Alexander David Securities Ltd in Liquidation

Alexander David Securities Ltd in Liquidation

Alexander David Securities Ltd in Liquidation 500 333 SOS Team

Alexander David Securities in Liquidation.

The disgraced financial services firm, Alexander David Securities Ltd – LINK to Companies House, has placed itself into voluntary liquidation.  The company has been accused of assisting scammers in carrying out several scams and of obstructing insolvency firms and the authorities in the subsequent investigations. In late April the FCA made this announcement – LINK.

On 1st July 2022 the only two remaining officers, Sandra Scott and David Alexander Hill Scott, resigned leaving the company with no directors. The company had failed to comply with a Court Order to hand over financial records involving Simon Whittley-Ryan’s Win River Developments scam. We covered that in our article on the Green Swan Holdings Bond Scam – LINK just three days before Alexander David Securities threw in the towel. This is what we had to say:

“What is clear from Simon Whittley-Ryan’s previous companies is that he likes to sell fixed-interest, fixed-term products such as bonds.  The investors’ money is always paid to third party organisations.  For example, in Win River Developments Ltd (a Whittley-Ryan company which is in liquidation) he used Alexander David Securities Ltd (“ADS”) which is a FCA-regulated company.  It was being run at the time by a man called Angus Fredrick Rose.

Payment to a third party allows company funds to be disbursed to other third parties and to bank accounts owned by a company director without those transfers showing up in the accounts of Win River Development Ltd.  This provides a way for a company director to unjustly enrich himself and others.

WRD was wound up by the High Court in January 2020.  The liquidator of the company is entitled to receive all the company records and full disclosure from company directors, officers and any third party which holds records relating to the company.  The WRD liquidator requested records from Simon Whittley-Ryan, Alexander David Securities Ltd and an unnamed individual who we believe to be Angus Fredrick Rose because he was the director of ADS at the time.  The liquidator has advised creditors that all three parties have failed to fully co-operate.

WRD has now been in liquidation for 2 ½ years and the liquidator still hasn’t received all the company records.  This is typical Simon Whittley-Ryan behaviour which he has replicated in his other liquidated companies.  Failure to disclose records is generally an indicator that there have been dishonest transactions that they do not want investigated.  Honest parties with honest business transactions would have no reason not to hand over company records to a liquidator”.

It remains to be seen which insolvency firm has been appointed by the former directors and whether the victims of ADS will now be able to find out what happened to their money. There is an insolvency practitioner that Simon Whittley-Ryan would be very keen to have appointed because this man has a history of being sympathetic to scammers. We’ll be watching closely to see whether ADS has chosen this man and whether he will attempt to block attempts to disclose information which would help investors.

Alexander David Securities in Liquidation.

 

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