Previously Crown Corp, CCO. Institutional interest now and the Co has changed it's name for a fresh beginning. Still very speculative, but what isn't? but just a case of investing the huge amount of Cash sitting in a Brazilian bank a/c. There's no real difference here to an emerging markets investment fund apart from the obvious and very attractive discount to NAV of approx 75% !!!!!

andyeds ... re post 267 : don't call me sunshine you bullsh*tting tw*t !

and for iPubic .... I have not and have never have had any holding in these and warned others to be careful.

Comprendo ???

I see Paul Masterson has covered himself in glory again. How much money can you lose in one year and still get away with ramping?

Its as I said on the YOO thread ... these rampers seldom have any real holdings in the companies and do it for the hell of it.

Its the innocent that get fleeced.

It's very sad.

Folks you are probably right, and probably very experienced. The problem with being very experienced is that you become too cautious. I made a lot more money when I first started this than I do now and its for one reason....I learned by my mistakes....BUT now I don't take such big risks....AND therefore my profits are smaller.... Have only lost 5K on this BUT still realise I was an absolute ********. I have made a pact with myself. I will still take these risks........its all in the game and very exciting. The lesson to learn as we say so often is, only risk what you can afford to lose. Sincere sympathy to fellow losers........ its gonner be a rotten weekend.....

So sorry for those who have lost money on this...have watched this thread, but not invested....(I've been caned on EVS..enough pain for one year)..anyhow, just to mention that there's an active discussion on the iii thread about getting together to pursue the guilty parties which some of you may be interested in.

I wish you all well.

This scam is a variant of "The Spansh Prisoner" con.

The Spanish Prisoner is a confidence game dating back to 1588 [1]. In its original form, the confidence artist tells his victim (the mark) that he is in correspondence with a wealthy person of high estate who has been imprisoned in Spain (originally by King Philip II) under a false identity. The alleged prisoner cannot reveal his identity without serious repercussions, and is relying on the confidence artist to raise money to secure his release. The confidence artist offers to let the mark supply some of the money, with a promise that he will be rewarded generously when the prisoner returns both financially and by being married to the prisoner's beautiful daughter. However, once the mark has turned over his money, he learns that further difficulties have arisen, requiring more money, until the mark is cleaned out and the game ends.

Key features of the Spanish Prisoner are the emphasis on secrecy and the trust the confidence artist is placing in the mark not to reveal the prisoner's identity or situation. The confidence artist will often claim to have chosen the mark carefully based on his reputation for honesty and straight dealing, and may appear to structure the deal so that the confidence artist's ultimate share of the reward will be distributed voluntarily by the mark.

Modern variants of the Spanish Prisoner include the advance fee fraud, in which a valuable item must be ransomed from a warehouse, crooked customs agent, or lost baggage facility before the authorities or thieves recognize its value, and the Nigerian money transfer fraud another type of advance fee fraud in which a self-proclaimed relative of a deposed African dictator offers to transfer millions of ill-gotten dollars into the bank account of the mark in return for small initial payments to cover bribes and other expenses.

Can the coordinator of the Action Group please get in contact with me. You need to get moving if you want to trace the money and get it back.

Anomalous@rsvshareholders.co.uk
Simon Cawkwell is correct, the Police will investigate any crime and an offender may get sent to prison, but unless you chase the funds through a civil action you can wave goodbye to it. You need lawyers and it won't cost you a lot.

You can get a free consultation to discuss the matter and see if they can help you, but the best thing you can so right now is:

1. Organise

Get the names, addresses, telephone numbers, email addresses, shareholdings of the members.

Set up an email group to contact all the members at once and tell them your progress. Inform them of meetings etc.

Ask if they will agree to pay a fee to join the Action Group and start recovery. Say 50 - cheques made payable to the lawyers only.

2. Establish Your Facts

Document everything concerning the case, so you know the sequence of the events and who said what. Who verified that the money was there for audit etc.

