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DCM Money Solutions - In administration

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  • Re: DCM Money Solutions - In administration

    Hi All.


    I have just stumbled across this thread, so apologies for being a bit late on the scene.

    Back in late 2010 we had a client (we are accountants incidentally) that had entered into a DMP with this company. The client one day casually mentioned that they seemed to be still getting threatening letters from there creditors, despite being on a DMP for well over a year.

    Out of morbid curiousity i decided to do some digging. Without boring the pants off everyone i managed to link all the associated/commonly controlled companies linked to APEX and DCM. What i found was absolutly staggering. On paper the core companies looked in reasonable shape (from what i remember anyhow), but as i linked everything together the core businesses (APEX and DCM) only looked good on paper as they were showing hefty debtors balances owed to insolvent companies which were controlled by the very same directors. Why were those companies insolvent??? Well this is were it gets interesting. Several of the businesses had severely overdrawn directors loan accounts...In essence this means that the core companies had lent money to several of its sister companies (which was client funds from its clients) and then that money was then distributed to directors. What disturbed me more was that they clearly were not keeping proper client account records and were clearly using client moneys to prop up there own business (being that several thousand pounds had gone missing from my clients funds and there bank cash balance at APEX/DCM only amounted to around 8k..... Slightly dodgy if they have 1,000's and 1,000's of clients and mine alone had several 1,000 missing.

    The worrying thing is when i initially uncovered all of this (and was given the run around by DCM) I went to the FSA, trading standards and OFT and neither wanted to know (in fact they all said it wasnt there problem to deal with).. Fortunatly for my client i got them every single penny back that they had paid over (including management charge fees).

    I am dissapointed that the authorities didnt investigate when i first brought it to there attention, as this would have saved some peoples cash at the very least.

    The one thing i will say is that the whole thing was very complex and I suspect it was originally started by the late director, but at the end of the day the new guys were still responsible for taking clients money and using it to prop up there own business after Mr Baird (dec'd) death.

    Whatever became of the directors? did they get prosecuted does anyone know?

    Comment


    • Re: DCM Money Solutions - In administration

      Originally posted by Beancounter1973 View Post
      Whatever became of the directors? did they get prosecuted does anyone know?
      From the last pages of the 900+ post thread on this on MSE, I assume not.

      http://forums.moneysavingexpert.com/...098382&page=47

      Comment


      • Re: DCM Money Solutions - In administration

        Originally posted by Beancounter1973 View Post
        Whatever became of the directors? did they get prosecuted does anyone know?
        Some updated info on that.

        See this link for letters: http://forums.moneysavingexpert.com/...098382&page=47

        Originally posted by mikewjones from wales
        Over the last year I and Shaney have been talking to MP's regarding the situation that the 1040 people were left in after DCM's demise.

        We are now in reciept of exactly why DCM and its directors have not been investigated to date from the BIS.

        We are also in communication with the SFO (Serious Fraud Office).

        We have also spoken to Nottinghamshire and Gwent Police regarding the situation and have requested that it be referred to the SFO for them to investigate.

        We have also been in further contact with the BIS and Jo Swinson MP with regard to the BIS referring the complex fraud that has been undertaken by DCM and ALL of its directors to be referred to the SFO.

        For the record HJS Recovery did inform the insolvency service of the probability of "misappropreation of funds" and Fraud to the BIS and this was investigated by the Case team of the insolvency service.

        To the directors of DCM whom i am sure that are still reading this thread i would say this. It might very well have been quiet over the last year of so but we have still not given up holding you to account for what you have done.

        As i have said the letters will be posted on here however anyone who wishes a hard copy to be emailed to them please PM me with your email address and i will send them over to you. This you can take to your MP for them to get involved together with your local police force as at some time the SFO will be getting involved and in contact with all of you.

        Rest assured that not only me but also shaney is also continuing to work towards getting the outcome we all deserve however if anyone else wishes to get involved please let us know.

        I also have got in contact with Andrew Smith of Cleardebt (AKA Rednelly on here) and he will be helping in whatever ways Cleardebt can.

        For the record the BIS are have stated that the figure in relation to DCM Fraud against its DMP client's now stands at £8million not the £2million as previously recorded in HJS reports and the media.

        Mike

        Comment


        • Re: DCM Money Solutions - In administration

          Check out the MSE Forum for the lastest information. Police Investigation is underway by Nottinghamshire Police.

          Comment


          • Re: DCM Money Solutions - In administration

            Small update from Mike on another thread.

            Originally posted by Mikewjones from wales View Post
            Guys/Gals

            If you search for DCM money solutions there is loads of information out there.

            1 am one of 1040 people affected with the amount if money that has gone missing on the region of at least 8million

            it is not in the news because of various investigation currently been carried out

            you might not like to hear this but DCM went bust in 2010 and only now after a lot of pressure are we where we are.

            my advice is never give up

            involve your MP's involve the police involve the media use every weapon at your disposal and chase.

            mike

            Comment


            • Re: DCM Money Solutions - In administration

              Beancounter1973 how did you manage to get your clients money back and do you think you would be able to help with the Bournes situation..........I can't believe after this which was back in 2010 that the FCA/offic of fair trading have allowed this to happen again in 2014 its barbaric

              Comment

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