The disgraced Phenco director, Martin Finch, is still covering up the misappropriation of investor funds. He has written to investors on an email@example.com email address to advise them that Phenco Ltd has been dissolved and that Mr Stephen Upton, a creditor of the company, will be taking over the assets of the company.
Both Mr Finch and Mr Upton are committing a criminal offence in pursuing this course of action. Phenco Ltd has not been dissolved. The company remains in existence and is currently controlled by the Official Receiver, a UK government appointment. All the assets of Phenco Ltd, which includes any money, oil leases and contracts are now owned by the Official Receiver for the benefit of all creditors. Neither Martin Finch nor any other party is entitled to interfere with those assets. It is a criminal offence to do so. Safe Or Scam represents several investors in Phenco Ltd and will push for a prosecution of offenders should any party seek to diminish the asset position of our clients.
If any genuine contracts exist in the USA the liquidator now owns them on behalf of all creditors. Any revenues generated by any oil leases will continue to be paid into Phenco bank accounts. Those bank accounts are still in operation but are now controlled by the Official Receiver. Creditors have not lost anything through the company being taken over by the Official Receiver.
Martin Finch is committing an offence by continuing to use the firstname.lastname@example.org email address and by spreading false information to creditors. He describes himself in the email as “Phenco Administrator”. It is a serious offence to claim to be the Administrator of a company once it is under the control of a court-appointed organisation. However, it is not a surprise that Martin Finch continues to mislead investors because he and his US counterparties are under investigation and will make every effort to cover up the crime and mislead investors.
Martin Finch is the director of five oil companies which are all scams. A recent court hearing for another of his companies was told that 81% of investor monies was paid out in commissions and fees with only 19% being allocated to the actual investment in the USA. We believe Phenco is likely to be exactly the same. It is the role of the Official Receiver, or other independent liquidation firm, to obtain the best possible outcome for all investors. If Mr Upton has a proposal to make he should do so to the Official Receiver. He can and will be prosecuted if he seeks to circumvent the court-appointed liquidator of the company.
Mr Stephen Upton is either very naïve or is an opportunist seeking to obtain a financial advantage over other creditors. Mr Finch’s letter makes false accusations against another creditor, John Simson, who is seeking a full investigation into the finances of the company and a forensic audit of the bank accounts. Mr Finch’s letter is copied in full below.
Date: Wed, 23 Oct 2019 at 1:47 AM
Subject: FW: Re: Stuart/Pioneer Oil Lease in Oklahoma
To: Phenco Administrator <email@example.com>
Dear Sir or Madam,
Re: Stuart/Pioneer Oil Lease in Oklahoma
I trust you are well.
I am aware that you have recently received a letter from the administrators informing you that PhenCo Limited has been dissolved and I’m no longer the managing director. That being said, I have been contacted by the largest original PhenCo shareholder, Mr. Steve Upton, who has very kindly taken it upon himself to carry the torch and is organising a new company to look after the oil lease investors in going forward.
Whilst PhenCo no longer exists, the oil lease in the US does. Mr. Upton will be visiting the lease and Mr. Rick Coody in the very near future in order to put together a plan of action, this will include finishing the project and organising investor dividends through a new UK limited company.
Mr. Upton is one of you, an investor in the Stuart/Pioneer oil lease in Oklahoma and wishes to see it completed as it should have been, which includes looking after all of the investors. From what I understand, there will be regular updates and dividends via a new platform. Mr. Upton has requested that I contact you and provide his contact email address so that all can be explained in further detail.
Mr. Upton has informed me that he has contacted Mr. John Simson directly (Mr. Simson is the investor who issued and succeeded with the winding-up order against PhenCo Limited). Mr. Simson has informed Mr. Upton he is currently organising for a receivership on the US lease too. A) I’m not sure if that can be done as it is a separate entity, but B) this would be disastrous for all investors as you would most likely receive pence in the pound on your original investment. This is after the receivers take their share. Please do not act in haste by choosing this route.
I must ask that you give Mr. Upton your time and support, his willingness to take on the entire project and its investors is no small task. This will be a fresh start with a new manager at the helm and one with a vested interest to make this work.
Mr. Upton’s contact email address: firstname.lastname@example.org
Martin Finch is the disgraced Phenco director who is still covering up his misfeasance, but the evidence against him is mounting. Safe Or Scam has also been gathering evidence on the activities of the US counterparties and we expect action to be taken against them in the USA to recover funds. It should be remembered that Mr Rick Coody, the main US partner of Martin Finch, already has a conviction for oil fraud. It is our opinion that Mr Upton is being taken for a fool.
Creditors already own all the assets through the Official Receiver so do not need to do anything until a thorough investigation has been completed. We are recommending that investors contact Stella Hardcastle of Quantuma, her details are here on this link, to register their support for Quantuma to take over the investigation from the Official Receiver. Quantuma have a forensic accounting division which will be able to analyse the money trail and recover funds that have been unjustly paid to some of the parties involved. We already know that very large sums were paid to the shadow directors who were using Martin Finch as their willing front man.
Mr Upton’s time would be better spent requesting Martin Finch to provide him with a breakdown of where his investment money was sent instead of interfering in an investigation which we believe will result in a successful prosecution of the perpetrators of this scam.
To view our previous article on Phenco Ltd and Martin Finch please click here.