- Finance advisers owned by ex-MEP backed dodgy investments
- Bloom’s firm ‘left couple to face ruin in their retirement’
- Firm director sacked legal team, then ‘claimed to be sick’
A firm of financial advisers owned by controversial former UKIP MEP Godfrey Bloom could be facing bankruptcy after losing a £2.1 million case in the High Court. TBO Investments — in which latest records indicate the party’s former economics spokesperson owns a majority stake — has been ordered to cough up the money after making negligent recommendations to two clients.
Andrew Mohun-Smith said of the dodgy advice given to him and his wife in 2007 and 2009:
“I relied upon [Godfrey Bloom’s firm] to put in place investments for us that would provide a reliable and comfortable standard of living for the rest of our lives.
“However, to my complete horror, it has become clear that nearly all our money was placed in unregulated collective investment schemes which have been suspended with an almost complete loss of capital.”
The York-based company may be familiar to readers after we exposed Bloom’s ownership of the firm — which had already been fined £28,000 over risky investment practices — during his failed 2012 bid to become a police commissioner. After an utterly cack-handed attempt to deny links with the company fell on its face, Scrapbook forced the controversial MEP to update his entry on the European Parliament’s register of interests as he was also sitting on one of the EU’s top finance committees.
Reports indicate that TBO’s director sacked their legal team just days before the case was due to start, and was planning to represent the firm himself before claiming he was too sick to attend — a plea dismissed by the judge.
Reaping what he has sowed — it looks as though it is Bloom’s retirement earnings which could be taking a hit.
FROM THE ARCHIVES: