AVOID MINI BOND SCAMS

TODAY’S BLOG

AVOID MINI BOND SCAMS

Following on from my piece about cash management services I mentioned the problem of a growing number of scams. Cash savers looking for better rates of interest are regularly duped into believing that rates of 4% or more are currently achieved for cash. THIS IS NOT POSSIBLE for deposit accounts UK Banks or Building Societies when the Bank of England rate is 0.1%. Of course a few years ago such rates were common, but not since the credit crunch. So be warned that something that says it is the equivalent of cash when it is nothing of the sort. Genuine interest rates will not be much better than the Bank of England rate – perhaps 2% more, but very little else.

Accounts offering “interest” of more than this are not genuine cash. They could be legitimate, but not cash. The rise of peer-to-peer lending is often a touted as an alternative to a regular bank. There might be some good ones (they may be) but on the whole this is a new business taking your deposit and lending it out to other businesses or individuals at a higher rate than they pay back to you. No different from a traditional Bank, except that a traditional Bank has been doing this for years and has learned the hard way that lending needs to be done carefully… and whilst I am no fan of Banks, just think about who might borrow from such a lender… someone that cannot, for whatever reason borrow from a high street bank. Hey presto, higher risk of default.

MINI BOND SCAM

Mini Bonds are yet another layer of this, except they dont have to relend the money to legitimate borrowers (people trying to fund their business or enterprise where a mainstream bank won’t play ball). They can lend the money to anyone, sadly often to the Directors of the company running the mini-Bond. Thousands of savers have got into problems with these mini-bonds. Tempted by higher rates of “interest” which was then passed on to some pretty despicable humans. These were banned in January, but this month made permanent after mini-bond firm London Capital & Finance collapsed with £237m of savers’ money.

WHAT IS A MINI BOND?

There is no legal definition of what a mini-bond is in the UK. Most companies that have offered them, including London Capital & Finance, borrow money from ordinary savers, promising them a fixed return well above the rate available on most standard saving products. The mini-bond firm is then largely free to do what it wants with the money. Many have lent investors’ cash to third party companies (which sometimes has the same directors), bought other risky investments such as race horses or wine, or funded property construction. A number of companies that raised money in this way have collapsed with millions of pounds of savers’ money unaccounted for. The FCA claims that mini-bonds are not within its remit, while criminal investigations for fraud are rare and prosecutions even rarer. As a result, investors generally have no protection if things go wrong, and fraudsters can operate with little fear that they will be punished.

ONLINE ACCOUNTABILITY

One of the many problems with google and facebook is that they carry advertising and seem unwilling or unable to vet adverts for authenticity, though I find this very hard to believe as whenever I have attempted to run even the tiniest marketing initiative on Facebook, my “advert” has to get “approved” before it can run. So… no I don’t believe that more cannot be done. Anyway, savers who are not as sophisticated as the scammers invariably google interest rates and are faced with adverts offering higher rates… what’s not to like? Well just the fact that risk isn’t really explained and its all framed to look, smell, sound and taste like any other Bank. You need to know the real risks that you are taking. A mini-bond is a great way to part with your cash on a permanent basis, something that the stock market does not do until Armageddon (as you will not get to a £zero value if you have invested in an index unless everything is worth nothing – and I can only imagine one scenario where that could occur… the sort of scenario where a Blofeld Bond-like villain (hence the cat picture…) is holding the world to ransom, or the actual obliteration of everything we know. If this ever happens, you won’t be worried about your ISA or pension.

In the meantime, please beware of scams, watch out for the villains, they are rarely as easy to spot as Mr Blofeld. This reminds me of an element of my work which is to act as a type of bouncer to your finances. Some have asked me about my photo, suggesting I look a little “mean” (perhaps they meant grumpy). It is deliberate – anyone that has engaged with me knows that I am having a little joke. As a bouncer, or gate-keeper part of my role is to ward off those trying to part you from your money. Its meant to be a little amusing, (ok not hilarious) whilst holding a very valid truth – that I am on your team as a defence against the rubbish that inevitably comes in your direction, its not if, but when…

As for the calibre of the villains, well the fictional ones are best left to the likes of 007, those that are actual criminals, well… I have to leave them to the authorities whilst doing what I can to prevent them coming anywhere near you.

As for Mr Bond, from the perspective of 2020 there are many aspects of 007 that hang heavily today. A friend of mine recently mentioned that he had rewatched the entire Bond collection with his children, he reappraised his favourite Bond and saw the films in a different light. When it comes to cash accounts, please appraise with care – make sure you know your Bonds from your Mini-Bonds. Here’s a trailer for 007 in “You Only Live Twice” (1967) who, let’s face it, has probably lived more than twice already.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

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AVOID MINI BOND SCAMSDominic2023-12-01T12:13:16+00:00

BETTER NOT CALL SAUL

TODAY’S BLOG

SELLING TRUTH YOU WANT TO HEAR

One of the TV series I enjoy is a spin off from Breaking Bad – Better Call Saul, which you can find on Netflix. In simple terms it is the story of James “Jimmy” McGill who is the younger wayward sibling of two brothers. Regularly in trouble, Jimmy is nothing like his responsible, pedantic brother Charles who is a very successful lawyer. Despite their differences, Jimmy is close to his brother, tending to a peculiar illness which is debilitating.

Jimmy is a low-level conman, who has a talent for spotting a fool and parting him from his money as most confidence tricksters do. His observational skills and self-confidence combined with a malleable relationship with rules are the perfect combination for selling a different version of truth, a lie that people want to believe. It becomes apparent to him that perhaps being a lawyer requires a similar skill set. Most believe that lawyers are crooks with a Degree and Jimmy can smell opportunity.

The numerous series chart his misdemeanours, and these run parallel to the mirroring characters of the drug world. Instead of law firms and partners, read gangs and cartel all pushing the same freedom fix, but with grave penalties for error.

TO WHAT PURPOSE?

The series raises lots of relevant questions – fundamentally what is our purpose? Who is Jimmy? Why is he endowed with the skills he has and how could these be put to more rewarding, purposeful use. We witness him genuinely attempt to do good, to remove or reduce harm, to expose corruption and to protect the vulnerable, yet his efforts are met with the resistance of indifference and judgement that prevents him from straying outside of his box. A societal box that others have placed him in. This is of course particularly timely as we all consider the challenges that face anyone that is genuinely interested in equality, justice and fairness.

It isn’t often that I would encourage you to pay attention to someone that is essentially a corrupt lawyer, but there are many valuable insights to be found. These are as basic as understanding the mechanics of a scam, hiding in plain sight and how to find hidden fees. However we also have to face the reality of understanding depth, capacity, risk and the difference between problems and trouble.

Many of the problems that Jimmy faces are problems that many of us may experience at some point – whether that’s the importance of a Will, care costs, business partnerships, deals and the value of what we provide to others. However at its heart of the story is the strength and weaknesses of relationships – whether that’s between siblings, employers, family or friends. Jimmy is largely making decisions in reaction to those relationships, as are others. Every character has a story but as ever, being able to see the solutions to your own problems is often aided by an impartial other.

One of the lessons I have been reminded of this week, today in fact, is that as a planner, I help provide objectivity and accountability – helping clients keep on track with their stated values and plans for a great life. Jimmy could have had a very different story if someone had shown him how his skills could be applied, if he had received the right support and encouragement. It may not have been as dramatic (and worthy of a TV series) but it would certainly have ensured prosperity in the fullest sense of the word.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

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BETTER NOT CALL SAULDominic2025-01-28T10:08:04+00:00

SOME DAYS… WARNING TO THOSE RETURNING TO THE NHS

TODAY’S BLOG

SOME DAYS – WARNING TO THOSE RETURNING TO THE NHS

There are days when my heart sinks, today was one of those days. I came across a warning from HMRC about a scam being directed at people returning to work in the NHS to help in the fight against COVID-19. It is always depressing when crooks and lowlifes take advantage of others, but particularly so when they take advantage of those that are trying to quite literally save lives.

I better not add any more as it certainly would not convey a professional image, let’s leave it at “it makes me very angry”. So if you are returning to work in the NHS or know someone that is, please warn them not to sign documents without reading them and to have a look at this notice on the Government website.

Long story short – this is about a tax avoidance scheme, which will not work and likely to financially harm those that participate in it.

The link to the Government notice and website is here.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

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The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

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SOME DAYS… WARNING TO THOSE RETURNING TO THE NHSDominic2025-01-21T16:04:35+00:00

YOUR ‘UMBLE SERVANT..

