DAILY BRIEFING: German factory orders fall 2. THE PRUDENT INVESTOR: Why I’m ditching lousy fund managers who can’t even beat a robot! For England striker Wayne Rooney and a host of other celebrities it offered discreet investment advice with the reassurance that it was respectable enough to be given the job of stealth forex trading system v2 fix down the proceeds of one of the biggest alleged frauds in history.
But now the future of accountancy group Vantis looks bleak and its clients are nervous. Chief executive Paul Jackson and Nigel Hamilton-Smith, head of business recovery, resigned as directors with finance director Steve Smith taking over the running of the firm. 7m for the half-year to October. 4bn in the case of alleged fraudster, cricket-mad Sir Allen Stanford. It seemed as if Vantis was the victim of a dispute over jurisdiction in a complex case and had been unlucky not to get the payment to which it was entitled after battling to get money for ordinary investors who had lost their life savings. But things are not quite so clear cut. There have been a series of accidents at Vantis that I think are symptomatic of a lack of control,’ said one leading accountancy executive.
Vantis’s suspension follows the decision by the High Court in Antigua that it should be removed from office as liquidator of Stanford International Bank, which was based on the island. Stanford himself, once a benefactor of the Antiguan government, is in a Texas jail awaiting trial on charges of moneylaundering and fraud. Vantis’s removal follows a decision in September last year at the Superior Court in Montreal, which ruled that it deliberately misled the court, destroyed original computer data from the Montreal branch of Stanford International Bank and removed financial information. Vantis had operated with ‘questionable motives’, said Judge Claude Auclair, before replacing the firm. Vantis said last week it had always abided by ‘recognised international standards’ while sources at the firm claimed ‘forensic copies’ were taken of deleted data. Last month, Vantis reached a legal settlement aimed at bringing legal disputes with the US Receiver over Stanford assets to an end.