Boiler Room Threat To Flying Sporran – Take us off your website

In Investigations, Uncategorised by Andrew Drummond24 Comments


Bangkok December 8 2011 – A Flying Sporran Enquiry
Since the  story below was publish early today Asia Green Technologies Ltd has gone into ‘dormancy’ but not for the reasons they state. Their announcements are at the end of this report.
Link here – it won’t be up for long
A Hong Kong based ‘boiler room’ entity has demanded its name and logo be taken off this website claiming it has no knowledge of the ‘activities of organisations’ it has been associated with by the ‘Flying Sporran’.
Asia Green Technology Holdings, which has flooded the net with PR blogs, has accused the ‘Flying Sporran’ of unprofessional reporting.
But a guy called ‘John Hegarty’ states ‘We do remain curious as to why you should make such claims’.
Seems this boiler-room venture is not quite as professional as ones the Flying Sporran has had to deal with in the past.

Now Asia Green Technology Holdings Ltd., sounds good does it not? Don’t we all want to green the world. Here’s a hint for those suspecting this company might be involved in boiler room activity. Google or Bing it. If you get lots of PR stuff from so-called ‘wires’ this will be all just rubbish intended to convince people that they are trading and going places.  They are, more often than not paying to put out blurb on these services.
Here are a few examples: onlineprnews,prlog,1888prnewsrealeas, and naturally of course, capitalinvestmentbanker.
Next check out the relevant financial regulators. As this is Hong Kong for instance you could check out the Securities & Futures Commission.  Then by searching Asia Technology Holdings Ltd.  You might get something like this, which proves of course that Asia Green Holdings is linked to Devonshire and Douglas Capital Partners.

Now you could take this a little step further and find this:

So there’s another company punters should be aware of. Flying Sporran forgot to mention this one last time.  But thanks to Mr.Hegarty we can put out a warning on Provideo too.

This one is not a very good scam by the way. Asia Green Technology Holdings Ltd. was set up in Hong Kong and the end of last year and has changed directors and secretary a couple of times since. Normally these companies try to last a couple of years. There is of course no mention of any of the directors on any of their press releases, mainly written by a guy called Marcus.
Flying Sporran has some of the bank accounts used to move the money around these three companies, but dear Mr.Hegarty, sometimes readers don’t want to be bored with all that minutiae. FS does not put all the information out, and still has not. So the warning stands.
It will be removed when you pay back the people wishing to sell their shares.
And finally of course Asia Green Technology Holdings Ltd is on the EFFC – European Financial Fraud Centre boiler room warning list. Why?  Well these guys are targetting Europe, excluding Britain it seems.
Check the list out Mr. Hegarty. How is Limerick? Normally when you file a company you supply a passport number and local address. Guess you forgot in this case. I like the other address you gave but I am just going to get some biddy on the end of a phone answering for all sorts of different companies. Meanwhile investors – Beware the Greenies – this is the sort of venture two Americans – and old hands at this game – have got dozens of divs working the phones from Bangkok.

Official notice to all public investors and existing shareholders of Asian Green Technology
It has come to the attention of Asian Green Technology that a number of brokers, agents and promoters unknown to our organization are claiming to represent Asian Green Technology as financial partners of the company.
If you are approached by anyone claiming to represent Asian Green Technology with an offer to buy or sell shares, you should verify their claim directly with Asian Green Technology. The following firms are known to be misrepresenting themselves and are not in any way associated or affiliated with the company. If you receive contact or any offer from them, you should contact Asian Green Technology immediately.
Earl, Carlton and Hughes
Devonshire and Douglas Capital Partners
Please be advised we are working on long term goals and objectives and any investor who has acquired shares in Asian Green Technology for short term, windfall gains without consulting Asian Green Technology or reviewing the prospectus has done so at their own risk. If you have bought shares in Asian Green Technology in such a way, you should contact Asian Green Technology immediately.
May thanks for your continued support of our company.

