Donal Griffin

Web of tiny accounting firms audited collapsed MFS property lending empire Creditors owed more than £2bn have made allegations of fraud at insolvent business

Had a lot of déjà vu while writing this story on the small accountancy firms that audited Market Financial Solutions' books (particularly to our coverage of Sanjeev Gupta and his Stakhanovite auditors King & King).

Full story below www.ft.com/content/0d53...

MFS CEO Spent on Artwork, Parties, Indian Rapper Before Collapse The walls of Market Financial Solutions Ltd.’s London offices were a shrine to the passions of founder Paresh Raja.

Indian rapper Badshah. Dancers performing inside a glass dome. A vast collection of sporting and music memorabilia that has since disappeared. Behind the scenes at MFS, the UK lender backed by £2b+ of Wall Street loans that collapsed last week. Story via @bloomberg.com

shorturl.at/VKdK6

MFS Creditors Warn of £930 Million Shortfall From Double Pledges Some creditors of Market Financial Solutions Ltd., the failed UK mortgage firm backed by Wall Street lenders including Barclays Plc, warned there may be a £930 million ($1.3 billion) shortfall in coll...

Some creditors of MFS have warned that there may be a £930m shortfall in the collateral backing their loans as a result of so-called "double pledging" of assets. Story via @bloomberg.com.

shorturl.at/EaUe8

The Bangladeshi Politician and His £200 Million UK Property Empire A former land minister has amassed more than 350 properties adding to concerns over the ability to scrutinize inflows of foreign money into Britain

With a lot of eyeballs on the collapse of Market Financial Solutions, it's worth reading this brilliant @bloomberg.com story from 2024. The MFS group was one of the biggest lenders behind the UK property empire of Bangladeshi politician Saifuzzaman Chowdhury.

shorturl.at/GiLY3

New Credit Blowup in London Has Wall Street Chasing Billions As Market Financial Solutions Ltd. hurtled toward collapse in London, the setting was new, but the themes felt familiar.

As MFS hurtled toward collapse in London this week, the setting was new, but themes felt familiar...After failures of Tricolor and First Brands, MFS risks becoming latest obscure finance firm to saddle Wall Street banks with losses amid claims of fraud. Story via @bloomberg.com

shorturl.at/ryK8G

Barclays, Atlas Among Firms Exposed to Collapsed UK Lender MFS Barclays Plc and Atlas SP Partners are among Wall Street firms that helped arrange more than £2 billion ($2.7 billion) of loans to a UK mortgage-finance company that has unraveled amid allegations of ...

Barclays, Atlas SP Partners and Jefferies are among Wall Street firms that provided more than £2b of loans to Market Financial Solutions, a UK mortgage-finance firm that collapsed yesterday amid allegations of financial irregularities. Story via @bloomberg.com

shorturl.at/RN4RM

Dubai’s Bin Sulayem Quits DP World After Epstein Ties Exposed DP World Ltd. Chief Executive Officer Sultan Ahmed Bin Sulayem resigned, one of the most influential businesspeople to be felled by his involvement with the disgraced financier Jeffrey Epstein.

DP World CEO Sultan Ahmed Bin Sulayem has resigned, one of the most influential businesspeople to be felled by his involvement with the disgraced financier Jeffrey Epstein.

shorturl.at/F69YV

Norway Wealth Fund Fires Manager in Turkey After Trading Fines Norges Bank Investment Management, Norway’s $2.1 trillion sovereign wealth fund, cut ties with a finance firm in Turkey after regulators fined one of its top managers for improper trading.

Norway's sovereign wealth fund fired a fund manager in Turkey to which it had allocated $600m. The move came soon after local regulators accused the firm - İstanbul Portföy - of arranging illicit stock trades. Story w/Kerim Karakaya via @bloomberg.com.

shorturl.at/Oom70

Lars Windhorst Sued in US for Reneging on Bond Repurchase Deal Lars Windhorst, the embattled German financier who has faced multiple lawsuits in recent years, was sued in the US for allegedly failing to repay millions of dollars in debts arising from a bond deal ...

Lars Windhorst, the embattled German financier who has faced multiple lawsuits in recent years, was sued in the US for allegedly failing to repay millions of dollars in debts arising from a bond deal with a firm in Dubai. Story via @bloomberg.com. www.bloomberg.com/news/article...

One of Dubai’s Most Powerful Executives Discussed Sex, Business With Epstein Emails show Sultan Ahmed bin Sulayem corresponded with the disgraced financier for more than a decade after Epstein was first jailed in 2008 for procuring a minor for prostitution

“Jes Staley tells me he is to see you a week from Monday… he is one of us,” wrote Jeffrey Epstein in a 2009 email to Sultan Ahmed bin Sulayem, chairman/CEO of DP World, one of most powerful execs in Dubai. Bleak story from @harrynwilson.bsky.social & team via @bloomberg.com

tinyurl.com/yux7safm

Collapsed FX Broker’s Derivatives Counterparties Hit by 98% Loss Officials winding down Argentex Group Plc have walked away from a volatile portfolio of currency derivatives that helped cause the UK brokerage’s collapse, with customers facing a near-total wipeout o...

