Would you do business with or through Davy Stockbrokers

garrettod

Those three have only gone now, because the story hit the headlines.

There were 16 people involved in this deal, which should be described as unethical, at the very least. That's 16 people who should be individually held to account.

It seems that Davy paid the legal fees, and is now to pay the fine. That's the company, not the individuals, being held accountable. The job is ont half done!

dubrov

garrettod wrote:

Those three have only gone now, because the story hit the headlines.

I believe they are all major shareholders. I'd say they decided to go to try and protect the value of the company

garrettod

dubrov wrote: »

I believe they are all major shareholders. I'd say they decided to go to try and protect the value of the company

Which is in their financial interest!

JustAThought

garrettod wrote: »

Which is in their financial interest!

Things escalating badly over the weekend in Davys I see

https://www.irishtimes.com/business/financial-services/davy-group-of-16-face-possibility-of-personal-sanction-from-central-bank-1.4503774?mode=amp

And in all the talk of stomping out corruption the e400 million in bonds bought by staff against ll policies and regulations apeaks volumes. This is the crowd that trades NAMA stock on behalf of the texpayer.

TXPTGR1

JustAThought wrote: »

I thinks its shocking that they took 5 milion in property off a profoundly intellectually disabled child who was an orphan and put him 30m IN dEBT and then tried to cover their actions with a fraudelent paper trail.

Thats shocking.

Whatever about the ‘other’ 16 & the corruption.

Also, How did they manage to make a private donation to Bertie Aherns bank account - I thought his defense as minister for finance was that he didn’t have one? ( I can’t remember if this was before or after he made his girlfriend a senator).

Who appoints ‘experts’ to the central bank and to financial ombudsman positions and puts them in charge of regulatory boards again?

Have you a link to the story about the child and the trust fund hadn’t heard that one

Calahonda52

dubrov wrote: »

I can't understand why there are no criminal charges for the Davy personnel involved in the deal

It seems that the current rules are that the CB needs to find the company off side first, and then it can go after the individuals with whatever tools it has.

On What basis do you want to bring criminal charges?

Calahonda52

HansKroenke wrote: »

.. There is a storm brewing in politics and among its clients so this situation is far from resolved.

The politics piece will blow out with no changes, the acid test is their role with the NTMA: they make millions per bond issue.
Some clients may leave

I've mailed Pascal asking him to cease sending business to Davy. If enough people do then they might actually learn what being held accountable for your actions feels like.

Mongfinder General

Calahonda52 wrote: »

It seems that the current rules are that the CB needs to find the company off side first, and then it can go after the individuals with whatever tools it has.

On What basis do you want to bring criminal charges?

My guess is that some of these guys might settle with the Central Bank - who as afaik cannot impose a custodial sentence. They can fine and ban individuals. I might be wrong on this.
Is this going to be enough to satisfy an increasingly pissed off public?

thomasm

TXPTGR1 wrote: »

Have you a link to the story about the child and the trust fund hadn’t heard that one

https://www.rte.ie/news/business/2014/0409/607880-davy-client-court/

Calahonda52

https://www.rte.ie/news/business/2021/0308/1201621-ntma-bond-auction/

This is a serious loss

dubrov

dubrov wrote: »

I can't understand why there are no criminal charges for the Davy personnel involved in the deal

What would they be sentenced to?

Under what charge would they be arrested & held?

Shedite27

Deleted User wrote: »

What would they be sentenced to?

Under what charge would they be arrested & held?

I'm not a legal person but MiFiD (Markets in Financial Instruments Act 2018) carries a jail term of up to 10 years for any of the following. A good legal team could make an argument that Davy breached ALL of these

• failing to comply with requirements imposed on a person or firm by an Authorised Officer who has been appointed by the Central Bank;
  
• failure by a person to make certain notifications to the Central Bank before making a relevant acquisition or disposal in an investment firm or of the investment firm to notify the Central Bank it if becomes aware of any acquisition or disposal of holdings in its capital that would cause it to exceed or fall below the thresholds set out in Regulation 19(2) of the MiFID Regulations);
  
• failure by an investment firm to make adequate arrangements to safeguard clients' ownership rights, when holding financial instruments belonging to clients;
  
• failure by an investment firm to comply with the conditions and requirements of its authorisation;
  
• failure by an investment firm to take all appropriate steps to identify and prevent or manage conflicts of interest that arise in the course of providing investment services or ancillary services (or a combination of both);
  
• failure by an investment firm to act honestly, fairly and professionally in accordance with the best interests of its clients and to comply with the principles set out in Regulation 32 ("General Principles and information to clients") or Regulation 33 ("Assessment of suitability and appropriateness and reporting to clients") of the MiFID Regulations; and
  
• failure by an investment firm to execute orders on terms most favourable to a client.