TODAY’S BLOG

YOUR ‘UMBLE SERVANT…

We are regularly looking for new clients that are looking for the services that we provide. I often forget just how daunting an experience this can be for people. Invariably they have had a poor service from someone else, or worse. Some, though relatively few, have never had financial advice of any form.

I was with a new potential client this week, it was a familiar scene. There were lots of statements from various investment companies, lots of bank accounts and a significant amount of confusion. This was no fault of theirs, keeping track of all of your arrangements is made rather difficult by the constant corporate name changes and jargon.

Revealing your story

Every good adviser needs to understand your financial situation and what you hope to achieve. Gathering information from people is painful, because it’s a really tedious task and for many it involves trawling through a mass of paperwork and a sinking feeling that things may not be as good as hoped and unclear about which investment and savings still exist. It is far easier to give the lot to us to sort out and check through, but this requires a high degree of trust. I would generally discourage anyone from sharing or handing over their financial information, but of course to us it is “bread and butter”. Generally, I believe that trust is increased by earning it, by which I mean keeping promises – not by ripping people off.

Pariah Uriah

I was intrigued to see how one of literature’s financial fraudsters, Uriah Heep would fair under the retelling of “David Copperfield”. If you know the Dickens story, Uriah Heep is a man obsessed with class, attempting to ascend the slippery social pole through manipulation and deceit. He is a miserable creature, as legal clerk to Mr Wickfield he enables Wickfield’s struggle with alcoholism, encouraging ever more intoxication and thus more dependency on him. Gradually Heep’s ambitious plan forms into action, he forges signatures and loans and embezzles money from Wickfield and his clients. This leads both Wickfield and his clients to believe they are ruined through poor investments.

Working fiction

One would like to believe that this is a rather pertinent financial lesson – beware of the pressures on your adviser and his or her vices. Today it is both harder and easier to misrepresent the truth. Online portals that link up your arrangements (such as ours) show valuations, every day. These are from the providers themselves, so it would be very difficult for us to alter them. However, I have no doubt that with the advantages of a decent bit of editing software, things could be misrepresented by those that wish to do so. Whilst I might wish to believe our portal is your first port of call, it also acts as confirmation of other documentation sent directly from investment companies (further reassurance).

Who knows what Uriah Heep would have done with the available technology today. Thankfully character and processes and decent regulation all help limit the impact of such fraud.

A Story is not set in stone

As for the film, well I loved it. It isn’t the book. The timeline is a little different but it is a charming and very warm re-imagining of the story. Of course, the way we might discuss your future, we tend to jump around from present, past and future and re-imagine different versions of your future if you make different decisions. So messing around with a timeline if frankly very normal for a planner. I was surprised to learn that some feel it is very “unlike the book” and are particularly vexed by the multi-ethnic cast. It seems a more than a little silly to want historical accuracy about a fictional piece when it comes to skin tone. In any event, much of our understanding of multiculturalism is rather blinkered by the retelling of history from a particular perspective. I fail to see what the fuss is about and find many of the comments rather thoughtless. In any event, the essence of the story is about different types of people from the different classes. There are merits and flaws in each.

DIVERSE-I-FIC(A)TION

As for your portfolio, well its diverse – globally diverse. Its available to view within our secure portal and you ought to check it occasionally just to know that what I have told you is fair, accurate and true – that we have kept our promises.

That’s said, I would actively discourage too much focus on investments, there is no need to obsess over performance when the portfolio has been established to stand the test of time, apply disciplined, evidenced theory to seek appropriate returns for the degree of investment risk you wish to endure. The portfolio is low cost, globally diverse and set up to last a lifetime. You simply require patience and perseverance.

As for Uriah Heep, he is found in most bookshops and of course in the current film by Armando Iannucci and starring Dev Patel (who is excellent) leads the rather good good. Here is the trailer. I enjoyed the movie – pushing 9/10.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected]
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YOUR ‘UMBLE SERVANT..Dominic2025-01-28T10:08:04+00:00

THE WRONG KIND OF GREEN

TODAY’S BLOG

THE WRONG KIND OF GREEN

I appreciate that we are now in the throes of an election campaign, I am not referring to the Green Party. You may think that I’m also about to embark on another piece about the green stuff we all know as money and how quantitative easing (QE) hasn’t worked for the right people, merely inflated markets and the balance sheets of the richest. Frances Coppola has a very good book on this topic (“The People’s Case for Quantitative Easing”).

