For years [Raedex] had massive losses, massive negative assets and it’s just been getting slowly worse year after year,” said Taber. Reginald Larry-Cole is founder of Buy2LetCars.com and Wheels4Sure.com. Further reading on raising money The court described his defence as spurious and it is a sharp reminder to anyone thinking of driving under the influence of either drink or drugs that you cannot get away with it – and at worst you could kill yourself or another innocent member of the public.’ In one of the more heated phone calls I’ve had lately, company director Reginald Larry-Cole bawled at me: “You’ve got it totally wrong, I’m telling you now because I will sue you like you won’t believe.”

I tried again, asking: “Can you guarantee that investors who put their money in now will get the full promised return and their capital returned?” We are surprised at the FCA’s interpretation of accepted accounting standards and principles,” said the directors of Raedex Consortium, which owns the business. Accounting firm RSM, which has been appointed as administrator, said it would try to recoup funds for investors. Although our company is well financed with a strong cashflow and bank balance, the FCA is putting 24 jobs at risk with this bizarre decision.This form of investment is not regulated, so investors do not have recourse to the Financial Ombudsman. But the FCA can prevent the company from arranging new leases and has now wielded its power to do so. The unnamed person was interviewed and has since been released, pending further investigation. Another person has also been interviewed but not arrested. With this knowledge, he began to build the foundations of Buy2LetCars.com, a vehicle leasing model funded by people for people. Investors would receive a 33 per cent return on their investment after three years, while providing new cars to customers with a proven regular income, who struggle to access mainstream credit for a variety of reasons, via its leasing arm Wheels4Sure.com.

The company had described the decision as “bizarre” and accused the watchdog of putting jobs at risk. Vauxhall was secured initially as the sole manufacturer, but over the last four years 12 manufacturers have come onboard, including Toyota, Mercedes, Fiat, Alfa Romeo and Jeep. Don’t get scammed Our commercial environment remains sound and we will be here to serve our clients for years to come.” A lot of swearing followed, but to cut to the chase: his business group has just been put into administration, leaving investors fearing for their savings.Buy2LetCars’ founder and chief executive Reginald Larry-Cole and operations director Scott Martin explain how they managed to mitigate risk in their business from day one… All of these tragic stories boil down to one basic point: people allowing their judgement to be clouded by self-interest. People believe things because they want to believe them. The prospect of a 10% or 15% return is so tempting that their critical faculties switch off. Likewise, the idea that one can ‘beat the market’ or achieve some exclusive reward denied to ordinary people is itself a tantalising reward. Fraudsters know this, and they know the serotonin buzz that people get from feeling they are about to make a killing. They exploit all these factors to lure in their victims and persuade them to part with vast sums of money. Another explanation may be that the pandemic has prompted many to take early retirement, and to access their pension pots sooner than expected – perhaps in a hurry. Feeling under time pressure may had led some retirees to take less care than normal, or to discard carefully made retirement plans in favour of more impulsive action.

Laurence Coal – “Russell, The Sunday Times is saying the FCA received a warning in 2019, as opposed to published a warning.” Sergeant Pascoe said the outcome of the trial was proof "you cannot get away with" drink driving and that it puts lives at risk. Read More Related Articles This ‘greed clouding judgement’ phenomenon is itself a form of investment bias. One person making decisions by themselves is not unbiased, because they are swayed by their own motives and desires, as well as by the limits of their own knowledge and experience. That’s why, whenever you see an investment opportunity that looks good, you should first ask an independent financial adviser about it. They will give you a truly unbiased perspective, and so should enable you to find genuinely good investments. As part of the investigation, the SFO, the National Crime Agency (NCA) and the City of London police searched two premises in connection to the scheme and arrested one person on Thursday 8 April. Despite the state we found him in, a roadside breath test which showed he was three times the limit and an evidential reading in custody showing that he was nearly four times the limit, he completely denied the offence and forced a trial on the basis that our equipment was faulty and that we had not followed proper procedure," he said.

Think about what you want to do with this: Once you’ve found your passion, you should figure out what you want to do with this. You need to have a clear vision. The FCA does not regulate the leasing of cars via Buy2Let Cars but did regulate investments in Raedex. The arrest came after the Serious Fraud Office (SFO) launched an investigation into Raedex Consortium for running an unauthorised customer investment scheme.