Do investors in new Mellon venture SalvaRX know of RSH row?

A fascinating story in the Financial Times tells how Jim Mellon is bringing a cancer drug biotech company to the Alternative Investment Market this week Jim Mellon-backed biotech to join AIM. As it is operating in a market potentially worth billions of dollars, SalvaRX may well attract enthusiastic interest from investors.
However, the article does not mention anything about Rivington Street Holdings, Tom Winnifrith or the investigation into allegations of fraud. Nor, therefore, does it question whether Mellon knew about the allegations or indeed about the investigation by KPMG, which the RSH board - of which he was chairman - had commissioned at great expense (Mellon has tested credulity by indicating on Twitter that he knew nothing about it). Nor does it ask if Mellon responded to KPMG's findings by dismissing Winnifrith.
Are these not questions which potential investors in other Mellon ventures would want asking - not to mention answering?

Now Mellon says he didn't read the fraud report he commissioned from KPMG

Another astonishing development in the Twitter campaign by mystery tweeter @Decmax1 and Jim Mellon, the self-styled Warren Buffett of the UK.

With his (her?) teeth firmly attached to Mellon’s trouser-leg, @Decmax1 asked again if there had been a fraud and cover-up at Rivington Street Holdings, where he was chairman. In response, Mellon has tweeted: “I know nothing about what you are talking. Perhaps you should ask KPMG” (see tweets, below).

Leave.EU Ambassador and Founder Donor embroiled in fraud accusations

Jim Mellon, who claims to be “Britain’s Warren Buffett” and a multi-millionaire entrepreneur has been forced by a social media campaign to deny accusations of fraud. Mellon, a founder donor and Ambassador of the Leave.EU Brexiters, made the denials on Twitter after four days of goading by the mysterious campaigning tweeter @Decmax1, insisting that he was never accused of fraud. However, he responded to Winnifrith’s Twitter plea for help - Winnifrith had begged Mellon on Twitter to help him, saying "Jim tell them its all lies” - by dodging questions as to whether Winnifrith had committed and was fired for fraud.

"I'm not a fraud" tweets Winnifrith - then deletes the tweet

Entertainment aplenty fron anonymous blogger @Decmax1, who after reading the contents of this blog demanded of Winnifrith on Twitter:

Why will Vile @ShareProphets Troll @TomWinnifrith not answer the question: DID YOU COMMIT FRAUD? http://www.financialtrolls.blogspot.co.uk/2015/11/the-kpmg-report-on-winnifrith-and-t1ps.html …

Initially Winnifrith responded: "No he did not. Go on Jim [Jim Mellon, presumably] tell these morons it is all lies."

A Call to Arms

We published last month a report from KPMG, who were drafted in to examine financial irregularities at Tom Winnifrith's company Rivington Street Holdings plc and the T1ps Fund it managed.

We have independently verified that the document we reproduced is genuine.

The report suggests that Winnifrith might have misled investors.

Another blogger on the subject of Winnifrith

"It is truly astonishing to have consistently failed at every opportunity, we believe it is unparalleled in the UK and welcome challenges from people who may know someone with a worse record. Yes there are individual cases at single companies but not consistently from one company to the next without even one success. Is Tom Winnifrith the biggest loser ever?"
https://sheriffsofgurus.wordpress.com/2014/09/09/is-tom-winnifrith-the-biggest-loser-ever/

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

The KPMG report on Winnifrith and Rivington Street Holdings

(We have consulted our own sources and are satisfied that this document is authentic)

Introduction and executive summary

Background

Until October 2010, T1ps Investment Management Limited managed the Tips Small Companies EIS Fund (“the EIS Fund”). In March 2012 an investor in the EIS Fund complained to the UK Financial Ombudsman Service in respect of T1ps Investment Management Limited for failing to deliver a necessary EIS certificate that was essential to claim the eligible tax benefits in relation to his investment in the Fund. Subsequently, in October 2010 the business and clients of T1ps Investment Management Limited were novated to T1ps Investment Management (IOM) Limited. Satisfactory responses have not been forthcoming to resolve the complaint of the investor, nor the enquiries of the regulators; the Financial Supervision Commission in the Isle of Man and the Financial Services Authority in the United Kingdom.

