“How are you settling in at AIM?” I asked. “Alright so far. But it’s a funny place. There’s a strange atmosphere here which I didn’t expect and I can’t work out exactly what it is.”
“I think I might be able to help you there,” I said “Are you free tomorrow morning at, let’s say, ten thirty?”
He sounded puzzled but I assured him that it was probably important.
“Have you bumped into a man called Firkin yet?” I asked him.
“No.” “Well, try to find a reason to speak to him and get a feel for what he does before I come. I’ll bring somebody else along and explain everything to you tomorrow.”
He accepted and we hung up. I then got on the phone to Pierre and told him what I’d done and asked him if he would come along with me tomorrow. We agreed that I would pick him up and we’d go through together. I assembled all the paperwork and put it, with a copy of our disk, in my briefcase.
We arrived at the offices of AIM in George Street just in time for our appointment. It was a large smoked-glass building with a fairly discreet entrance. We were informed that AIM was on the second floor and we were shown to the lift. It opened on to a reception area. A welcome desk in the corner was staffed by an attractive receptionist who welcomed us with a chirpy voice. The rest of the floor area had low settees and a couple of glass-topped tables displaying the morning’s financial press and a few copies of the Investor’s Chronicle and other erudite magazines on finance.
The obligatory five-foot high potted plant partly obscured the light from the floor-length window and you had the impression that you could be in any office building in the world. The only identification was the large poster on the wall stating “We AIM to please” which I figured was about as corny as you could get. However, the area did give the impression of successful money which I suppose was the objective.
“Mr McLeish is expecting you. Would you come this way, please?”
We followed the swaying buttocks down the corridor and were shown into what was obviously a meeting room.
“Please take a seat. Would you like some coffee?” “Yes please,” we replied and sat down. The coffee arrived, followed shortly by a portly, balding man in his mid-fifties in shirtsleeves and braces.
“Bob, great to see you,” said Ian. “Retirement looks as if it’s treating you well.”
I introduced Pierre. Ian looked surprised that I had brought along a Frenchman but took it in his stride and we settled down at the table, exchanging a few pleasantries.
I had enjoyed working with Ian and knew him to be a smart, efficient and, more importantly, pragmatic professional. It was this pragmatism that had induced me to come and see him. I asked him what had led to his taking on this assignment.
“Good fees for the firm and a nice change for me,” he replied with a smile.
“So what brings you to see me? Your comments on the phone yesterday sounded very mysterious.” “Did you manage to talk to Firkin?” I asked him. “Yes I did. A slightly strange fish I thought but then I’ve only been a couple of days on the job and the people seem a bit different from what I’m used to.”
“Ian, I don’t know what you’ve found out so far about how things are run here but I think you’ll find that everything is exceedingly compartmentalized with little or no horizontal communication, everything being channelled upwards to, what was, Alan Purdy’s desk and is now yours. Does that make any sense to you?”
“Actually it does. And I was a bit surprised. How do you know that?”
Having thus demonstrated that I had a reasonable insight into the company I launched into my story.
“M. Collard here is an investor in AIM. He deposited a fairly large sum of money with them a few years ago. Several weeks ago he came to me in a state of concern about his investment and asked me if I could help him.”
Ian looked intrigued. “Go on,” he said, settling back more comfortably in his chair. “I’ve a feeling this is going to take a little time.”
He took out a pen, leant over and pulled a pad of paper towards him, hand poised to take notes.
“I don’t know if you’ve had time to look in detail at the figures yet but I’ve come over to tell you that Alan Purdy was running a fraudulent operation here and siphoning off a whole pile of money for himself. And he admitted it to us.”
Ian was now very interested. No great expressions of disbelief or astonishment. Just a nod of his head, acknowledging that he had heard and understood what I had said.
“I’ve brought M. Collard along so that he can confirm everything I am about to tell you.”
Ian turned to Pierre, looked at him and nodded his appreciation.
I then proceeded to recount to him the sequence of events concerning our relationship with Alan Purdy – the conference, Alice and my visit to her, the burglary and how we arrived at the conclusion that we had to do something. I then confessed to our hacking into the company’s systems and explained what we had found.
Ian hadn’t taken any notes. He was concentrating completely on what I said and did not interrupt. He was a good listener and I was sure he was absorbing everything.
As I had brought everything with me, I opened my briefcase and pulled out all our documentation and placed them on the table in front of him.
“That is everything we have concerning the company. There are no other copies.”
He glanced at them. “Do you mind if we stop for a second?” he asked and got up to pour himself another coffee. He came slowly back to the table, his brain obviously sifting through all that it had been asked to absorb, and sat down again.
“In there is the proof of what Pierre originally suspected. Let me show you what it looks like.”
I pulled out the printout of the spreadsheet of one of the funds with its incriminating list including all the commentaries against each name and showed him.
“There are copies of this on this disc,” I said, handing over to him an envelope. “You can sort them into any order to get a better understanding. We sorted them by the level of paid out return and, as you can see, all the ‘negative’ com-mentaries are up at the top with the corresponding low return rates.”
Ian perused the list from top to bottom. And then again. He placed it down on the table in front of him and looked up at us. He was not one of these guys who explode at bad news or who are overly exuberant at good news. He always managed to display an emotional even keel.
“Bob, what you’re telling me is that Alan Purdy was completely illegally ripping off, let’s say, less-advantaged investors and you have here the proof and you obtained this proof by hacking into the company’s systems?”
“That’s a fair summary – but not wholly accurate. I can’t say with certainty that what he was doing was illegal. It was certainly grossly immoral. It’s possible that there are clauses in the contracts concerning levels of management fees for certain types of investments or commissions needing to be paid to people who introduced investors or whatever he could hide behind. What is sure is that it was totally immoral and he personally benefitted to the tune of several millions. He admitted it.”
“He admitted it?”
“Yes.” Ian’s face lost its habitual neutrality. He looked astounded.
“How come he admitted it?” “Don’t ask us the details. Let’s just say that Pierre and I had a conversation with him and showed him that we knew all about what he had been up to. We offered him a way out which he accepted.”
“And what was that? I suppose his resignation has something to do with it?”
I looked at Pierre, who stepped in. “Mr McLeish, I started this all off. I am an investor in AIM and I was suspicious. I asked Bob to help me find out if my suspicions were justified.” Pierre stopped for a moment and took a sip of his now lukewarm coffee and then continued.