deniz )

 1.   https://www.investegate.co.uk/eew-capital-finance–irsh-/rns/notice-to-noteholders/202007301600576634U/

2.   https://investegate.co.uk/escher-marwick-plc–irsh-/rns/escher-marwick-change-of-auditor/201810121649279557D/

Annex: References

  1.  https://www.nasdaq.com/press-release/nq-minerals-usd-41-million-debt-restructuring-with-ing-bank-2020-07-16
  2.  https://audleyfunding.com/onewebmedia/Au dley%20funding%20plc%20-%20series%202017-F2%20-
  3. %20Notice%20to%20Noteholders%20-%2009.04.2020.pdf
  4.  https://nqminerals.com/styhugiw/2021/08/NQ-RNS-Administration-Final.pdf
  5.  https://find-and-update.company-information.service.gov.uk/company/095409 26/officers
  6.  https://audleyfunding.com/
  7.  https://find-and-update.company-information.service.gov.uk/company/10364982
  8.  https://bedfordrowcapital.com/
  9.  https://avenir-registrars.co.uk/
  10.  https://truvatrustees.com/
  11.  https://www.keystonelaw.com/lawyers/alper-deniz
  12.  https://nqminerals.com/
  13.  https://www.londonstockexchange.com/news-article/market-news/appointment-of-administrators/15091311
  14.  https://www.londonstockexchange.com/news-article/IRSH/audley-funding-plc-company-announcement/15150805
  15.  https://www.londonstockexchange.com/news-article/IRSH/audley-funding-plc-trustee-announcement/15160440
  16.  https://www.hilcovs.co.uk/news-story/sale-announcement-subsidiary-of-nq-minerals-plc-in-administration/
  17. https://www.lse.co.uk/ShareChat.asp?ShareTicker=NQMI.PL&share=Nq-Minerals-Plc

4 responses to “Shocking Truth Behind a Green Fraud Scheme”

  1. Andrew Mckinney Avatar
    Andrew Mckinney

    Shouldn’t the trustee be assisting the bondholders? Or is he just another swindler like the rest, I wonder?

    Reply
  2. Alex Robertson Avatar
    Alex Robertson

    They all scammers. Scott Levy , Stuart Gordon and Alper deniz are all the culprits behind this fraudulent bond investment .
    Their latest scam venture is XTCC , another scam for green energy business .

    Reply
  3. Jean-Christophe LE GUEN Avatar
    Jean-Christophe LE GUEN

    I saw that Scott Levy got himself called Dr Scott Levy. I couldnt find any PhD from him. It is possible another faking. The bigger, the better. No limit.

    Reply
    1. Arthur Bacon Avatar
      Arthur Bacon

      Of course it’s all fake.
      There’s nothing real about him and his cabal.

      Scott Lev was conman in then, and he still a conman now.

      Reply

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