Some points for consideration about Tom Winnifrith

1. Winnifrith managed a regulated small cap fund as well as operating a PR business, stock brokerage and tip sheets

2. His fund management performance was bad

3. The authorities, it is widely known, were already concerned about the conflicts of interest between his businesses

4. The KPMG report suggests he invested money, without proper process, in a business which may not have existed, through an intermediary which may not have existed

5. He was unresponsive to the KPMG enquiry and changed his story

6. KPMG recommended further investigations

7. Instead of this, Chairman and major investor Jim Mellon fired Winnifrith

8. Mellon put some rescue funding in to RSH through secured loans

9. It was then put into administration, from which Mellon took the website assets that had some ongoing business, meaning shareholders got nothing.

10. It seems no further investigation was done, despite the fact that there are reasonable grounds to believe that Winnifrith committed fraud.

11. Mellon is a shameless self publicist, routinely promoting himself as "Britain's Warren Buffet" and telling everyone he is worth £800m. I don’t think anyone has ever verified the latter claim and it is hard to see where he might have made this kind of money. If he has £800m why was he messing around with RSH, a scummy little business in London?

12. Winnifrith's extreme nastiness has accelerated on Blogsites recently and it looks as though this is borne out of desperation; he probably knows it is only a matter of time before PC Plod knocks and he needs to make money before he is destroyed.

13. Winnifrith works in conjunction with a group of half a dozen similarly nasty bloggers. We believe they are low grade hacks paid by hedge funds or brokers to help move share prices by spreading fear uncertainty and doubt - although during the boom, they were doing the opposite.