Martin Finch was the sole director of Phenco Ltd before it was wound up by the High Court in London on 10th July 2019. He has now been replaced by the Official Receiver, a person appointed by the UK Government to investigate the company’s affairs, assess the company’s asset position and to determine whether Martin Finch and his accomplices have committed any offence. The Official Receiver will also determine the best course of action for investors to recover as much of their investment as possible.
Martin Finch is also the sole director of Osage 1 Ltd, Sooner Energy SPV-1 Ltd, Kansas MB Project Ltd and Kansas B2 Project Ltd. In May 2019 Osage 1 Ltd was accused of running a Ponzi Scheme in a separate legal action in the High Court in London. Martin Finch was aided in the mis-selling of the investment by Glenn King and David Hyman. These are people who have previous history of ripping off investors in oil scams. They have since moved on to Tristone Holdings Ltd and have been selling involvement in oil leases in the USA to yet more unsuspecting investors.
On 8th August 2019 Martin Finch wrote to Phenco investors. He could not resist telling more lies. He wrote:
“As previously mentioned, the completion of the project was capital raise dependant, and this is why the US team and I decided to recycle the revenue generated back into the project as we had not completed the raise”.
Well, that is news to all the shareholders in Phenco Ltd. For the past 15 months Martin Finch has been telling shareholders that he is holding their royalty money and is waiting to pay it to them. He has written to shareholders many times to tell them that the reason he cannot pay them is because he cannot find “a payment platform”. Now he is telling them that he has been “recycling” the money and there never was any money to pay to them. He goes on to say that the company “is now at the mercy of the governmental administration and insolvency services“. For years Martin Finch has refused to provide information on assets and contracts to investors. Now at last shareholders will be able to find out exactly what the company owns and whether or not it has any value. They will learn how much of their money was paid to Martin Finch, Glenn King and David Hyman. These oil schemes were simply ways for the perpetrators to get rich at the expense of investors. The court hearing in May for Osage 1 Ltd heard evidence that 81% of the shareholders’ money was deducted in fees and commissions. Only 19% was sent to the USA. These deductions were authorised by the company director – Martin Finch.
The team in the US have been involved with Finch, King and Hyman for a very long time. We have evidence that they knew about the high level of deductions from investors. The key people are Rick Coody, Ron Clark, Ron Herzfeld and Wanda Sanders (also known as Wanda J Sanders). Coody’s son, Travis Coody, has also entered the family business. These people have a lot of oil companies between them. We are in the process of gathering more information.
Wanda Sanders uses her company InvestorVU LLC to hold her interests. We will be looking into her involvement in greater detail in future postings.
To view our previous post on the oil companies click HERE