Administrators winding down Argentex have walked away from a batch of volatile derivatives that helped cause its collapse. Most counterparties that were staring at a loss on the trades are off the hook - those that were profitable get a 98% loss. Story via @bloomberg.com

shorturl.at/iLgo8

Ryan Reynolds’ Wrexham Tied Up in Collapse of FX Broker Argentex Wrexham AFC, the Welsh soccer club controlled by Hollywood stars Ryan Reynolds and Rob McElhenney and backed by Apollo Global Management Inc., has been caught up in the collapse of UK currency brokera...

Wrexham AFC, the Welsh soccer club owned by Hollywood stars Ryan Reynolds and Rob McElhenney, has been ensnared in the collapse of FX brokerage Argentex. Story w/Greg Ritchie via @bloomberg.com, gift link below.

shorturl.at/lqkqK

Ex-Lazard Banker Justin Kim Working on Insider Trading Plea Deal A former dealmaker at Lazard Ltd., one of Wall Street’s most prominent investment banks, is negotiating a guilty plea to charges he leaked pending takeovers to associates who made $41 million from ins...

The ex-Lazard banker at the heart of a $41m alleged insider-trading racket is negotiating a plea deal with US prosecutors. Story w/David Voreacos via @bloomberg.com, gift link below.

shorturl.at/Gt4bv

Nomura Sued by Adani-Linked Fund Accused in Short-Seller Report Nomura Holdings Inc.’s loans to an investment fund embroiled in a short-selling firm’s allegations against Indian billionaire Gautam Adani have come under scrutiny in a London lawsuit.

A UK lawsuit reveals an intriguing relationship meltdown between Elara Capital -- the obscure London fund accused by Hindenburg Research in 2023 of manipulating Adani Group shares -- and its lender Nomura. Story w/Jonny Browning via @bloomberg.com shorturl.at/xcvPw

Fake Cancer Doctor Insider Trading Also a Kelly Services poison pill and betting on roosters.

"'The Rolex, whatever, but imagine risking prison in exchange for “help in drafting slides for a PowerPoint presentation.”" @matt-levine.bsky.social's take on the Lazard insider-trading case via @bloomberg.com shorturl.at/nwb7C

HSBC Ex-Chairman Mark Tucker to Stay On as Adviser to Lender As Brendan Nelson begins his first year as the new chairman of HSBC Holdings Plc, there’s one familiar face he will still likely see around the office: his predecessor Mark Tucker.

After an exhaustive months-long search for a new chairman ended last year, HSBC has decided to keep a special advisor: the old chairman, Mark Tucker. He will remain in the bank's orbit even as he chairs rival AIA in Hong Kong. Story w/Harry Wilson via @bloomberg.com.

Gift link: shorturl.at/942GK

Ex-Lazard Banker’s Insider Tips Reaped $41 Million Haul, US Says A former dealmaker at Lazard Ltd., one of Wall Street’s most prominent investment banks, is accused by US authorities of feeding tips on health-care deals to a friend’s network of insider traders, who...

'Get ready bro - sh!t's about to pop off.' An ex-Lazard banker is accused of tipping off an insider-trading ring to more than $60b of health-care M&A deals. They include some of the biggest deals that Lazard has worked on in the sector. Story via @bloomberg.com.

Gift link: shorturl.at/gLCsp

Bulk of Stenn’s $1 Billion Debts Remain Outstanding Amid Probe Officials overseeing the wind-down of Stenn Technologies, the UK invoice-finance firm backed by Wall Street investors, have recovered about one tenth of the funds owed so far as they continue to probe...

Stenn, the Wall St.-backed invoice-finance firm, was owed ~$1b when it collapsed in Dec. 2024. This was supposedly made up of short-term invoices owed by big corps around the world. Yet admins have only tracked down £93m of it so far. Story via @bloomberg.com

Gift link here: tinyurl.com/ycx5ad2j

Brian Kahn Pleads Guilty to Defrauding Hedge Fund Investors Brian Kahn, the former chief executive of Franchise Group Inc., pleaded guilty to defrauding hedge fund investors of about $300 million, a scandal that hastened the collapse of the retail company he b...

Brian Kahn, a US businessman backed by banks inc. B. Riley and Nomura as recently as 2023, has pleaded guilty to defrauding investors out of hundreds of millions of dollars. Via @bloomberg.com.

www.bloomberg.com/news/articles/2025-12-10/brian-kahn-pleads-guilty-to-defrauding-hedge-fund-investors

How Epstein’s Wall Street Contacts Helped Him Build Wealth and Power The disgraced financier maintained an abundance of access across the finance industry and was willing to play hardball to secure wealth and influence.

NEW investigative report: "Things will get really nasty." Hedge funds. Brokerages. Billionaires. Jeffrey Epstein’s financial ties on and off Wall Street were broader than previously known, a cache of emails @bloomberg.com obtained earlier this year reveals
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www.bloomberg.com/features/202...

