1. Stephen
    August 15, 2018 @ 9:12 am

    This may be a stupid question but what exactly is an “in-house audit” or a “Group Internal Auditor”? This sounds very incestuous and about as far from “independent” auditing as you can get.

    That’s like asking Hadley to audit TMAF? What would that be worth?

    Is this a joke?


  2. Daryl
    August 16, 2018 @ 2:44 pm

    I am most surprised that Mr Hadley and his firms are allowed to wander free and continue to spin their yarns.

    STM Fidec’s suggest he is now trading under Tourbillon’s brand name. Perhaps their trading name was miss-spelt and was intended to be Your Billion given the amounts lost to unregulated QROP’s on the island.

    The FOS have Tourbillon down as EEA authorised. I believe a class action against the regulatory body GFSC, STM Fidec’s and Mr Hadley and his partners is the only way to make the establishment get their act together and seek redress for the consumers they are obligated to protect.

    Channel 4 recently broadcast a highly damning documentary about the Financial Ombudsman Service in the UK and its many shortcomings in terms of favouring Banks over consumers etc. Perhaps any TV producers out there may wish to pick up the mantle and broadcast a documentary on the apparent incompetency, complacency and weak consumer protection offered by the Gibraltar Financial Services Commission who appear similarly incompetent and unwilling to stop these criminals.

    If I recall scamming and poor regulation is nothing new to the Island, remember the BCCI scandal ? It would seem Gibraltar will soon become infamous for its “Cowboy” inhabitants along with its Monkeys !


  3. Gary Martin
    September 6, 2018 @ 1:59 pm

    is there any sort of guestimate of what victims could hope to recoup after this has all been sorted out?


  4. Duncan Gauden-Wells
    February 25, 2019 @ 1:02 pm

    Well we are into 2019 and the Gibraltar Regulator is still keeping their investigations secret. Its a tragedy really when the regulator is in place to protect the fraudsters and ensure that victims are prevented from seeing the results which ensures that STM can continue their dishonest ways.
    The investigation into the TMAF and STM has allegedly been running for over 2 years now with no sign of a conclusion or any revelations of wrong doing. My belief is that the Regulator was well aware of the problems with the TMAF long before it failed. They cannot reveal their findings without showing their own incompetence and negligence. Therefore expect this ‘investigation’ if you can call it that to drag on through this year and into 2020.
    Gibraltar is a small place and needs firms such as STM to remain economically viable. They just care about themselves and nothing else.
    The only thing that will teach them a lesson is a high profile legal case to maximise public awareness of the criminality that pervades Gibraltar financial services and its Regulation.


  5. Duncan Gauden-Wells
    February 25, 2019 @ 1:04 pm

    James Hadley signed the terms of business agreement between STM and GPL. He was not an authorised signatory. STM knew this from the start. Make people aware of this.


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