Official notice to all Sponsors, Partners, Investors, debtors, creditors, suppliers, customers and all department heads of Asian Green Technology (AGT) intentions
Due to overwhelming volatility in the global markets and the negative impact such times of uncertainty traditionally have on innovative companies and the alternative energy sector in general. Asian Green Technology will be going in to a period of ‘dormancy’.
What this means is that we will cease activity in specific areas as we consolidate our position and that of the markets in which we operate. The specific area’s where our objectives will be reconsidered are as follows:-
1. Preparation for IPO and the public trading in the international markets of Asian Green Technology stock.
Given the seemingly low demand for shares issued at the pre-IPO stage and in the private markets, together with the general sentiment and mood of current investors, we anticipate a similar response in public markets but on a larger scale – low demand and a lack of real support for a new firm. Without demand, prices plummet and without support the strongest of walls will crack. These are not the outcomes we are seeking. New issues in alternative sectors are the first to feel the ‘economic pinch’ in un-certain times whilst investors look for more traditional means to protect their capital. Therefore our strategy needs to be assessed and our time-line re-evaluated.

2. Acquisition of new business units and further technologies in our sector (Alternative energies).
Since our formation, Asian Green Technology’s strategy has been to grow through mergers and acquisitions. During these times we have made some promising purchases at great prices. These are tomorrows technologies and not yet todays however. For the reasons that have brought about the reconsideration and ultimately delay to raising capital in the public markets through an IPO and combined with that fact, we have had to ‘pause’ in our acquisition plan as the capital we expected to be in place at this time is now not available.

During this period, additional time is available to us to further evaluate our current position and seek to maximize opportunities from existing assets. Also with this time, we will strive to increase our communication with all our current supporters, partners and investors to strengthen relationships and learn more about those who have more than just an interest in what we do, but those who already have a vested interest in Asian Green Technology.
In the meantime all existing acquaintances of Asian Green Technology can contact the firm though the usual channels for updates, questions or suggestions.
Many thanks & warm regards,
Corporate Communications
Asian Green Technology

Official notice to all agents, brokers and promoters of Asian Green Technology’s private equity issue.
In accordance with all previous notices sent both electronically and in original form by courier to all known agents, brokers and promoters to ‘pause’ in promoting Asian Green Technology private equity issue for the reasons addressed in those notices.
It has also now come to Asian Green Technologies attention that some brokers, agents and promoters both known and unknown to Asian Green Technology have been ‘hyping’ up the issue with short term promises to clients which are not in line with AGT’s business objectives and milestones. This serves as official notice to all brokers, agents & promoters to cease and desist in the promoting and private trading of  Asian Green Technology private equity issue. Any transaction/s conducted after the date of the official notice sent to all known brokers, agents & promoters are hereby ‘officially & legally’ recognized as null and void.
Such behavior is not indicative of the support a new issue requires from its early stage investors and Asian Green Technology takes a strong legal stance on those knowingly involved in such activity and acting without the full co-operation of the lead underwriter in the Asian Green Technology private equity syndicate.
Many thanks for your continued support of Asian Green Technology.
Investor Relations
Asian Green Technology
LINK:Britons flee Bangkok boiler room

 NB: Neither letters are signed


  1. David Taylor

    Keep up the good work Andrew the quicker these outfits can be shut down the better.

    Though I'm still amazed that people get suckered into investing into something like this.

  2. Grant

    Nice one Andrew! Let's have Mr Hegerty's address, phone no and photo up as proof of his bona fides. I'm thinking life for you would be almost perfect if Rewd Noyes started up a boiler room… Cheers, GHT.

  3. Philip

    Just had a look at the Asia Green Technology website. Not very professional in my view. Looks like an off the peg template has been used.

    Not sure if the 'notice' (undated) was on the front page when you last looked, but they say they are now in a period of 'dormancy' and also warn against companies (Earl, Carlton and Hughes/Devonshire and Douglas Capital Partners) who they say have been fraudulently mis-representing them.

