JD Classics, what have they been up to?
Discussion
anonymous said:
[redacted]
You're asking a question which presupposes the answer to your earlier question! Let's split that down,Q1, Did Tuke's "desire to make a profitable investment" constitute greed? Here's the Wikipedia definition...
"Greed, or avarice, is an inordinate or insatiable longing for material gain, be it food, money, status, or power"
Based on what we know so far, I don't see evidence of that kind of behaviour/motivation.
Q2: So, rewriting your question slightly..
Did his
Almost certainly, but that's true of huge number of fraud victims. I'm sure he's done the "if only I'd done X/listened to Y" thing himself, endless times.
9xxNick said:
There's also the fact that the commercial basis that was proposed meant that Hood would only come out a little ahead if Tuke came out a lot ahead, which would in most people's minds make the gamble seem much less risky.
The relative take of each party doesn't appear to alter the underlying odds of the bet.lowdrag said:
...How was he to know that Hood was buying cars at £85,000 and selling them to him at £255,000...
IIRC it’s been stated during the legal proceedings that Tuke has had an interest in classic cars for some time. The fact that the above scenario was able to unfold with numerous cars suggests that he took very little notice of how much each of the cars was costing him as surely anyone who reads classics magazines and thumbs through the dealer adverts would have an idea of current pricing levels. Tuke should have known that Hood’s prices were ridiculous regardless of him not knowing how much Hood was paying for the cars. Unexpected Item In The Bagging Area said:
lowdrag said:
...How was he to know that Hood was buying cars at £85,000 and selling them to him at £255,000...
IIRC it’s been stated during the legal proceedings that Tuke has had an interest in classic cars for some time. The fact that the above scenario was able to unfold with numerous cars suggests that he took very little notice of how much each of the cars was costing him as surely anyone who reads classics magazines and thumbs through the dealer adverts would have an idea of current pricing levels. Tuke should have known that Hood’s prices were ridiculous regardless of him not knowing how much Hood was paying for the cars. lowdrag said:
There seems to be nothing on the internet at all. I hear that Derek is keeping his head down in Switzerland, but as far as the court cases are concerned there is nothing.
For a complex case, typically at least a year from issue of claim to an actual trial. British civil courts aren't awfully swift...
Google JD Classicslowdrag said:
From what I have heard from people close to the plaintiff he was looking to invest because the banks were giving nothing. Personally I believe he was hoodwinked by Derek Hood and somewhat naive, despite being a rich businessman. We all have our achilles heel.
Whatever his driver there was zero logic from anninvestment perspective. Plenty of very smart businessmen are absolute morons in other aspects of their life but it seems hard to imagine that someone who was clearly very savvy and who had been wealthy for a very long time would then rationally go all in with a portfolio of unregulated investments, all in the same market and a market renowned the world over for fakes, fraudsters and filler. But certainly stranger things have happened and the magnetic power of individuals like Hood does indeed impact strongly on people. The reality is that it’s utterly irrelevant that he was being dumb enough to buy £80k cars for £200k. In this regard he is either an idiot or greedy schmuck for not bothering with any credible third party research. And so what that he threw £40m of his hard earned family wealth into inflated assets. He’s a grown man and he chose to go punting in a wholly unregulated market infested by sharks. He very clearly thought the merrygoround was going to last longer than it did and he’d be able to move the assets on to other punters but plain and simple he got caught by the market with his trousers down fully compounded by choosing to buy at the wrong prices or to buy fakes or whatever in the first instance.
The simple legal reality is that his only recourse for his stupidity, naivety, complicity, avarice or just plain innocent bad luck is that he had a piece of paper saying ‘agent’ and believes that Hood acted as ‘principal’. Without that he is just another mug getting rinsed in a dodgy market infested by dodgy people.
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