[James]

Hetherington: From Big Brother to shady share tipping

24 June 2007

.....FIRST, two hearty cheers. Pacific Continental is on the skids. This past week has seen the beginning of the end for the firm that Financial Mail dubbed Britain's Riskiest Broker.

For the past three years, we have repeatedly exposed Pacific Continental's lies, half-truths and omissions as it has sold high-risk American shares to hundreds of investors.

Time after time, we have found that key facts were concealed, including links between shares and fraudsters. Shares were tipped, even when the companies concerned warned that their finances were so bad they could collapse.

And unknown to many of its clients, Pacific Continental made huge sums from the companies whose shares it offloaded on to investors.

Now the Financial Services Authority has acted. The broker has been banned from taking on any new business. Though FSA officials remain tight-lipped, the move has all the hallmarks of an orderly winding-down of the business.

It would be no surprise to see more serious developments in the coming weeks - at which point I shall make it three hearty cheers instead of just two.

Now back to your question about Saha Mason. This brand new broking business became an agent for Pacific Continental three weeks ago - a bit of timing akin to forming a military alliance with the Third Reich in April 1945.

The company is run by two young men from Southend-on-Sea, Essex. David Roger Griffiths Mason, 25, is also employed by Pacific Continental itself. And 30-year-old chairman and chief executive Selvan Senthur Sahathevan, also known as Selvan Saha, worked until recently for broker Wills & Co.

Saha Mason has also taken on a new trainee in line with its aim to 'hire the most intelligent, talented, highly qualified and motivated people from around the globe'.

He is one-time Big Brother contestant Victor Ebuwa, notable then for his role in one of the television show's rare moments of violence when it was taken off air while security guards separated him and another inmate of the house.

Victor's Big Brother game plan was: 'Somehow get everyone to trust me, then back-stab them.'

I am sure this will be the opposite of his attitude to any work for his new employers.

In fact, Saha Mason makes a huge play of its honesty.

'Ethical principles underpin our corporate policies and standards on personal conduct in business,' proclaims Sahathevan on his website. And in another of The Thoughts Of Chairman Selvan, he announces that Pacific Continental's clients can 'expect the highest degree of ethics, honesty and fairness'.

What a shame, then, that both these quotes are stolen.

The first comes from insurance giant Legal & General and the second is part of a lengthy statement Sahathevan has lifted lock, stock and barrel from that slightly better-known City chairman, John J. Mack, the boss of investment bank Morgan Stanley.

Saha Mason also claims to be based in the City of London. An impressive claim - but a false one. The company's home is in the east London borough of Tower Hamlets, though I am unsure whether this reflects a lack of honesty or simply an ignorance of geography.

Of course, Saha Mason is now up the proverbial creek.

According to the FSA, it exists to drum up new business for Pacific Continental - business that Pacific Continental is now banned from accepting.

Sahathevan refused to discuss this or answer questions unless they were submitted in writing.

But he did deny that his company represented Pacific Continental. He assured me: 'We are not representing anyone, no!'

And when I reminded him that FSA records list his firm's sole function as being 'appointed representatives' of Pacific Continental, he replied: 'Correct. But we are not representing, in that sense, in the sense, we are not, we are an appointed representative, quite right.' Make what you will of that.

But I have to admire the perverse spirit that leads to one of the few examples in history of rats joining the sinking ship.

I am sure Saha Mason will find another stockbroker to represent. And I shall be watching with some fascination to see who it is.

http://www.thisismoney.co.uk/news/co...in_author_id=5

[bouncer]

thanks James

good luck Vic

[babushka]

Originally posted by bouncer
thanks James

good luck Vic

Did you actually read the article? Looks like the firm he's joined may be decidedly dodgy. Which means I suppose he'll fit right in