When you scratch just below the surface at JPMorgan's asset management arm what does one find? Billionaire Jamie Dimon's actual words about the corporate culture in London coming back to haunt him: "flawed, complex, poorly reviewed, poorly executed and poorly monitored"...

So let's raise the stakes .... where is it all going to end? All competent and ethical investment managers leaving London and Edinburgh and moving to Amsterdam and Paris where the laws are properly applied and Investors can trust what they file? [NB This is posted before Marine Le Pen's judgment is handed down on Monday morning or Sarkozy's latest Gadaffi indictment even brought before the Court]

Did anyone really think that my discovery of a simple late filing by the UK Government's great white hope - Quantexa Ltd (which, even after the CEO of HSBC Bank has now been removed from everything, are still lying and filing false accounts and/or confirmation statements) - would have turned over such a morass of outright crime and wrongdoing by so many "professionals" in The City of London? That is what the old-style Articled Clerk contract and training at Price Waterhouse made you do - always check and reconcile the statutory books against Directors minutes and Companies House records before the partner signed the audit report. 

So now I am a shareholder in some of Mr Dimon's Listed Investment Trusts and will be asking to inspect and take copies of the Registers of Members to convene a meeting of members to consider and if thought fit remove the Directors and appoint those who are truly independent and competent and who will properly review JPM's core competences and put a motion to the members to have it removed as asset manager.

Howard Kennedy llp, solicitors/advisers/sponsors to more than 80% of VCT funds, have formally accused me of "weaponising" such shareholder requests. Speaks volumes about the panic and cover-up being run by all involved firms of accountants and solicitors on the heretofor "gravy train" of uncontrolled, unmerited and largely "tick-the-box no-one-will-ever-check" filings or fees.

Will the London or Cardiff BEIS agencies/regulators fine JPMorgan even a tiny proportion of the US$38,000,000,000 fines so far levied on JPMorgan under Jamie Dimon's "watchful eye"?

Of course not - no Minister of the "Fetid Swamp" (the words of Private Eye and other respected organs of the press) that are the Agencies of the Department for Business, Energy and Industrial Strategy dare upset the "too big to fail" JPM.

Simple review of it's UK Investment Trust business shows the initials should really stand for "Just Pay Me", particularly in the light of the more than decade old now shown to be very hollow words of the bank's press comments about Jamie's personal US$20m pay cheque ...."Under Mr. Dimon's stewardship, the Company has fortified its control infrastructure and processes and strengthened each of its key businesses, while continuing to focus on strengthening the Company's leadership capabilities across all levels". Hmmm!

JPM clearly couldn't organise a "****-up in a brewery" so long as their and other FCA  Authorised Investment firms "stooge" and proven to be grossly negligent and incompetent Chartered Accountant Chair of the Association of Investment Companies [Gordon James Humphries] sits on the boards of so many VCTs and Investment Trusts more than a decade beyond the 9 year rule of the AIC and can be relied on to never ask questions. Anyone else run an eye over the revolving doors of Directors hopping from one VCT to another? - it is a scandal !

Disbelieve me? Read my related blog posts and links to all the hard evidence, and read the forms SH01 (if/where they exist at all!) filed by Jamie's Junior Joeys alongside Part 17 Chapter 6 of the Companies Act 2006 in relation to the share allotments of all the Investment Trusts shown on CityWire's 2024 "puff piece" https://citywire.com/investment-trust-insider/news/jpmorgan-announces-merger-to-create-1bn-japanese-trust/a2447391

Then look at the filings of all the members of the Association of Venture Capital Trusts who have "merged" any entities since 1st October 2011. No-one else comes close to Albion's fraud of actually bribing ABRDN's employees with sales of VCT assets to them at undervalue (see other blogs for the audit trail), but do the reading with the words of s593(3)(a) to hand and what will you find? 

JPM simply ignored the law, but all the VCT's said they would, but did not, produce, send to members and file at Companies House a legally compliant Independent Valuers report and then without exception all the valuers (mostly Chartered Accountants) have all lied when they did not report that the Valuations were actually prepared by the Investment Managers and not the Directors. Heaven help us all of us who hope for honesty, but BEIS's delegee the Institute of Chartered Accountants is still investigating MacIntyre Hudson's report for Albion, and initial readings follow the same line as its admission that it and KPMG have admitted to conspiriing to make more than 500 false entries in the Statutory Registers

Think it is all minutiae? Anyone else remember the scams and frauds of the just deceased Tory Party megadonor Asil Nadir and Polly Peck? How many VCT investments were written down (some to Nil) after the mergers - it is worth doing the research?

The Investment Management industry lobbied so hard, but eventually failed, to avoid s593 being changed to ensure that they too couldn't run the merger scams of using in-house valuations so widely practised on the LSE before the changes wrought by the 2006 Act?

No wonder the small fry Chartered Accountant fraudsters and criminals at Albion [Patrick Reeve and Will Fraser-Allen] carry on ignoring the laws because they know they are fully protected by the "too big to fail" JPM and the "Fetid Swamp".

Well we shall just have to wait and see where it all ends up.... roll-up at the High Court at 2.pm on Thursday 16 October where all the evidence will be on public display.

Until then "Caveat Emptor" when doing any business that involves the various life-forms that inhabit the Fetid Swamp that is the City of London and BEIS (oh mustn't forget the miscreants in Edinburgh hiding behind the money launderers structure of choice - the Scottish Limited Partnership - that has no accounts discloure rules)

PS: For those wondering... Yes -I am sending a copy of this to Mr Dimon and asking him to sort out his Edinburgh and London problems. Last time the miscreant was called the "London Whale" any thoughts on an appropriate tag-line for this one? Comments on the blog are open for all.

c