Ferrari-Loving Trader Burned Wall Street With Bond Bet Leveraged 11,000-to-1 Citigroup and MUFG were among the firms stung by $2.6 billion trade that’s now at the heart of a London lawsuit, raising questions about client checks

Wall Street banks lost $250m when they helped an unknown Ferrari-loving trader amass a $2.6b, 11,000/1 bet against US Treasuries. The bizarre story of Jan Ralph via
@bloomberg.com

www.bloomberg.com/news/features/2025-10-05/citigroup-goldman-mufg-among-banks-burned-in-2-6-billion-trade

Argentex Leaves Harborne’s IFX Waiting Over £34 Million Loans Argentex Group Plc’s volatile portfolio of currency derivatives is complicating efforts to wind up the firm and pay back creditors, including a company owned by mogul Christopher Harborne.

Brexit mogul Christopher Harborne is still waiting on the £34m loan (+ interest) he pumped into failed FX brokerage Argentex. Story via @bloomberg.com
www.bloomberg.com/news/articles/2025-09-16/argentex-leaves-harborne-s-ifx-waiting-over-34-million-loans

Citi Investigates HR Complaints Against Wealth Head Andy Sieg Citigroup Inc. hired law firm Paul Weiss to investigate complaints about the behavior of the bank’s wealth-management chief, Andy Sieg, who was brought on by Chief Executive Officer Jane Fraser as a h...

Scoop by Todd Gillespie & me: Citigroup hired an outside law firm to investigate a senior executive, wealth mgmt head Andy Sieg, after multiple high-level people in his division complained about his behavior. The probe is over but the bank won’t disclose its results www.bloomberg.com/news/article...

UK ready to oversee insolvency of crucial part of Gupta’s Liberty Steel empire [FREE TO READ] Government’s Official Receiver files application to appoint ‘special manager’ if business goes into liquidation

Is it finally the beginning of the end for Sanjeev Gupta's steel operations in the UK?

The British government is ready to step in and oversee an imminent insolvency of a crucial part of his Liberty Steel business if necessary, London’s High Court heard on Wednesday on.ft.com/3UA2WoX

FX Brokerage Implosion Ties Up Millions Owed to Farage Backer Christopher Harborne, a little-known mogul who’s one of the biggest backers of Nigel Farage’s political ascent in the UK, seemed to have landed a bargain.

Collapse of FX broker Argentex - which lacked treasury function, confusion at highest levels over reliance on high-risk 'zero-zero' trades - has tied up one of Nigel Farage's biggest patrons.

www.bloomberg.com/news/articles/2025-08-20/fx-brokerage-implosion-ties-up-millions-owed-to-farage-backer

UK Probes Deloitte, Azets Audits of Collapsed Fintech Stenn The UK’s accounting watchdog is investigating Deloitte LLP’s work on units of Stenn Technologies, the trade-finance firm backed by some of the world’s biggest banks that unraveled last year amid alleg...

Latest on failed trade-fin firm Stenn: UK accounting watchdog is probing multiple audits of its finances by Deloitte, Azets; administrators say they've only got $100m of $1.1b invoices outstanding.

www.bloomberg.com/news/articles/2025-07-10/deloitte-azets-audits-of-fintech-stenn-investigated-by-uk

Jefferies Miami Wealth Adviser Banned From Industry Amid Probe A former Jefferies Financial Group Inc. wealth adviser in Miami, one of a group that the Wall Street bank ousted last year after discovering a series of alleged misdeeds, was banned from the industry ...

Update on this bizarre story: Finra has permanently banned an ex-Jefferies wealth adviser in Miami after he refused to cooperate with the watchdog's investigation. Story via @bloomberg.com.

www.bloomberg.com/news/articles/2025-07-09/jefferies-miami-wealth-adviser-banned-from-industry-amid-probe

Fired Nomura Trader Turns to ‘Toilet Graffiti’ to Argue His Case After losing his job for spoofing, Sawada trades stocks out of a cafe in Tokyo.

Takushi Sawada, fired by Nomura after regulators found he 'spoofed' the market for Japanese govt bonds, is blogging 'toilet graffiti' to defend himself. Story via @bloomberg.com.

www.bloomberg.com/news/articles/2025-07-01/fired-nomura-trader-in-japan-turns-to-anonymous-blog-to-defend-himself

Blue Diamond Fund Had Worst-Ever Month in April Amid Tariff Rout Swiss hedge fund Blue Diamond Asset Management posted its worst ever monthly result in April even after staging a partial recovery from losses triggered by US President Donald Trump’s tariff plans.

Blue Diamond, $2.2b Swiss hedge fund that bets on volatility, had its worst-ever month in April amid market rout triggered by Trump tariff plans. Story via @bloomberg.com.

www.bloomberg.com/news/articles/2025-05-20/blue-diamond-fund-had-worst-ever-month-in-april-amid-tariff-rout

Argentex Got Some Margin Calls Zero-zero lines, Deel vs. Rippling II, crypto enforcement, XAI and teens with Lambos.

Covered also in today’s Money Stuff…

www.bloomberg.com/opinion/newsletters/2025-04-28/argentex-got-some-margin-calls