Tom's tips may have been tom-tit, but that never slowed him down

Tom Winnifrith has had a number of incarnations. His first was as a financial journalist on Investors’ Chronicle and then the Evening Standard, which lead to him becoming a professional tipster.

His record as a tipster, however, is not something he can be proud of.

Dan and Tom: the story of the armed robber and the "sheriff"

Daniel ‘Brokermandan’ Levi’s exposure as a former armed robber who spent 16 years in maximum security prisons, raises inevitable and pressing doubts about his business associates - primarily the apparent ringleaders of their short-selling game, self-proclaimed "Sheriff of AIM" Tom Winnifrith and infamous short-seller Simon Cawkwell.

The Times on the money yet again with startling expose of Winnifrith's long-time associate BrokermanDaniel

This extraordinary story contains information which appears to contradict our own investigation (see above tab) of the background of  'Daniel Levi'. One explanation is that our investigators simply got it wrong when they found that his real name is James Moloney. The alternative is that, in his attempts to hide his background, he has over the years changed his name more than once. 

The armed robber who rode into the Wild West

The Times explains how short sellers abuse markets

The Times describes how the Financial Conduct Authority is starting to intervene to prevent share values and the companies behind them being destroyed by market manipulation for short term profit.

Markets are caught short by traders’ wrong information

Alex Ralph

July 13 2015

Traders who deal in shares they do not own are running the risk of creating false markets at a time when indices are already unusually volatile.

Short-sellers are issuing incorrect information about their holdings to the City regulator and those positions are making their way into rival dealers’ trading terminals unchecked.

IoM regulator asked for formal investigation into T1ps investment

This letter was sent to Denham Eke and David Gibson, then non-executive directors of Rivington Street Holdings, from Suzanne Collins, in her capacity (at that time) as a regulator at the Isle of Man Insurance and Pensions Authority.

Pathway One Plc

Background

On 19March 2012 I was emailed a copy of a complaint received at the T1ps Investment Management Limited (‘TIM UK’) office from the Financial Ombudsman Service (‘FOS’).  This complaint was on behalf of Mr R Forster, an investor in the T1ps Smaller Companies EIS Fund.

The basis of his complaint was that he had requested an EIS 3 tax certificate for one investment – Commercial Tyre Solutions/Pathway One – which had been outstanding since October 2010.

Rivington Street's Response to the Mauleverer/McInerney Letter

Rivington Street Holdings PLC

4th Floor, 39 Athol Street, Douglas, Isle of Man, IM1 1LA

Telephone: +44 (0) 1624 676 848 Fax: +44 (0) 1624 676 838

By Email
Re: Request for Information

Dear Mr Mauleverer,

Many thanks for your letter of 26th July with regard to your investments in, and relationship with, various companies and funds associated with Tom Winnifrith and Rivington Street Holdings PLC (“RSH”).

Firstly, let me say that I have recently stepped into the role of CEO of RSH, and have only a very limited experience of the past events here at RSH.

The Alarm Bells Ringing Loudly Back in 2012

A letter from Bruce Mauleverer and Michael McInerney, both clients of Rivington Street Holdings and Tom Winnifrith

Mr Mark Robertson, CEO

Rivington Street Holdings Plc

Third Floor

3 London Wall Buildings

London EC2 1Y

26 July 2012

Dear Mr Robertson,                                                                                        By Email

Request for Information

Introduction

This letter is written as a formal request for the disclosure of information about the many events leading up to the sale by Rivington Street Holdings Plc (RSH) of 50.1% of the share capital in Rivington Street Corporate Finance Plc (RSCF) – in a recent  management buy-out. This letter is written on behalf of Michael McInerney and myself, both of us writing in our capacity as shareholders in RSH.