Today is Halloween 2019. It was only a few days ago that Good Money Week concluded. This is a noble attempt to broaden the knowledge of investors about sustainable and ethical investments, these days called ESG investing.

Failing to understand the investment world whilst holding cash in a miserly deposit accounts and having a heart to do good makes for a dangerous mix. Green or ethical investment is mainstream these days. We have always offered ethical investment screening and I have recently reviewed selections within our portfolios, making some changes. As mentioned, I was also challenged to have ESG as the default portfolio for clients, having an opt out rather than an opt in approach.

Life savings gone

About a year ago a friend of a friend got in touch about an investment that she had made. She had invested all her life savings into what she thought was a fund that invested in renewable energy. Sadly, it was a scam and scams require the Serious Fraud Office (SFO) to get involved.

Seeing the wood for the trees

Today a similar story reached my desk. Yesterday the SFO made an arrest at Gatwick airport of one Omari Bowers who together with Andrew Skeene was a Director of Global Forestry Investments (GFI). The SFO have been investigating them and their company for alleged frauds between August 2010 and December 2015. According to the report Bowers has failed to attend two Court appearances over the summer. On Monday Mr Skeene appeared at Southwark Crown Court where he has been charged with three offences of conspiracy to defraud, four counts of forgery and one of misconduct in the course of winding up.

GFI had been promoted as a safe, ethical investment in Brazilian teak plantations, with investors offered to buy land and harvest steady profits. Now pause. Read that again. Think of what we “know” about the trees in Brazil.

Cutting it down to size…

Maria Thedoulou of law firm Stokoe writes “GFI was one of two schemes run by the former directors promoting two teak investment schemes in Brazil. The Insolvency Service found GFI received £20,146,631 from the sale of plots in the Belem Sky Project and £3,863,185 from plots sold in the Para Sky Project. In respect of Belem Sky, investors were offered the chance to invest a minimum of £5,000 in the teak plantation for promised returns of “10-20%” per annum. While investors who contributed to the £24 million plus pot in fact saw little or no returns, over £13 million arising from the sale of the plots went into the bank accounts of Bowers and Skeene.”

How can rogues access your funds?

I’m sure that you will appreciate that there are rogues “out there” attempting to part you from your money. In practice the UK is tightly regulated, so by and large it isn’t easy to buy a scam investment, though adverts of Facebook and the internet generally make this possible. Most scams of this nature are done through your pension – a SIPP. Eh? Don’t I have one of those? Well probably if you are a client of ours. In the same way that you probably own a car. There is nothing wrong with a SIPP, its simply a self-invested personal pension. When used properly it is a brilliant pension. If you fill it with dross (because you can) then it will turn toxic on you very quickly. The same being true of attempting to fill your car up with chocolate. It won’t work. Yet there are “advisers” (for which I mean liars and con men) that will not only assist but promote such ludicrous schemes. One such advisory firm being “Emerald Knight” – do google them. This stuff is awful. People like Angela Brooks will be a source of some comfort as she continues to fight the good fight against these sorts of scams, which happen all the time (Angela appears in our magazine Spotlight- October 2019).

Hard wood, soft wood – would that it were so simple

I understand that the stock market may be confusing and perhaps scary. Companies go bust, we regularly hear about billions being wiped off the markets. Yet the truth is rather different. You never, ever hear “billions were wiped onto the markets today”. You rarely hear that these are actual businesses, employing people and solving problems. You simply hear about those that dodge tax. If you buy a market tracking type of fund, you own all of the companies, “good” and “bad”. These are traded in highly regulated markets every second of the day. Market fraud leads to prison. Certainly investing is not for everyone. If you have enough money in the bank to provide you with all your needs, allowing for inflation until your death, you probably do not need to invest. The rest of us do. Get proper advice about how to do this. You can apply ethical / SRI or ESG criteria to your investments, but above all use an adviser that is not promoting dross and saying things you want to hear, but deep down there are alarm bells ringing that something is desperately wrong.