    LOL – all these scammers in boiler room industry should be locked up.

  4. David Taylor

    Impressed dont you just wish a certain individual operating out of Pattaya would give up that easy.

    Well done Andrew next time I'll start the stop watch.

  5. westerby

    Nice to see SOCA earning its corn.
    When are we going to see some arrests,though? But since these fraudsters now appear to be avoiding the UK jurisdiction perhaps that is no longer likely.Do they think they are safer with continental victims?
    Why don't the Chinese boot them out? The politics of all this is perhaps more absorbing than the scam itself.

  6. jules

    A dramatic end to the story, or is it?
    Waiting with bated breath for further developments from Mr Hegarty who seems unaware that he processes payments from certain entitities in Bangkok.
    By and large if local investors are not affected it does not come to the attention of local regulators and is not a reported crime locally, hence the cross border scamming.

  7. westerby

    Indeed, Andrew, why don't they?
    In these days of international cooperation the Bangkok end of the scam wouldn't need a prosecution in Thailand to oust the perpetrators since immigration law prescribes a remedy. But this doesn't happen despite the wealth of information available to the Thai. Of course, we know why and the reasons would make a reasonable story in itself but then what would happen to the intrepid investigative journalist minded to dish the dirt……?

  8. Andrew Drummond

    I have met with British police now in the FSA's investigative branch in Bangkok. I have met with SOCA. (Not the new guy tho)They have had 'high level' meetings in Bangkok. They are more confident than I am. SOCA have had successful prosecutions in the UK but they have to get the guys home first and then the penalties are not that great.

  9. jeff

    Andrew for those us less familiar with Boiler Rooms Insider Trading and other City Slicker Frauds.Please could you spell out name of the outfits you label by letter only at least once.For instance SOCA.Otherwise a trawl through the piece is required to search for an answer.I was concerned you state you met with British Police in Bangkok.That is a nice trip out of the station for the coppers concerned at the taxpayers expense.Or are they based here long term even worse.While I understand this is still a serious crime despite not involving violence.Surely sending British police to sunnier climes should be restricted to tracking down Child Abusers and the like.Not some Merchant Bankers who have set sail from Canary Wharf on their bonus bought yacht to live out a pirate lifestyle on the seven seas of foreign commerce.

  10. Andrew Drummond

    SOCA – Serious Organised Crime Agency are based here in Bangkok. I would imagine they are fairly necessary. Fleeting visits, and some longer terms ones by CEOP – Child Exploitation and Online Protection unit of SOCA – are the subject of some controversy, well here anyway.

  11. PB

    Perhaps Andrew could guess at how many CEOP and SOCA staff are employed in Bangkok eating UK taxpayers money. Also what's the latest on the new Thai staff working at the UK consul's office in Pattaya. Are they worth the money or just a couple of Thai time wasters.

  12. westerby

    Tell him his mother was a hamster and his father smelled of elderberries. That should do it, Andrew.

  13. jeff

    Pig Face what a porkie that is.Typical craggy Scottish good looks if I remember correctly.Certainly more Sean Connery than Sean Penn. Seriously thanks for answering my query.I will google them for more info.Heard interesting suggestion as to why playing the stocks and shares is so popular among locals here in Thailand.This being because it provides a sort of legal gambling which of course is banned in its usual form.You had probably thought of that one already.This has been a very interesting investigation especially for its insight into this type of crime.Your due diligence certainly proves The Flying Sporran has nothing worn under the Kilt.It is all in perfect working order.Well done Big Man.

  14. solomom

    Andrew, the exposure of these “boiler shops� and subsequent shut down is an indication of the justice that can be achieved through dragging evil into the �sunlight�. In some cases it is true that “the pen is mightier than the sword�. As usual, you have done an outstanding job. This may be further reaching than it appears on the surface. Deeper digging may find it to be intertwined with other investigations you have ongoing, …. Just a thought.

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