Arrange a meeting (with legal support) with the directors and find out what happened. It needn't be all the shareholders, but some representatives would be able to ask questions and report back to the others.

3. Contact the Press

The press can help you a lot. They show that you have a voice and have to be involved in the discussion of what happens to Langbar. If you are disatisfied with the answers you are getting from those in power, then you can make your voice known. They want to report your story and the financial press are far more reliable and reputable journalists than their tabloid brothers. You can trust some to help your cause.

4. Contact the Authorities

Speak to the people investigating this case. We know that the SFO and FSA are involved, but if you find anything out in the course of your investigations, you ought to pass it to them. It may help them to find the money and get it back for you.

ADVFN and Money@m will help you, but they will not do the work for you. You have to do the action yourselves - that's why they call it an Action Group

Other people, like myself will offer advice and support, but it really is up to YOU, the shareholders to take this matter forward.

Remember, this is not some small amount of money, this is
$657 million or more than half a billion dollars
You have to fight for your right to it.

as a matter of interest, what is the stock market levy of 50p per 10k trade used for?

Don`t know if anyone has posted this link to the fraud office. but a lot of people are registering to try and gee up matters.Don`t think it will do any good but hey if it makes you feel better.

http://www.sfo.gov.uk/cases/guidance.asp

If anyone knows fusebox from the ADVf-n site tell him hes a complete shi-t for sending out e-mails ramping shares to those people leaving thier e-mail address to register for the action group.

regards

Dr Square,

I agree completely, what an inconsiderate person on a day many were really hurting from serious losses.

My sympathies to you all. Not exactly a nice time to find this out, being christmas is just a few weeks away. Hope you sue the B******s, certainly puts me off trading

Well a very sad end to this share,but could some one please give their experienced view as to if every thing is found out about the whole saga,should we small and big investors who invested in this company should be entitled for any compensation,or could they still be listed for trading once the bottom has been found.maicy be we should still be optimistic or is it the end altogather.

by the way - after that despicable email -

fusebox is posting on AFN under -

Haystack IV - Lord Butterstock - salted crab - fusebox - Loverat - and many other aliases -

Rum and Coke - the real Haystack - Haystack on Mam - can let you know all the present aliases for fusebox -

to have these BB idiots is annoying - but its part of the internet - ignore them is the best way

All IMO - DYOR !!

Best Fraud Lawyer I know is David Kirk at Simons Muirhead (pretty sure) in W/End London - he's the one always wheeled out to comment on Azil Nadir and similar on the radio. V. nice chap.

You want to contact him, happy to help.

sd

guys watch this video link

http://www.foxnews.com/story/0,2933,173728,00.html

watch the video... amazing

may relieve the stress

click on second life

the website is up and available called second life... use it to relax, its fun!!! may take your minds off a really shitty week

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2005/11/26/cnsfo26.xml

SFO inquiry on way into fall of Langbar
By Robert Miller (Filed: 26/11/2005)


The Serious Fraud Office will launch a formal investigation next week into the collapse of Langbar International, which is listed on the junior Aim stock market.

Peter Keirnan, the SFO's assistant director and chief vetting officer, is this weekend working with City of London Police and officials from the London Stock Exchange and the Financial Services Authority to determine how Langbar - which came to the market as a cash shell company incorporated in Bermuda called Crown in October 2003 - appeared to have lost its primary assets.

Yesterday Langbar, whose shareholders include fund managers Gartmore and Merrill Lynch, said that after its shares had been suspended last month it appointed risk consultants Kroll Associates to verify its cash deposits with Banco de Brasil and ABN Amro worth 365m.

Kroll reported "it appears likely that the company has been subject to a serious fraud" and the police were notified.

Shortly after flotation, Crown said it had won a contract with the Argentinian government to build public works. After the news, the shares, which on admission traded at 380p, soared to nearly 10.

In June 2004 Crown said it had sold these contracts to a private company incorporated in Bermuda for Eu350m. This sum was covered by a promissory note due to mature last June. Yesterday, however, it appeared that the primary assets of the company now known as Langbar which were thought to be certificates of deposit allegedly worth several hundred million pounds.

