JD Classics, what have they been up to?
Discussion
www.telegraph.co.uk/news/2018/03/19/tycoon-spent-4...
This will be an interesting one...deep pocketed client-partner, a classic car business of known questionable pricing and a £9million claim...
This will be an interesting one...deep pocketed client-partner, a classic car business of known questionable pricing and a £9million claim...
GoodOlBoy said:
Can you post the link to that, it's not the same one I read ?
“The High Court heard he was “not overly impressed” with returns on standard investments and so after a “long and amiable meeting” with Derek Hood, an Essex car dealer, he decided to put his cash into classic cars.Mr Tuke says the dealer told him classic cars were “better than banks” and that he “could double his money””
Not happy with standard type investments believes somebody who claims that they can outperform the market...... seems pretty clear to me what his motives were, greed.
If he happens to have then been conned then that is something else.
_Sorted_ said:
Absolutely not a lawyer and haven't read every word but my reading is that the claimant thought JD Classics was buying and selling on his behalf (and to my untrained eye the email trail seems to suggest that the had agreed this) with a plan to split the profit. Where as it could be interpreted that JD Classics was actually buying cars themselves, claiming they were buying from a 3rd party as an agent and then inflating the price (a lot!) and selling them to the defendant. On another occasion, it suggests, JD Classics made up a fictitious buyer and then sold the car himself for more. Am I broadly correct?
Norfolkandchance said:
Absolutely not a lawyer and haven't read every word but my reading is that the claimant thought JD Classics was buying and selling on his behalf (and to my untrained eye the email trail seems to suggest that the had agreed this) with a plan to split the profit. Where as it could be interpreted that JD Classics was actually buying cars themselves, claiming they were buying from a 3rd party as an agent and then inflating the price (a lot!) and selling them to the defendant. On another occasion, it suggests, JD Classics made up a fictitious buyer and then sold the car himself for more.
Am I broadly correct?
Yes.Am I broadly correct?
skeeterm5 said:
Not happy with standard type investments believes somebody who claims that they can outperform the market...... seems pretty clear to me what his motives were, greed.
If he happens to have then been conned then that is something else.
If wanting a better return on your savings/investments is "greedy" then I think most of us are guilty.If he happens to have then been conned then that is something else.
He took advice from a well-known expert in high-end cars and based on that advice he thought it was worth investing in them.
The court case isn't about the performance of his assets it's about the way the transactions were processed and alleged dirty deeds.
mph said:
If wanting a better return on your savings/investments is "greedy" then I think most of us are guilty.
TBF, if I had £60m in the bank, I wouldn't 'invest' in anything. Why would I need to make more money? I'd already have more than I'd ever need, and investing in stuff just means you spend a proportion of your time worrying about money. Under the circumstances, that would seem like a huge waste of time and effort.mph said:
If wanting a better return on your savings/investments is "greedy" then I think most of us are guilty.
He took advice from a well-known expert in high-end cars and based on that advice he thought it was worth investing in them.
The court case isn't about the performance of his assets it's about the way the transactions were processed and alleged dirty deeds.
He took advice from a well-known expert in high-end cars and based on that advice he thought it was worth investing in them.
The court case isn't about the performance of his assets it's about the way the transactions were processed and alleged dirty deeds.
As you say, he took £40m investment advice from a second hand car dealer, what could possibly go wrong?
skeeterm5 said:
mph said:
If wanting a better return on your savings/investments is "greedy" then I think most of us are guilty.
He took advice from a well-known expert in high-end cars and based on that advice he thought it was worth investing in them.
The court case isn't about the performance of his assets it's about the way the transactions were processed and alleged dirty deeds.
He took advice from a well-known expert in high-end cars and based on that advice he thought it was worth investing in them.
The court case isn't about the performance of his assets it's about the way the transactions were processed and alleged dirty deeds.
As you say, he took £40m investment advice from a second hand car dealer, what could possibly go wrong?
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