Last year, a British investment firm called London Capital & Finance went belly-up, leaving its mostly elderly investors in a €237 million hole. Many of those investors were sold on the bond shop by one John Russell-Murphy. But hawking LCF products to the vulnerable was only Russell-Murphy’s side gig: In 2015, he founded another high-yield debt shop with a peer of the realm. Russell-Murphy only stuck around MJS for a year, but, uh, guess what?

MJS stopped paying promised dividends on its bonds and collapsed into liquidation last year…. The court appointed liquidator’s progress report just published reveals that the £35 million of assets MJS’s director Shaun Prince claimed were in the company when the liquidation was started was actually more like £7 million.

It says that the company’s affairs are being investigated by Thames Valley Police, and that the liquidator and his staff have been assisting with their investigations.

Police investigate collapsed bond firm MJS, launched with LibDem peer’s backing [Evening Standard]


(Getty Images)

Defunct Hedge Fund Ends Two-Year Negotiation With Feds, Allowed To Go Out Of Business

Visium Asset Management can cut its last check, one made out to “U.S. Securities and Exchange Commission.”

Really only one reason to have a branch in Tallinn. By Pjotr Mahhonin [CC BY-SA 4.0 ], from Wikimedia Commons

Man Who Watched $233 Billion Laundered Has Never Seen Something As Awful As A British LLP

If Danske Bank had been incorporated under British law, well, you’d probably never have heard of Danske Bank.

Getty Images

Ex-Visium Trader Has No Idea What You're Talking About Re: Alleged Fraud

Stefan Lumiere has pleaded not guilty to securities fraud, wire fraud, and conspiracy charges.

Getty Images

Och-Ziff Rings In 2017 With Ceremonial Asset Drop

Dan Och and Co. are holding up a stiff middle finger to the end of 2016.

This is fun.

Dan Och Encouraged By Conversations He’s Having With Clients Racing Out The Door

Oh, like EVERY fund isn't dealing with 11 figure withdrawals? Oh, they're not?