Last night the SFO said: "We have recently received a report from the City of London Police in relation to Langbar International which is currently being evaluated to determine whether an investigation should commence."

The City's watchdogs are working to limit any damage from the suspension of the Langbar shares and to protect the reputation of London and its financial markets.

Earlier this year rules were introduced to prevent cash shell companies with no assets at all from seeking a listing on Aim. Now they must have at least 3m worth of assets.

A Stock Exchange spokesman said: "Clearly we are taking this matter very seriously and are working closely with other authorities involved."

Meanwhile, Langbar, has instructed lawyers "to explore every avenue available for the recovery of its assets and to pursue any parties who may have been involved."

http://news.independent.co.uk/business/news/article329411.ece

AIM becomes victim of 365m fraud
Kroll finds that Langbar's cash pile never existed * Police and FSA called in to investigate
By Michael Jivkov
Published: 26 November 2005
Langbar International, which claimed a few months ago to be the Alternative Investment Market's biggest cash shell, called in the Financial Services Authority and the police yesterday to help it investigate an apparent multimillion-pound fraud at the company.

The loss was discovered by Kroll Associates, the forensic accountant called in by Langbar's management last month to confirm whether the group had 365m in cash. Kroll found it did not, and the news looks set to leave UK institutional investors out of pocket to the tune of 16m.

Langbar said yesterday: "Kroll has not been able to establish the existence of, nor verify the company's entitlement to, any relevant assets at any time in the company's history."

The statement will shock City institutions such as Merrill Lynch, Gartmore and Ennismore Fund Management. They built up substantial shareholdings in Langbar in the autumn, paying 40p to 60p a share, believing the company had 220p a share in bank accounts in Brazil and the Netherlands.

But while these institutions and countless private investors were buying into Langbar, it emerged Mariusz Rybak, the company's founder and former chairman, had been selling down his shareholding aggressively. His share sales, at 55p to 65p, prompted calls by institutional investors for the Kroll investigation. If Langbar had 220p a share in cash, they wanted to know why the founder was selling at such low prices.

Lambert Financial, an investment company for 2000 Jewish families, is also caught up in the affair. It is led by Abraham Arad, a former adviser to the Israeli Prime Minister's Office, and has been a major investor in the company from the start.

Langbar started life as Crown Corporation, which raised 140m in an AIM listing at 140p in 2003. The float of the Bermuda-registered company was handled by Nabarro Wells, the nominated financial adviser, Insinger Townsley, the stockbroker, and Lawrence Graham, as solicitors. The company originally said it planned to invest in undervalued North American companies but instead secured construction contracts in Argentina worth 365m. In June last year it sold them to Lambert Financial, who acted as its partner in the region.

Another strategic U-turn followed. Langbar said it would use the profit made in Argentina to fund a move into the Russian oil and gas business. But investors lost confidence in the company's constant changes in direction and its shares were left languishing at 13p. In June this year, Stuart Pearson, a former corporate financier at the accountants Baker Tilly, was appointed chief executive of Langbar. Before taking the position he conducted extensive due diligence, including trips to Brazil where the company's cash was held on deposit in the form of interest bearing promissory notes.

To help the company get Langbar's money out of Brazil, Arden Partners, its new broker, arranged a 4.3m fundraising in August at 48p. By September, Mr Pearson said he had transferred 160m of the group's cash from Brazil to ABN Amro in the Netherlands, and Langbar shares soared to more than 95p. The remaining 210m was to be brought to Europe later.

Neither Mr Pearson nor Mr Rybak, who is based in Monaco, could be contacted yesterday. In a statement, Langbar said it has instructed its lawyers to "explore every avenue available for the recovery of its assets and to pursue vigorously any parties who may have been involved in unlawful or improper activity in relation to the company or its assets". Langbar shares will remain suspended and Kroll is expected to complete a report for the company.

