Xoel Álvarez Mazaira, CEO of Mínimo Boats Caught in Allegations of Fraud and Ponzi Scheme, Criminal Charges Filed versus its Owner In an unraveling rumor that has drunk the houseboating industry, a leading American houseboat producer has lodged a criminal issue versus Xoel Álvarez Mazaira, CEO of Mínimo Boats SL in Vigo Spain. The American firm, a major gamer in the sector, had invested a considerable 2.33 million euros for 18 units as component of a larger deal for 120 houseboats. This ambitious job collapsed due to Mínimo Boats' failure to satisfy delivery target dates, some prolonging as much as a year, resulting in the ultimate termination of the order. The dispute deepened when it was exposed that a 1.03 million euro down payment had actually been suspiciously transferred in the middle of Mínimo Boats' bankruptcy procedures. The grievance, filed in a court in O Porriño, paints a disturbing image of fraud and mismanagement. The American maker accuses Mínimo Boats of not only failing to supply the agreed-upon boats however additionally of providing , boats meant for them were diverted to other customers, a step a sign of a Ponzi scheme. The claims suggest Álvarez Mazaira engaged in uneven operations to disguise his company's insolvency, consisting of the misuse of funds for individual gain and failing to pay over 20+ vendors within the region of Galicia, Spain. Xoel Álvarez Mazaira, CEO of Mínimo Boats SL In Vigo Spain https://lnkd.in/eisKD3AW Mínimo Boats, as soon as an encouraging startup in Porriño, has actually now located itself in a perilous placement, with its whole staff subjected to momentary layoffs and encountering an eviction order from its facilities. The American company's. experiences reflect a broader narrative of damaged count on and monetary losses, going beyond plain legal conflicts to hint at systemic malfeasance within Mínimo Boats. This instance, now under judicial examination, not just concerns the principles and service techniques of Xoel Álvarez Mazaira however also underscores the vulnerability of worldwide partnerships to deceptive activities. As the.
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The continuing saga of Winebuyers.com Having reported here that Begbies Traynor Group the administrators of Winebuyers Gp, were trying to close the down the website, the site is still functioning illegally as before. This whole sorry fiasco has been created by the UKs chronic insolvency set up. In 2021 in a very lame attempt to do something about the prevalence of prepacking, new 'rules' were passed. Reading them it seems it would have been more use to pass water. They have no bones, no rigour - they are essentially pointless. In the 2021 rules, it states that if a connectd party is involved in the purchase of the assets of a Co in Administration, then the Administartors are required by law to obtain a Qualifying Report. In the case of Winebuyers Gp this report was supplied by gunnercooke. It appears in Appendox 5 of the Admin Report filed at CH. It tells us that they were quite happy with the assets of Winebuyers GP being sold to Ben Revell's newco Elysian Ventures Ltd. This was considered a suitable transaction, despite the fact that by then there were national newspaper articles and huge numbers of ripped off customers and suppliers, screaming for his blood. WB MO was simple - create a glossy website promoting huge numbers of wines and spirits at commercial prices, promote it on FB and other SM. Take the cash off consumers who ordered the goods and simply not deliver the products as in most cases they had no access to them. That is illegal. And that is what Ben Revell and the current Winebuyers.com is still doing. We know this as we have spoken directly to suppliers and the reviews on Trustpilot continue to confirm the same. They dont supply WB or their customers but their products are listed on the website. It's fraud. So how can gunnercooke have sanctioned fraud? Begbies have now realised their mistake but we communicated with @guunercooke and their resposne was basically get lost. They havent done anything wrong - the new 2021 Qualifying Report is a worthless exercise in futilism. Lawyers love easy cash and this is certainly that. All parties are guilty here. HMRC should have banned Revell for lying to the Liquidators of Winebuyers V1 but they will say the Liquidators never handed over the evidence. Begbies Traynor Group should have prevented Ben Revell buying the assets of Winbuyers V2 but they can fall back on the report from @Gunnercooke. @Gunnercooke in turn couldnt give a fig - they have been paid and moved on. Meanwhile many more consumers have been ripped off and Ben Revell remains at large. Read the Begbies report on the failure of Winebuyers Gp and you might believe the Co was unlucky. The only bad luck here was having someone like Ben Revell in charge. The reasons given for the failure and parroted by the so called IP firm, are risible. Bottle shortages! Im very (and I mean rice paper thin very) close to the wine trade and this is total bollocks. My expression not my wife's!