Calahonda52

Re failure by an investment firm to execute orders on terms most favourable to a client.
this looks promising

HansKroenke

Going to go up for sale now, likely to be broken up into component parts too. Apparently valued at 350-400 million last week before this announcement but expected to be available at a steep discount now.

https://thecurrency.news/articles/39376/davy-to-be-put-up-for-sale-as-anglo-bond-scandal-escalates/
https://www.reuters.com/article/davy-ireland/update-1-bank-of-ireland-explores-approach-for-davy-stockbrokers-reports-idUSL1N2L8125

Chuckie_Egg

BOI could pick it up on the cheap now, it would be a good move for them and the market would like it as the battle for wealth management with AIB steps up a gear.

Calahonda52

Shotgun wedding

brucky

Jim2007 wrote: »

Please tell me you are not taking that stuff seriously....

Yes it appears that others might be as well

brucky

Greencore, a man with a learning disability, this is the second time the Deputy CEO has resigned over City Core. The man with no bank account and potential future President of Ireland heaped praise on them. What’s palpable is the silence and lack of condemnation from the finance sector in Ireland after the previous crash 4 million is pocket change to Davy.

peterofthebr

Im thinking about opening a Davy account actually...

Maybe this is wrong board but anyone know

If I deposit say 100k into Davy.. Or more.

Let's say (ignoring the stock market risks) Invest 80k into stocks and have 20k in cash. If Davy filed for bankruptcy I understand stocks are 'recorded' in euroclear and am recorded as holding those stocks(so I'm covered there)? , and Davy would only be covered by cental bank for 80k cash per individuals?so another example if I had 200k in cash in Davy and they went bankrupt I'd only get back 80 thousand, there must be ecb rules about this.. I just can't find it.

Anyone know where I can see this information on paper its a bit vague. Thanks

Nody

https://www.boards.ie/discussion/comment/122430672#Comment_122430672

The money would fall under the savings account rule for the 100k max guaranteed rule is my understanding; your stocks can be zero to a gazillion and it does not matter as those are two separate protections.

dubrov

Can you be sure Davy even bought the stocks on your behalf and didn't blow it on some other gamble?

peterofthebr

https://www.boards.ie/discussion/comment/122431996#Comment_122431996

OK thanks, didn't know brokers would be covered on that also.

peterofthebr

Yeah if your in doubt of ownership... one can always contact the company you bought shares in and get them to verify your on the share registrar.. 

Supercell

Last news I can see about this is dated from February this year, anyone know if this was sorted and now they are under full uncontested ownership of BOI - surely pretty safe so? I've an AVC PRSA with Davy so hoping it is all ok!

Quote from the article below "BoI bought the Davy Group in 2022 for €427 million."

https://www.breakingnews.ie/business/court-rules-bank-of-ireland-must-disclose-more-information-over-davy-sale-1591845.html

Jim2007

https://www.boards.ie/discussion/comment/122430672#Comment_122430672

https://www.boards.ie/discussion/comment/122432434#Comment_122432434

It is not that simple. You MUST pay attention to the terms and conditions of the product you sign up to and in particular the T&Cs of the various derivative products you buy. And be aware that may of the ETF styled products are in reality derativies.

In order to recover your assets in preference to the other creditors in a liquidation, the assets must be clearly identifiable as being yours. And that is not as simple as it sounds. Most online brokers use nominee accounts to hold your stocks in order to deliver instance online response people expect, some will DIY it and some will use well established fiduciaries. Some will offer very low fees in exchange for lending/borrowing of the underly asset. More will offer low fees in exchange for transaction commissions and yet more will use various highly geared derivative products. You need to take the time to read and understand the T&Cs of the products you buy otherwise you may receive bad news if things go pear shape.