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Cru MD Marc Ainscough quits as firm faces liquidation

Cru Investment Management managing director Marc Ainscough has left the firm, as chairman Jon Maguire battles to gain assurances that cru will not face legal investigation.

In an IFA update, seen by Money Marketing, Maguire says Ainscough has worked unpaid since April 2009.

He says: “I have encouraged Marc to now go back into the mainstream and start to try and earn a living again. I wish him every success, he has been a good and loyal friend in some very dark times.”

Maguire is seeking funding to establish the Arch Capita Compensation Group and says he will issue membership documents to IFAs and private investors next week.

Maguire reiterated that he will not cooperate with law firm Regulatory Legal, who has also set up an action group, until it confirms its legal challenge is not against cru, but against Arch and Capita.

He states: “I repeat that when Regulatory Legal write to me to confirm that their legal challenge is not against cru, but against Arch and Capita, I will happily work with them to pursue their claim.”

Maguire says he is not prepared to work with Regulatory Legal for free, and quotes a fee of £100 per hour.

He says if Regulatory Legal do not secure his input “vital evidence will be the preserve of the ACCG”.

He adds: “If we secure judgment for compensation it might be that only ACCG member firms will benefit.”

Maguire insists the blame for the debacle lies solely with Arch and Capita.

He says: “What is the point of wasting member firms’ money on trying to investigate cru, with the company about to go into liquidation, its offices locked and bolted and a staff headcount of one, me? I have better things to do with my time.”

Maguire revealed last week that he was to set up the action group and that he was on the brink on bankruptcy.



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There are 10 comments at the moment, we would love to hear your opinion too.

  1. I wish Marc all the best

  2. the quicker there is a legal investigation of Cru the better, something isn’t right there….

  3. the quicker there is a legal investigation of Cru the better, something isn’t right there….

  4. Given that the funds were promoted as medium/low risk, that the managers used our funds to invest in spurious investments that were largely paper not asset based is a disgrace and those responsible should be legally held to account as well as recompensing in full those investors who have had their funds suspended.

  5. Sterling job Marc on keeping IFA’s advised and always professional. I believe Capita may have a vacancy as Head of Communications!

  6. how can cru not be investigated, John Maguire is an intelligent chap, we in the wider investment industry always thought it was all smoke and mirrors, surely he himself didnt believe it. they should be investigated.

  7. ‘God has blessed me here in my other business [Cru] – he’s allowed it to flourish to let me do what we’re doing in Africa – but I’m bored witless with it now,’

    J Maguire

    Well that’s all right then!

  8. I think surely if a proper investigation into all this debacle is to take place, by Regulatory Legal, the FSA or otherwise, all three parties – Arch, cru and Capita need to be scrutinised, do they not?
    If Jon Maguire has nothing to hide, he should not be fearful of an investigation.

  9. Surely the Depositary has a part to play as well as they would have approved the investments in the fund and the change to the prospectus which allowed it. HSBC have something to answer for here too.

  10. I think Marc is the best he can be and that Maguire does fine in Cru Devolpment

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