Compassionate Capitalism How I Turned 150 Nos into 1 YES

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Andrew, listen to what we are saying and how we do it,” he said. “We are not making 27% from NHS staff, we are not doing that.” Larry-Cole, of Lincoln's Mead, Lingfield, denied that he was drink driving and claimed the equipment police had used was faulty, something the judge described as being "spurious" according to the police. Larry-Cole put an ad in the Sunday Times and received 12 responses. The first responder invested enough money to launch the company in 2012, entirely funded by people. ‘There was a lot of behind-the-scenes work involved to launch the company,’ he says. ‘Firstly, I worked with my accountant to draw up a business plan and projections for the first three years, and came up with the name; it was important to have a name that said exactly what the company was about and would be easy for people to find. I registered with Companies House and then the focus shifted to generating investment and getting manufacturers involved.’ All of these tragic stories boil down to one basic point: people allowing their judgement to be clouded by self-interest. People believe things because they want to believe them. The prospect of a 10% or 15% return is so tempting that their critical faculties switch off. Likewise, the idea that one can ‘beat the market’ or achieve some exclusive reward denied to ordinary people is itself a tantalising reward. Fraudsters know this, and they know the serotonin buzz that people get from feeling they are about to make a killing. They exploit all these factors to lure in their victims and persuade them to part with vast sums of money.

The administrators are now evaluating the current financial position and options for each of the Raedex Group companies. They will seek to achieve the best outcome for each company’s creditors as a whole. The administrators are also trying to establish who owns a Rolls-Royce that somebody was apparently swanking around in. Even though a business with a couple of million in turnover at most and continual losses doesn’t exactly scream “Rolls Royce lifestyle”. This form of investment is not regulated, so investors do not have recourse to the Financial Ombudsman. But the FCA can prevent the company from arranging new leases and has now wielded its power to do so.Is that these unregulated bonds are mean to be only sold to 'sophisticated ivnestors' i.e. people with 100k+ free cash. We have engaged with the firm on a number of occasions with regard to regulatory issues, including the structure of its business and its financial viability. This has culminated in the action we took on Friday 19 February 2021. This ‘greed clouding judgement’ phenomenon is itself a form of investment bias. One person making decisions by themselves is not unbiased, because they are swayed by their own motives and desires, as well as by the limits of their own knowledge and experience. That’s why, whenever you see an investment opportunity that looks good, you should first ask an independent financial adviser about it. They will give you a truly unbiased perspective, and so should enable you to find genuinely good investments. Your investment helps NHS staff like Chipo get to and from her job in a brand new and reliable vehicle" read one post, while another said: “Keep key workers, just like Andrew, on the move by investing with Buy2LetCars!”

Cash put in by savers would be used to buy cars that would be leased to people with poor credit histories. The marketing material made a meal of how Buy 2 Let Cars helped key workers. With this in mind we interviewed a few accounting firms, of which we found one who took the time to study the original model and came up with ways of recognising the true picture, which will be represented in our accounts over the coming years as the legacy falls away,” said Mr Martin. The FCA said the company claimed to own 1,200 cars but that there were question marks over these assets. The directors assure me that there’s nothing for investors to worry about because the figures give an unfairly bleak picture of the business by not recognising the value of its contracts to lease cars. Depending on how much you invested, you could get an astonishing return of 11% per year, or 27% over three years.Brev doesn’t believe the Bank accounts have been frozen, which is basically calling the Directors liars. Your investment helps NHS staff like Chipo get to and from her job in a brand new and reliable vehicle,” ran one of its Facebook posts, while another said: “Keep key workers, just like Andrew, on the move by investing with Buy2LetCars!” The coronavirus pandemic has forced many lenders to revisit their risk mitigation strategies. But at Buy2LetCars, no changes are required. In fact, their risk mitigation strategy could almost have been designed with the pandemic in mind. Their leasing arm only leases cars to key and essential workers who are unable to access mainstream credit. The unnamed person was interviewed and has since been released, pending further investigation. Another person has also been interviewed but not arrested. One person has been arrested and a second person has been questioned by police as part of a new fraud investigation into Raedex Consortium – the parent company of defunct lending platform Buy2Let Cars.

We would like to reassure our customers that we fully intend to challenge this and will be in touch with them directly this week.” As part of the investigation, the SFO, the National Crime Agency (NCA) and the City of London police searched two premises in connection to the scheme and arrested one person on Thursday 8 April. Another explanation may be that the pandemic has prompted many to take early retirement, and to access their pension pots sooner than expected – perhaps in a hurry. Feeling under time pressure may had led some retirees to take less care than normal, or to discard carefully made retirement plans in favour of more impulsive action. I tried again, asking: “Can you guarantee that investors who put their money in now will get the full promised return and their capital returned?”Buy2LetCars’ founder and chief executive Reginald Larry-Cole and operations director Scott Martin explain how they managed to mitigate risk in their business from day one… We are surprised at the FCA’s interpretation of accepted accounting standards and principles,” said the directors of Raedex Consortium, which owns the business.

Two of the cars could not be found on the DVLA database, and 18 leases were registered as having started significantly before the vehicle was on the road.Accounting firm RSM, which has been appointed as administrator, said it would try to recoup funds for investors.