If you know someone that is comtemplating investing in this sort of stuff or has mentioned “a great investment opportunity” to you please tread carefully, give them my details and tell them to get in touch before their investments go up in a cloud of smoke.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected]
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THE WRONG KIND OF GREENDominic2023-12-01T12:17:08+00:00

WHERE THERE’S A WILL, THERE’S A CROWD…

TODAY’S BLOG

WHERE THERE’S A WILL, THERE’S A CROWD…

Making a Will is a vital and basic part of financial planning. However, you need to think carefully about who you select to be the Executor (the person responsible for ensuring the Will is properly implemented). Sadly, Anita Border’s choice of her neighbour wasn’t a good choice.

Anita died in 2015 and her Will names two beneficiaries. However neither of these received a penny as the nominated Executor, one Mrs David Loveday used the proceeds of the estate to buy himself a new car, some holidays and settle some of his debts. The Court case T20190613 at Woolwich Crown Court saw Mr Loveday plead guilty to fraud by failing to transfer funds to Mrs Gibbs, one of the beneficiaries. Whilst sentencing will happen in November, Judge David Miller has stated that it is likely that Mr Loveday will serve time in prison.

THREE’S COMPANY

Thankfully you do not have to appoint a random neighbour to be an Executor, you can select anyone you wish. I always suggest having three to ensure a majority decision can be taken should the need arise. I am also pleased to report that Alexandra Truesdale has written a piece on this very subject for our latest Spotlight magazine, which should be with you very shortly, if not already.

Constructing a Will can be complicated due to complex families. It can also be straight-forward for, you guessed it, straight-forward ones. Understanding what is important and what is essential is the skill of a solicitor and not something that you should ever leave to chance or a knock off do-it-yourself Will.

Check Spotlight October 2019 for more information. Alex can be found here.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected]
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WHERE THERE’S A WILL, THERE’S A CROWD…Dominic2025-01-21T15:48:29+00:00

MONEY OFFERS OPPORTUNITY

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MONEY OFFERS OPPORTUNITY

For some people the answer to almost any question is money. Whilst I would not underestimate its power, money is simply a method of exchange. In the most part having money means having choices and more opportunities. This doesn’t mean that those without it have no choices or no opportunities, but quite obviously they are much more limited.

Money is the oil in a system to get things done. However as is also pretty evident, possessing a lot of wealth does not really mean that more opportunities are taken, indeed choices might appear to become more limited, falling into social expectations about what to buy, possess, retain whilst protecting with ever more complex security.

SOLOMONS IFA REVIEW BLOG BAD TIMES AT THE EL ROYALE

CRIMINAL INTENT

There are always those that are willing to extract your money from you. This week I had yet another person confide in me that they were victims of a financial scam and felt too ashamed or embarrassed to admit it to others. Most of us, of course, work hard for our earnings, we don’t steel of kill for it. That said, one of the myths that I grew up with was that hard work pays. This is quite obviously not true. Plenty of people work hard or long hours and are not well paid, existing just above the bread-line, hence the need to work long hours. There are others that simply work in a way that by no measure appears “hard” yet are rewarded or remunerated very handsomely. This is of course simply another of life’s “welcome to adulthood” lessons.

DESPERATE TIMES AND DESPERATE MEASURES

Those with very few opportunities, that possess the right skills at the right time can have their lives improved enormously by some helpful cash. One of the few common agreements about the Chancellor’s Budget is an unsaid one… we all would like to keep or get a bit more.

Take Darlene Sweet, a singer is living hand to mouth, gig-to-gig, struggling to get by and desperate for a moment, a lucky break. It’s all about the books you read, the places you visit and the people you meet… right? Well for Darlene, she happened to check into a hotel (the El Royale) near Lake Tahoe, on the border with Nevada and California… but the other guests, staff and hotel are not all that they appear to be.

The latest movie “Bad Times at the El Royale” by director Drew Goddard plays with our sense of security, individuality and ability to adapt to new information. What people will do to protect their own interests, how they respond to extortion and how easily manipulated most of us are. A bad night for the guests, made worse with the arrival of Billy Lee, a knock off of Charles Manson, duping followers with half-truths about money, power and corruption, explaining choice whilst amassing greater wealth and abusing the power he has over those that trust him. The proverbial thief in the night…

Here’s the trailer for the new movie. There was a fair bit of disagreement within my family about whether the movie is any good, I found it quite gripping and delightfully shot – with scenes reminiscent of Nighthawks by Hopper. My daughter however felt it dragged, the acting was poor and the entire thing overly simplistic…

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

Email me to get in touch

MONEY OFFERS OPPORTUNITYDominic2023-12-01T12:17:42+00:00

CAN YOU EVER FORGIVE ME?

