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Maguire hits back over blame for cru debacle

Cru founder Jon Maguire says people who blame him for the Arch cru fund debacle are ignorant of the facts.

Maguire (pictured), who has joined Voila Asset Marketing as investment development and marketing director, says he understands why the issue has been centred on him but advisers should focus on the roles played by Arch, Capita and the depositories.

He says: “These people are long on tittle-tattle and very light on facts. If they think that I have had a fair hearing, then I want to make it clear that I do not think I have.”

Maguire says he is working with law firm Foot Anstey to seek full redress for investors in the Arch cru fund range. He says a submission from Foot Anstey on what has happened has been made to counsel.

He says: “We will know within two weeks whether we can force pre-action disclosure, particularly the underlying hol-dings on the Guernsey cell companies.”

CandidMoney.com founder Justin Modray says: “The cru debacle is not Jon Maguire’s fault alone but he is in denial if he does not shoulder some of the blame.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. What about Africa Invest, another of his “opportunities” has he conveniently forgotten about that. He resigned last year and the fund has now wound up with no value to shareholders. A recurring theme here!
    Sorry John, mud sticks and I would not touch any future opportunities you tried to market.

  2. How can this man be allowed to work in the financial services industry.The anxiety and distress he has caused to many people i am in contact with is enormous.My small group has between us lost probably millions.Immoral.

  3. Anyone who saw that video CD sent out with the launch material of CRU’s Private Finance fund of Maguire cosying up to the guy running the Arch fund management group will find it hard to swallow that he didn’t know what was going on.

    I also remember the vitriolic way in which he attacked anyone even slightly quetioning the valuation basis/ liquidity of ArchCru funds

    Come on Maguire face your responsibilities and ‘fess up, you’ve not even had the balls to say you made any mistakes. You have Zero credibility in this industry and no moral basis

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