Yesterday, REDD-Monitor wrote a post about a network of scam companies. Not all companies with the word “Oakmount” in their names are scams. But the article featured several that are.
Glenn Jamie King links several of these companies. He’s the director of Oakmount Global Management and Oakmount and Partners.
Following the post, “A.N.” left a comment explaining that Glenn King had been arrested by the Metropolitan Police for his role in an oil scam. King is currently out on bail. “A.N.” sent me what I believe is a reliable confirmation of his statement. A separate source has also stated that King is currently on bail.
King is also director of a company called Centrium Capital Markets.
Centrium Capital Markets’ website explains that the company is not registered with the Financial Conduct Authority, but is an appointed representative of Kession Capital, which is registered with the Financial Conduct Authority.
In yesterday’s post, I noted that, “The FCA apparently doesn’t mind that Kession is lending its FCA permissions to other companies.” Indeed, appointed representatives are a feature, not a bug, with the FCA. Kession is not the only company offering this service. Here’s how the FCA describes “appointed representatives” on its website:
What is an Appointed Representative (AR)?
The definition of an Appointed Representative is set out in Section 39 of The Financial Services and Markets Act 2000 (FSMA) and is contained in the Glossary to the Handbook.
An AR is a firm / person who is party to a contract with an authorised firm permitting them to carry on certain regulated activities under their Part IV permission (see SUP 12.2 and PERG 5.13).
However, an AR can only carry on those regulated activities which are specified in the AR Regulations (see PERG 5.13.4 G).
If an AR wishes to carry on regulated activities wider than this scope, then it must obtain authorisation in its own right.
Here’s a full list of Kession’s appointed representatives. Obviously, I am not suggesting that all of these companies are dodgy – but some do have more than a faint smell of rat about them, not just Centrium Capital Markets.
In April 2015, Spain’s Comisión Nacional del Mercado de Valores warned that Ethika Global Consulting (another Kession appointed representative) and its director Manuel Nogueron Resalt was not authorised to provide investment advice in Spain, despite a company address in Barcelona.
This morning, I received an email from Steven Garner, Compliance Office at Kession Capital. Garner requests that I remove the entire post from the Internet. That seems more than a little unreasonable since most of the post isn’t about either Kession Capital or its clients.
Garner states that, “There are a number of inaccurate statements in the article and some of the statements appear to be defamatory.” Unfortunately, he doesn’t explain which statements are inaccurate and/or defamatory. If there are any factually incorrect statements in the post, I am, of course, happy to correct them.
Yesterday’s post included a screenshot of part of Kession Capital’s website. This was reproduced for the purposes of comment, research and news reporting. It’s a screenshot of a website, not a reproduction of a work of art. It’s only a very small part of the Kession Capital website. And I made absolutely no money whatsoever by posting the screenshot. The screenshot therefore falls under fair use, not copyright violation.
From: Steven Garner
Date: 29 July 2015 at 11:55
Subject: Article regarding Kession Capital Limited
Cc: Mike Kessler
To whom it may concern
The article dated 28 July on the website redd-monitor.org titled “Oakmount Management Partners, Oakwood Financial Management, Oakmount and Partners, Baron Traders, Emerald Knight, Oakmount Global Management, MH Carbon, DMD Media, Morgan Forbes, and Centrium Capital Markets: A network of scam companies” (link http://www.redd-monitor.org/2015/07/28/oakmount-management-partners-oakwood-financial-management-oakmount-and-partners-baron-traders-emerald-knight-oakmount-global-management-mh-carbon-dmd-media-morgan-forbes-and-centrium-capital/) has come to our attention. The article mentions Kession Capital Limited and a number of our clients.
There are a number of inaccurate statements in the article and some of the statements appear to be defamatory. The article also uses an unauthorised screen shot of our website, kession.com, which is copyrighted and EU trade marked to Kession Capital Limited.
Kession Capital Limited is authorised and regulated by the Financial Conduct Authority (FCA) and takes its regulatory responsibilities very seriously. Kession is required by the FCA to ensure that all customers and investors are treated fairly and we and the industry appreciate your efforts in reporting scams and boiler rooms. If you have firm evidence of mis-doings by the individuals and firms mentioned in your article, I would be grateful if you could contact me directly at the above email address (firstname.lastname@example.org) so we can collectively review and take appropriate action and inform the FCA.
In the meantime, we request that you cease and desist and remove this article from the internet (e.g website, twitter, facebook, blog etc) within 24 hours or we, and the clients you mention in the article, will take legal action against you and the website concerned.
+44 207 558 8800