FCA Investigates Securities Fraud in Fintech newcomer Supply@ME Capital PLC (SYME) —
— A Financial Conduct Authority executive said the U.K. regulator is investigating securities fraud in the case of a listed company Supply@ME Capital PLC (SYME) and whether directors in the listed firm, including CEO Allesandro Zamboni, falsified revenue and profits. A member of the Executive Director of Enforcement and Market Oversight team said in this case the FCA suspects that the contracts and clients purported to have been obtained by the company do not exist. In addition, Dominic White, a Chairman of SYME sold 3,000,000 shares in late September, moments after the company put out false information to inflate its stock. Press releases, including RNS releases were apparently concocted to pump share prices while company insiders dumped shares surreptitiously.
“These are cases not many other regulators or law enforcement agencies chose to take on but we must if we want to ensure our approach to market abuse is not unduly narrow or limited and that we are prepared to tackle the hardest cases,” the source said.
They were laying out the FCA’s broad strategy to crack down on market abuse. In the past two years, the regulator has imposed several fines on financial institutions, particularly for their failure to comply with their reporting obligations. It has built up a credible track record of insider-trading prosecutions.
The investigation remains open and the FCA is looking into companies that appear to be working with Supply@ME to determine the extent of their knowledge about the market abuse being alleged. Stormharbour Securities, who partnered with SYME some months ago is being looked at with particular scrutiny for any wrongdoing.
The other board members complicit in this scheme include:
Susanne Chishti – Non-executive Director
Enrico Camerinelli – Non-executive Director
Stuart Nelson – Head of Enterprise Risk Management
#SYME‘s accomplice in the Middle East is Khaled Abdulla Almass with iMass LLC
And the other companies helping to perpetrate this fraud:
Orchestra Group – Zamboni is a beneficial owner of TAG and Orchestra Group who owns 7% of #SYME
AvantGarde group – Zamboni is the CEO and this company and controls the “independent bank” #SYME has claimed to aquire
Walbrook PR Limited including Paul Vann, Nick Rome, and Nicholas Johnson.
Brian Norris at Cicero/AMO
Crowe U.K. LLP
Below is a list of journalists who have written articles ramping the #SYME share price:
Joseph Hoppe – WSJ
Dayo Laniyan – Alliance News
Paul McGowan – Alliance News
Evelina Grecenko – Alliance News
Matteo Castia – Dow Jones
Andriano Marchese – Dow Jones
Desmond O’Flynn – Born to Invest
Release ID: 88986361