Joe - the alleged frauds all took place in QPP's early phase, when it was using its paper to make the fast acquisitions Terry & QPP were about. A limited amount of cash and paper increasing in price quickly tempted partners in modest law firms into selling. Most came to bitterly regret their folly (greed?).
When QPP got to a certain size the tame auditors were replaced by KPMG - maybe 2012?? Can't recall now - I was watching things develop expecting trouble but it didn't seem to come. I think about £200m was raised to see it through to profitability but it never really got to that stage because all kinds of things happened (US hedge funds attacking, RT supposedly selling shares when he was buying (which was not strictly true) etc etc. The market owed RT one; he had it coming and it wad duly delivered. I won't say what I think of people like him. I was little short of astonished when SGH came onto the scene and offered what it did. I'd had a punt on the shares when they were driven down to about 25p (they'd traded at over £6) and there seemed to me to be a decent chance the business would survive. I never got to find out, but was pleased with the result!!
I doubt much went on after KPMG became auditors. They're still there so it can't have been perceived they missed anything glaring.
JMO fwiw
SGH Price at posting:
7.0¢ Sentiment: None Disclosure: Not Held
