Beaufort Securities Ltd formerly HB Markets Ltd, formerly Hoodless Brennan PLC was officially declared in administration as of the 1st March 2018. The firm was involved in Stockbroking, Market making, Discretionary fund management and SIPP product sales.
The High Court has appointed Russell Downs, Dan Yoram and Douglas Nigel Rackham of PricewaterhouseCoopers, joint administrators of the above. According to The Telegraph PwC said its priority was to “identify, protect and in due course return client money and assets to rightful clients to the fullest extent possible”.
Beaufort Securities has also been charged with fraud by US prosecutors, the City Wire reports that “the DoJ is investigating Beaufort in relation to trading in the stock of a number of US companies and international money laundering”
And according to City Wire, the DoJ has compiled a multi-count indictment against Beaufort securities and a number of its employees in a federal court in Brooklyn. The charges include conspiracy to commit fraud and money laundering conspiracy.
The FSCS is aware of the situation and is working with PwC to understand what this might mean for the firms’ customers and to assess the level of involvement the scheme will need to have.
The firm has been declared in Default by the FSCS paving the way for clients of Beaufort Securities, HB Markets and Hoodless Brennan to submit a claim directly for compensation of mis sold shares.
Our understanding is that ‘Long Stop Limitation’ will mean that claims will be restricted to those investments made within the last 15 years and that any dealings prior to that date will be ‘Time Barred’. However, this will only effect clients of the firm whilst it was called Hoodless Brennan.
The firm has been highlighted in the financial press on numerous occasions for various failings including a number of fines levied by the FSA as it was known prior to become the FCA.
We are imploring all clients of the above to review their dealings with the firm and consider making a claim for compensation.
If you are unsure as to whether this applies to you we offer a free no-obligation consultation to assess the chances of your claim and operate on a conditional fee basis, meaning you will pay nothing upfront.
Contact Hemmings Howe today.
Officially declared in administration as of the 1st March 2018
Declared in Default March 2018 – Max Compensation £50k