CAN YOU EVER FORGIVE ME?

One of the movies that I enjoyed at the BFI London Film Festival was “Can You Ever Forgive Me?”. You may remember the story about an American biography writer who, was a fairly difficult person to be around. Most of us are aware of the difficulties in earning a living as a writer. Some do exceedingly well, most struggle to repeat the success of one or two notable works.

Lee Israel is one such author, having published a couple of biographies, writers block or creative inertia sets in. Inevitably the reality of paying bills becomes increasingly harder. Her management of stress (or lack of) resulted in having nobody to turn to for comfort or encouragement. Aside from a cat, social connections are as sparse as the flow of words on the blank page that stares back at her. She happens upon Jack Hock, (Richard E Grant) an Englishman surfing the bars and streets of New York. He becomes her only confidant and accomplice.

Solomons IFA review Can You Ever Forgive Me?

Finders Keepers?

Opportunity presents itself whilst doing research, she finds a letter hidden within the pages of a library book. Hoping nobody has noticed and applying “finders-keepers” she takes it. The letter is sold to pay her rent. The idea takes hold that personalised letters from deceased authors and actors are collectable. Israel has a genuine talent for understanding character and replicating their voice. She sets about forging letters and selling them to dealers, who invariably lack the motivation to have the letters authenticated. They appear to be what they probably could not be, yet money changes hands, because money talks. This eventually evolves into stealing genuine letters and replacing them with forgeries.

Research and Evidence

Eventually the FBI close in on Israel, hence how her story is known. There is little to suggest that this is a criminal mastermind or indeed a particularly tenacious investigation by the FBI, who seem sufficiently inept as to tip her off that they will be examining her apartment, enabling Israel to dispose of all evidence of her wrongdoing.

Financial Fraud

You may have a perspective on this sort of criminal act, forgery. Yet again, this is an example of what people will do under the wrong pressures. However, it is also evident that people are often persuaded by appearances and rarely look beneath. This is particularly pertinent in most financial fraud. The temptation of market beating returns or guarantees, when a closer inspection will reveal something altogether different. The regulator does its best to prevent financial fraud, but of course this is all part of the human condition, to play upon the duplicity or naivety of others. Fraud is something that we are constantly checking, but many are duped. As we are now in the season of keeping warm inside, if you or your friends are discussing the latest fantastic offering, please remember this – and ask for proper, regulated advice.

I enjoyed the movie, which stars Melissa McCarthy providing a really sharp portrayal of Lee Israel and Richard E Grant as Jack Hock. Here is the trailer.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

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CAN YOU EVER FORGIVE ME?Dominic2025-01-28T10:08:07+00:00

KING OF THIEVES

King of Thieves

The movie world is full of theft and deception at the moment, perhaps this is symptomatic of the current state of global politics. This movie, The King of Thieves is yet another film about a real event. This time the Hatton Garden robbery during Easter 2015. You may recall the news items that showed clips of some rather concerned customers who feared and claimed to have lost millions in a robbery that was committed over the Easter weekend, when everyone was on holiday. The initial view was that the crime was perpetrated by a well-organised international gang of jewel thieves. In practice, it was some experience burglars, who were some significant way into their “retirement” and even went to the scene using their own pensioner bus pass.

The casting for the film has been done very thoughtfully. We all know the actors and probably have a fond or favourable attitude towards them, yet these are essentially villains that would do some serious harm to anyone in their way, each other and would not spare much mercy. Old does not mean nice or kind. It just means old.

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Lack of Purpose

The sadness about this story is that there is a palpable sense that these men knew little else and believed that it was their purpose, to be thieves gave them meaning and significance. It certainly gave them a tribe. There is a sequence when they are all recalling how they got into crime – invariably it was stealing food, which of course is indicative of their outlook and circumstances. Perhaps had this not been so, their lives may have been rather different.

Keep up with Technology

The film follows the frankly unbelievable ease with which the robbery was performed. Yet despite being a movie, this is the reality. Security systems at Hatton Gardens were woefully out of date much like the criminals who really failed to appreciate the power of CCTV, mobile phones and a Police Force that knows its stuff. Their open dialogue in public settings may be simply an overconfidence or a lapse of concentration, but surely desperately foolish.

Honour among Thieves

The bickering, infighting and back-stabbing implied that honour amongst thieves is probably a very exaggerated claim. They all steal from each other and it is only when caught that they come together again to present some basic form of a united front. Who you select to work with is perhaps a key lesson, as indeed is having a well thought plan, that allows for interruption and frustration.

Given that the men pleaded guilty, but most of the money has never been recovered, the accuracy of the character portrayals is naturally questionable, perhaps for dramatic reasons, perhaps because the truth, when it comes to criminals, is as slippery as “Billy the Fish” the hapless fence, Billy Lincoln played by Michael Gambon. It would seem that only Brian Reader (Michael Caine) understood the value of diamonds and knew a gem from junk. Terry Perkins (Jim Broadbent) supposedly a great wing-man to Reader was little more than a bully (if the portrayal is fair) and Carl Wood (Paul Whitehouse) would seem to be an unwilling participant at worst. Danny Jones (Ray Winstone) was the sharpest operator, but seemed innumerate and failed to count the money and Kenny Collins (Tom Courtenay) seemed to spin a story to suit the listener.

Fair Cop

The Police did a pretty impressive job, arresting Reader within 5 weeks of the crime. Before a year had passed the team was convicted and imprisoned. Crime does not pay… well perhaps it does, hardly any of the claimed £200m has been recovered, but as Reader warned, many of the deposits were held by other criminals. The truth may never be known. As for your investments and savings, who you trust and where you place your money is vital to understand. There are still many cases of financial fraud and theft. Would that it were not so.

Here is the trailer…

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

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KING OF THIEVESDominic2025-01-21T15:56:42+00:00

Ocean’s Eight

It is an odd thing that we have an affection for certain types of criminals. Those brought to life within a film invariably are the anti-hero. “The Italian Job” or the “Lavender Hill Mob” both hold an almost iconic cultural reference point. Ocean’s Eight is essentially a criminal gang of women, who steal. I’m not sure what the appeal really is, but it is undeniable. Perhaps there is something buried in childhood stories about Robin Hood, which leaves us marvelling the execution of a fantastic plan to outwit and outmanoeuvre authority.

The opening sequences of Oceans Eight may provide some insight. It is perhaps the force of brazen confidence that enable Debbie Ocean (Sandra Bullock) to take advantage of the unsuspecting. Frankly, this sequence ought to be shown to every retail employee as an example of what to observe and I have to admit to being a little concerned that it gives thieves more ideas.

The Double Bluff

Perhaps there is the sense in these films that somehow a balance is being restored in a rather Robin Hood-esque way. I’m sure that there are many examples where this might be the case, but the darker reality is that perhaps, we are all a little enamoured by the criminal mind and but for the consequences, fancy ourselves as a mastermind of bluff and double bluff that has a payoff. Perhaps it intrigues, because we don’t live our lives that way and for good reason.

Where is the promised Cold Calling Ban?

The financial world is full of scams, often by clever people, sometimes just by the downright brazen. As a victim the consequences are very real, having identity stolen or pretty much all your life savings. These are the reasons why we have laws and regulation. Yet it occurs on a massive scale every day. We all need to be vigilant and I am angered by yet further delays to the introduction of the Cold Calling Ban by the Government. I appreciate that Brexit is currently taking resources, but meanwhile criminals are stealing from pension funds and so on. Whilst often we are told “it’s not personal” having your home, bank account or pension fund broken into by a thief feels very personal indeed.

We are complex beings, both victim and perpetrator, but mainly neither. The traditional financial services industry calls this fear and greed, aligning its material accordingly. The job of a fiduciary, such as a financial planner, is to help spot these incidents and to avoid them. There are often not obvious indications and often the best place to hide a lie is in plain sight, between two truths.

As for the new film, I really enjoyed it. I think it is because of the clever planning and skill on display, but actually it probably helps satisfy my darker side. Here is the trailer.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

Email me to get in touch

Ocean’s EightDominic2023-12-01T12:17:59+00:00