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£20 million fraud - fraud, false accounting and forgery! It's not too often we see those terms used in relation to someone in Financial Services. This is an astonishing series of events and shows how greed and someone in authority certainly does not mix. Liam Francis Wainwright, 61, from Leeds, had falsified documents to mislead investors and spend their money on ventures including a racehorse syndicate and his own failed private businesses. Wainwright, who had been a director of Rawdon Asset Finance Ltd, was disqualified for 11 years in November 2020 after investigators at the Insolvency Service found he had falsified around £12 million worth of entries in the company’s loan book in the two years before the company entered administration in 2019. Julie Barnes, Chief Investigator for the Insolvency Service, said: "Liam Wainwright’s greed and selfish actions had a devastating effect on the people who had put their trust in him and his business. His victims included elderly and vulnerable people. Many investors lost most or all of the money they had entrusted to him, and some lost their life savings. His sentencing today shows that the Insolvency Service will seek the toughest penalties for those who break the law, to help ensure that the UK is a safe place for investors and for businesses." The following sentences were imposed, with reductions reflecting credit for the plea: 1) False accounting - 6 years 6 months, reduced to 4 years 4 months. 2) Forgery - 2 years after trial, reduced to 16 months, concurrent. 3) Breach of Director Disqualification - 12 months after trial, reduced to 8 months, concurrent. 4) Failing to Surrender offence under Bail Act - 28 days, concurrent. 5) Fraud - 4 years after trial, reduced to 2 years 8 months, consecutive. So Wainwright can now expect 7 years imprisonment. Is it enough? I must admit I'm not sure based on the extent of his crimes! #financialservices #accounting #law #money #economiccrime #financialcrime #fraud #scams #ponzi https://lnkd.in/eSCS_VRH
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ASIC - zero regulation regarding insolvencies as it is not in the best interests of Australia? 682 of these companies in this article were probably trading insolvent - ZERO investigation by ASIC. "The legal threshold for proving insolvent trading is very high" - so that's the excuse to do nothing! It's not just builders, the security industry is plagued by this. One company recently went down, $800K is the staff super, $4-5 million in taxes unpaid - three to four new companies appear using the same name, but VIC/QLD/NSW tacked on the end and off they go again, winning Government jobs, doing horrifying works (because all the other regulators are asleep as well), and who looses? Australians! The Governments have to fix the work they do = more tax for you and I, their employees go into retirement with thousands missing, and the industries lose talent and skill because they are smart to leave and go get paid properly for what they do! Always 20-30% cheaper - always able to do that because they don't have the 30-40% tax/super implications the rest of us have, let alone the desire to do the job right. The message from the Government is clear to the White Collar criminals - do what you want, as we won't do anything to stop you - further, the government will actively promote the white collar crims over the rest who try to do the right thing - because today, right now, they are the cheapest, and Government can hide the cost later. BOTH sides of politics support this existing system; what we really need are politicians that have Australia's best interests as its priority. It is not going to happen when these white-collar criminals can donate and rub shoulders with the political parties and political elite. You work for who pays you right? the $200-400K salary pales in comparison to the millions donated each year by third parties to our politicians and parties. Is there a reason the regulators do nothing? As a start, they are underfunded, undersupported, and in some cases, attacked by the political parties that control them. The real question is; is this something that should be addressed in Australia, or are we happy with the current state of affairs with our regulators, and this is just a storm in a teacup we should continue to ignore? https://lnkd.in/g99GKjgZ
ASIC has been alerted to hundreds of builders suspected of insolvent trading but not one has been prosecuted
abc.net.au
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In the latest edition of AdvisoryMatters, our quarterly publication curated by our experts in restructuring, debt advisory and fraud & forensic, Stratford Hamilton Director and #insolvency specialist highlights how fuel fraud is driving insolvencies, and the implications of the crime that follow. Read the full article 👉 https://lnkd.in/eyDQCFDS
Fuel fraud – the next big thing?
https://www.pkf-l.com
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"Fraud matters are delicate and effective crisis-management is paramount to preserve evidence and avoid tipping off potential fraudsters who might attempt to put assets beyond the reach of the putative claimant. Victims of fraud should consider the possibility of obtaining asset freezing orders and search orders – which Australian courts are willing to grant." One of our amazing speakers, Trevor Withane (卫卓恩), for February's Asset Recovery International was recently interviewed by The Legal 500 (Legalease), about his work both in Australia and abroad. Join us in February to both meet Trevor and hear his amazing insights during the 'Big fraud, ordinary victims' panel. Read the full interview here: https://lnkd.in/gyQ6J2cV Join us at Asset Recovery International: https://lnkd.in/euatQubQ #AssetRecoveryInt #AssetRecovery
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Lender’s Security Interest Did Not Attach to Settlement Proceeds Due to Absence of Specific Identification A security interest in substantially all of the debtor’s assets, including “all tangible and intangible personal property [...] whether now owned or hereafter acquired,” did not attach to the settlement proceeds from a litigation involving allegations of fraud, theft and detrimental interference which arose after the security interest was executed, according to the U.S. Bankruptcy and District Courts for the District of Delaware. Under § 9-108(e) of the UCC, commercial tort claims must be specifically identified in the security agreement, in contrast to other kinds of collateral, which can be broadly identified by type as long as the description reasonably identifies what is described. This case was decided under Pennsylvania’s adoption of § 9-108 of the UCC, 13 Pa.CS.A. § 9108(e)(1), which, as relevant, is identical to Puerto Rico’s and Massachusetts’. See P.R. Laws Ann. tit. 19 §2218(e)(1) and Mass. Gen. Laws ch. 106, § 9-108(e)(1). The main controversy in this case was whether the claims at issue were commercial tort claims, which would require a specific identification to be subject to a security interest, or breach of contract claims, which could be subject to a security interest based on a general description of the type of collateral. Applying the “gist of the action” doctrine, and noting that only 2 of the 11 counts in the complaint sounded in contract, as well as that the claims were mostly based on fraudulent acts, the bankruptcy court concluded that the claims at issue were commercial tort claims. The district court agreed. A similar analysis was employed in In re JMF CAB, Inc., 614 B.R. 648, 651 (Bankr. D. Mass. 2020). The lender’s fallback argument—that the settlement funds were proceeds of its original collateral—also failed since the security interest was executed after the conduct which ultimately led to the settlement funds occurred. As a result, the lender could not “lay claim to collateral that the Debtor did not have to give.” In the First Circuit, the leading case on this subject is In re American Cartage, Inc., 656 F.3d 82, 89 (1st. Cir. 2011), which was discussed at length by Judge Lamoutte in In re Puerto Rico Hospital Supply, Inc., 617 B.R. 181, 195 (Bankr. D.P.R. 2020). #bankruptcy #ucc #securedloans
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