Before setting up Langbar, Mr Rybak, 52, formed a series of technology companies in Canada, where he was known in the local press as the "Baltic Barracuda" because of his aggressive business style.

Langbar International, which claimed a few months ago to be the Alternative Investment Market's biggest cash shell, called in the Financial Services Authority and the police yesterday to help it investigate an apparent multimillion-pound fraud at the company.

The loss was discovered by Kroll Associates, the forensic accountant called in by Langbar's management last month to confirm whether the group had 365m in cash. Kroll found it did not, and the news looks set to leave UK institutional investors out of pocket to the tune of 16m.

Langbar said yesterday: "Kroll has not been able to establish the existence of, nor verify the company's entitlement to, any relevant assets at any time in the company's history."

The statement will shock City institutions such as Merrill Lynch, Gartmore and Ennismore Fund Management. They built up substantial shareholdings in Langbar in the autumn, paying 40p to 60p a share, believing the company had 220p a share in bank accounts in Brazil and the Netherlands.

But while these institutions and countless private investors were buying into Langbar, it emerged Mariusz Rybak, the company's founder and former chairman, had been selling down his shareholding aggressively. His share sales, at 55p to 65p, prompted calls by institutional investors for the Kroll investigation. If Langbar had 220p a share in cash, they wanted to know why the founder was selling at such low prices.

Lambert Financial, an investment company for 2000 Jewish families, is also caught up in the affair. It is led by Abraham Arad, a former adviser to the Israeli Prime Minister's Office, and has been a major investor in the company from the start.

Langbar started life as Crown Corporation, which raised 140m in an AIM listing at 140p in 2003. The float of the Bermuda-registered company was handled by Nabarro Wells, the nominated financial adviser, Insinger Townsley, the stockbroker, and Lawrence Graham, as solicitors. The company originally said it planned to invest in undervalued North American companies but instead secured construction contracts in Argentina worth 365m. In June last year it sold them to Lambert Financial, who acted as its partner in the region.
Another strategic U-turn followed. Langbar said it would use the profit made in Argentina to fund a move into the Russian oil and gas business. But investors lost confidence in the company's constant changes in direction and its shares were left languishing at 13p. In June this year, Stuart Pearson, a former corporate financier at the accountants Baker Tilly, was appointed chief executive of Langbar. Before taking the position he conducted extensive due diligence, including trips to Brazil where the company's cash was held on deposit in the form of interest bearing promissory notes.

To help the company get Langbar's money out of Brazil, Arden Partners, its new broker, arranged a 4.3m fundraising in August at 48p. By September, Mr Pearson said he had transferred 160m of the group's cash from Brazil to ABN Amro in the Netherlands, and Langbar shares soared to more than 95p. The remaining 210m was to be brought to Europe later.

Neither Mr Pearson nor Mr Rybak, who is based in Monaco, could be contacted yesterday. In a statement, Langbar said it has instructed its lawyers to "explore every avenue available for the recovery of its assets and to pursue vigorously any parties who may have been involved in unlawful or improper activity in relation to the company or its assets". Langbar shares will remain suspended and Kroll is expected to complete a report for the company.

Before setting up Langbar, Mr Rybak, 52, formed a series of technology companies in Canada, where he was known in the local press as the "Baltic Barracuda" because of his aggressive business style.

This Email is in incredibly bad taste: -

From : Fusebox - ADVFN
Subject : Sorry for your LGB Loss

Hello LGB shareholder

I am very sorry to hear about your loss in LGB.

I have experienced the same in the past and its not very nice. Well I have a good tip for you. Buy EKT (Elektron) - its massively undervalued and you will recoup a lot of your losses. The stock is being overlooked but the company is generating massive amounts of cash. If you want to get more details, visit this thread, where I post daily giving updates :

http://www.advfn.com/cmn/fbb/thread.php3?id=8548220

I promise you wont go wrong - buy the share and you will regain some or even all your losses. The company is a gem

All the best

Fusebox