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79th Group Update: The Webster Family Freezing Order - Decisive Action or Delayed Optics?
A worldwide freezing order has been issued against the Webster family, key figures in the 79th Group. But with months of warnings, police raids, administrator appointments, and public confirmation of a suspected Ponzi scheme, why did action come so late?
Key Points
- WFO obtained by Kroll and Quantuma six months after appointment.
- Timeline shows repeated delays despite criminal, regulatory, and financial red flags.
- Latest findings: 100+ companies, 130+ bank accounts, no assets in investor structures, hallmarks of a large Ponzi scheme.
- Grant Thornton was not involved in the WFO despite overseeing a major 79th entity.
- Questions raised over coordination, urgency, and adherence to SIP 2 duties.
Takeaway
The freezing order may look decisive, but the timing suggests it may preserve little and risks being more symbolic than effective.
Call to Action
If you’re a 79th Group investor, share documents confidentially to support recovery efforts:
[email protected]
Disclaimer: Insolvency & Law Ltd does not act as a firm of solicitors or as licensed insolvency practitioners. We do not carry out any regulated activities as defined under the Legal Services Act 2007 or the Financial Services and Markets Act 2000. All information and commentary concerning The 79th Group, including that published via our blogs and podcasts, is made available free of charge for informational and educational purposes only. It should not be regarded as legal or investment advice.
In suitable circumstances, I&L may take legal assignment of loan notes issued by 79th Group companies. It may act in its own name and at its own cost and risk to pursue enforcement and recovery. Loan note holders assigning claims to I&L are not exposed to the cost of such action.
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By Insolvency & LawA worldwide freezing order has been issued against the Webster family, key figures in the 79th Group. But with months of warnings, police raids, administrator appointments, and public confirmation of a suspected Ponzi scheme, why did action come so late?
Key Points
- WFO obtained by Kroll and Quantuma six months after appointment.
- Timeline shows repeated delays despite criminal, regulatory, and financial red flags.
- Latest findings: 100+ companies, 130+ bank accounts, no assets in investor structures, hallmarks of a large Ponzi scheme.
- Grant Thornton was not involved in the WFO despite overseeing a major 79th entity.
- Questions raised over coordination, urgency, and adherence to SIP 2 duties.
Takeaway
The freezing order may look decisive, but the timing suggests it may preserve little and risks being more symbolic than effective.
Call to Action
If you’re a 79th Group investor, share documents confidentially to support recovery efforts:
[email protected]
Disclaimer: Insolvency & Law Ltd does not act as a firm of solicitors or as licensed insolvency practitioners. We do not carry out any regulated activities as defined under the Legal Services Act 2007 or the Financial Services and Markets Act 2000. All information and commentary concerning The 79th Group, including that published via our blogs and podcasts, is made available free of charge for informational and educational purposes only. It should not be regarded as legal or investment advice.
In suitable circumstances, I&L may take legal assignment of loan notes issued by 79th Group companies. It may act in its own name and at its own cost and risk to pursue enforcement and recovery. Loan note holders assigning claims to I&L are not exposed to the cost of such action.