LEONTEQ “DRIVEN BY POSITIVE CLIENT SENTIMENT” (Really?) In their 2017 annual report, rogue structured note provider Leonteq has reported “GROWTH ACROSS ALL REGIONS – Driven by positive client sentiment and solid demand for structured products”.
I have no idea what sort of claptrap Marco Amato, CEO and CFO of Leonteq, thinks he is spinning in the 2017 annual report, but if Leonteq really is “experiencing growth across all regions”, this is very serious indeed. If hundreds more victims are going to lose their retirement savings across the globe due to Leonteq’s toxic, professional-investor-only structured notes being sold to low-risk retail investors, then he should hang his head in shame.
Leonteq’s Chairman – Christopher M. Chambers – is quoted as saying:
“We are immensely grateful to Marco Amato for having served as interim CEO during a very difficult phase for our company. He has done an outstanding job. We look forward to continuing to count on his experience and leadership as Deputy CEO and CFO.”
Seriously? Marco Amato has done nothing to compensate the Continental Wealth Management victims who have lost £ millions thanks to Leonteq’s toxic structured notes and rogue scammer Alex Robinson. Amato should be shown the door – not congratulated.
I just hope the new CEO – Lukas Ruflin – will start rufflin’ some feathers and get rid of both Amato and Alex Robinson (as well as paying compensation to the CWM victims, of course).
The only positive client sentiment that I can see, is that the Continental Wealth Management victims are positive that Leonteq should pay compensation for the terrible losses caused by their dodgy, toxic structured notes.
And Leonteq can, of course, afford to pay. Here are their 2017 results:
I note they paid their staff £87 million in that year. Way too much – I suggest they halve all employees’ wages until the Continental Wealth Management victims are fully compensated.
Another wages saving would be to get rid of the head of their scamming department – Alex Robinson:
Apparently, they sacked him for fraud – and then re-employed him.
I have some other suggestions for Leonteq:
- Don’t take business from unlicensed firms
- Don’t take business from known scammers who put investors into extortionately expensive insurance bonds such as OMI, Generali and SEB
- Don’t take business from known scammers
- Don’t allow low/medium risk investors to be invested in Leonteq’s high-risk, toxic, professional-investor-only structured products which are clearly labelled:
“Danger of losing part or all of your capital”
Rogue life office, Old Mutual International, has been wittering on about suing Leonteq for many months – but never actually does anything about it other than spout a lot of meaningless hot air.
Time to make up your mind Old Mutual. Your victims are suffering terribly – and you don’t seem to care.