The UK’s financial services regulator has no record of a Dundee company
purporting to operate as a global investment house.
Revere Investments is not on the Financial Services Register and neither is its university student chief executive officer Luthais McCash, the Financial Conduct Authority (FCA) confirmed.
The Courier can also reveal that Revere’s head of operations, Stewart Duncan, was working as a barman in Broughty Ferry until last month despite claims on the firm’s website that he studied accountancy and business management and had “aided with the brokering of transactions exceeding £500,000” in April alone.
The Courier tracked the pair down to Revere’s offices at Bradley House in Dundee’s Meadowside.
Mr McCash, 22, who is managing partner of a second company, Fytec Ltd, which is subject of a compulsory striking off order under the terms of the Companies Act 2006 and whose website and phone number have been taken down, refused to answer questions when confronted, and closed the office door.
Five minutes later, Mr McCash, Mr Duncan and a female associate emerged from the offices and walked down the stairs and out of the door, again refusing to answer any questions.
Earlier in the day, Mr Duncan said the company’s FCA registration had been removed that morning and was “too busy” to provide an interview.
Questions about the legitimacy of the duo emerged after they spoke out about their concerns of a potential hit to private investment at Dundee waterfront
following Apex Hotel’s decision to put a stay on development work at Customs House after a controversial wakeboarding venture was given the green light.
The pair had claimed Revere, which was incorporated in October and which has yet to file maiden accounts, had an investor with a net worth of £50 million who wanted to invest around £10m in Dundee, but was now questioning whether to go ahead.
In his online postings, Mr McCash claims to be a member of the Institute of Directors, a fellow of the Royal Statistical Society and a UK Science, Technology, Engineering and Mathematics ambassador.
His LinkedIn profile also lists him as a private maths and biochemistry tutor, a role he has performed since the age of 16, a research associate at Abertay
University and an executive with a London-based law firm.
Revere response
In a formal statement last night, Revere Investments said it was running a legitimate business.
“We can categorically state that any work carried out by the firm has been conducted legitimately and within the bounds of the regulations applicable to the industry,” the company said.
“Should any further unsubstantiated claims or allegations be made against Revere Investments, its directors and staff, this will be considered defamatory, and the firm would be forced to seek reparation for the damage caused to our professional reputation.”
The Courier contacted the FCA and a spokeswoman confirmed there was
no registration relating to Revere
Investments or Mr McCash.
The FCA regulates more than 56,000 UK financial services firm and has a remit to ensure financial markets are honest, fair and effective for consumers.
Scottish Chamber of Commerce not disheartened by Apex decision