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PostPosted: Tue Mar 20, 2018 2:37 pm 
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Seen on Telegraph News:-
"A tycoon who spent £40 million on classic cars is suing a car dealer he invested with, claiming he is a “serial fraudster” who invented fictitious buyers and sellers.
Mike Tuke, an engineer, began investing when he sold his pioneering prosthetics company, Finsbury Orthopaedics, in 2009 for over £60 million.
The High Court heard he was “not overly impressed” with returns on standard investments and so after a “long and amiable meeting” with Derek Hood, an Essex car dealer, he decided to put his cash into classic cars.
Mr Tuke says the dealer told him classic cars were “better than banks” and that he “could double his money”.
Between December 2009 and March 2013, he bought 40 iconic motors,
including a Jaguar XKSS, Jaguar Group C racing cars, a Ferrari 250TR and Lister Knobbly, at a total cost of almost £40 million.
Mr Tuke, from Guildford, is now suing Mr Hood and his company, JD Classics Ltd, for around £9 million....
https://www.telegraph.co.uk/news/2018/0 ... -claiming/
(Just click close if website pop-up asks you to register)

Inside the world's greatest classic car business: JD Classics:-
https://www.autocar.co.uk/car-news/anyt ... d-classics


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PostPosted: Tue Mar 20, 2018 2:40 pm 
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sounds a bit naughty...

In one example, he claimed Mr Tuke paid £254,000 for what he was told was a “very rare” AC Aceca Bristol Competition car in the belief that he was dealing with a third-party seller through JD Classics, but the court heard JD Classics in fact “owned the car itself”, having paid just £84,000 for it only three weeks earlier.

I bet there is more to this story than has currently been reported!

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PostPosted: Tue Mar 20, 2018 3:01 pm 
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It's proving his case that's the crux of it. Conversations about 'he said this' or 'he said that' are pretty irrelevant its what you have down on paper! ( I don't even think emails count for that much!). You hear all kinds of horror stories about car dealers/restorers, I've witnessed a few over the years !! You have to ask the question why a top end dealer like JD would work with a wealthy client to source cars for him on a 10% commision on profit when they'd make more money buying themselves to sell surely? Or I have I missed something.




"Mr Tuke claims that, at their December 2009 meeting, Mr Hood (JD Classics) agreed to “source” cars for him for a 10 per cent commission on profits.

However, Mr Brannigan (QC) claimed that Mr Hood – the owner and “directing mind” of JD Classics – invented fictitious buyers and sellers in order to hoodwink Mr Tuke."


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PostPosted: Tue Mar 20, 2018 4:18 pm 
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having said all that, looks like a really fancy pants place JD Classics, he got in there bang on the right time mid 80's and has built an enviable business.

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PostPosted: Tue Mar 20, 2018 4:30 pm 
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In one example, he claimed Mr Tuke paid £254,000 for what he was told was a “very rare” AC Aceca Bristol Competition car in the belief that he was dealing with a third-party seller through JD Classics, but the court heard JD Classics in fact “owned the car itself”, having paid just £84,000 for it only three weeks earlier.

Ha, ha, A used car dealer, even if he is wearing a £300 shirt & £30,000 Rolex is still a used car dealer :)

Caveat Emptor !

As I have said a million times before anyone who is daft enough to buy old cars as an investment deserves
EVERYTHING THEY GET!

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PostPosted: Tue Mar 20, 2018 4:45 pm 
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Pete wrote:
It's proving his case that's the crux of it. Conversations about 'he said this' or 'he said that' are pretty irrelevant its what you have down on paper! ( I don't even think emails count for that much!). You hear all kinds of horror stories about car dealers/restorers, I've witnessed a few over the years !! You have to ask the question why a top end dealer like JD would work with a wealthy client to source cars for him on a 10% commision on profit when they'd make more money buying themselves to sell surely? Or I have I missed something.




"Mr Tuke claims that, at their December 2009 meeting, Mr Hood (JD Classics) agreed to “source” cars for him for a 10 per cent commission on profits.

However, Mr Brannigan (QC) claimed that Mr Hood – the owner and “directing mind” of JD Classics – invented fictitious buyers and sellers in order to hoodwink Mr Tuke."


EASY! Because it's money for old rope. You snag a very rich pillock who has bugger all interest or knowledge in the subject & set about systematically fleecing him. Very little risk & a huge profit to be had. Best of all you have a victim who can't wait to get done over again & again.

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PostPosted: Tue Mar 20, 2018 5:03 pm 
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I though JD had sold on the original business to the Middle East.. yet it was to be still run by the original people & also open a sales outlet in a fancy area of London ?
Could other Dealers also start to get worried if this guy wins his case, given some of the crazy prices & the very strange descriptions claimed regards some of these "Faux" Classics.

I agree with Mark regards classics as investments .. the proof is Ferrari Dinos that seem to have lost about £100k in used values in the last year... wait for the knock on effect to other classics!


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PostPosted: Tue Mar 20, 2018 5:41 pm 
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Polarsilver wrote:

Could other Dealers also start to get worried if this guy wins his case


I doubt it, it's quite a specific case. Essentially the claim is that JD sourced the cars, this fella then bought them with a view to sell (via JD?) (that bit's not totally clear), make a profit and pay JD a 10% finders fee at the point of sale. Only the claim is that JD used a ghost seller to sell him JDs own car(s) at an inflated price making JD a huge profit :shock: . Either way he should have done his homework and by the looks of it was totally out of his depth!

I suppose sticking your money into anything is a gamble to some degree, but I dont entirely agree with Mark here. The guy might have been a rich fool but neither does anyone deserve to be frauded just because they are (there again... :lol: ). . Neither does someone have to be a rich investor to get ripped either, some old fellas who's pensions went down the sh*tter have probably put money into a classic car as a nest egg that they enjoy, they might not be looking for a profit but see it as better than sitting in a bank doing nothing. I don't think they're daft or deserve all they get if they get ripped.


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PostPosted: Tue Mar 20, 2018 5:52 pm 
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How many times do people have to hear the expression

"If it sounds too good to be true, it probably is".

If I came to you tomorrow & offered to take all your money & double it for you in 12 months you'd think it was a scam, & if you didn't you would be an idiot.

Yes, in any scam, it is the scammer that is the criminal, but only because there is no law against being a bloody fool!

The "investor" in this case was looking to make easy money, this is on top of the £2,000,000 a year interest his £40,000,000 fortune was making him. If he had a grain of common sense he should have seen what was happening a long, long time ago.

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PostPosted: Tue Mar 20, 2018 5:58 pm 
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Don't disagree with that, he sounds like a greedy sod and gambled a bomb! The vast majority of people that invest their money into a classic car though are not in that bracket, loads on here have done.


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