Michael (of Bernicia) Waugh, UK bankster-buster

[AnOwlCalledSage]

That address is that of 1st Formations, a registered office service, so it's basically just a forwarding address.

[John Uskglass]

a new revolutionary credit-based cryptocurrency I founded called UCT Token, which is set to became as spendable as all the most popular decentralized digital currencies in the very near future.

So not very spendable at all, even if we were to believe yet another empty promise from Waugh. And I say that as someone with cryptocurrency holdings.

[longdog]

I wonder what's revolutionary about it? The fact that it's "credit based" and if so then what does that even mean?

All of the pitiful amount of worthless fiat currency I have to my name is showing as a credit balance in my account so is that credit based?

[John Uskglass]

The fact that it's "credit based" and if so then what does that even mean?

Good question. One which you won't find a comprehensible answer to on the UCT's website, strangely enough. 'Perfected liens' come into it, presumably because Waugh is too special to have to put up with ordinary liens.

An initial perfected lien worth £207,075,200 was exchanged into UCT Token, with close to £7 billion more in liens to be converted initially as the project progresses.

https://www.uct-token.org/


Which raises the obvious question of why, if he has assets with such astronomical value, Waugh is rattling the begging bowl...

[longdog]

Ah... So this is just a rehash of iLien then. Swapping worthless liens for exactly the same value in crypto.

That's stretching the definition of "spendable" more than somewhat.

[longdog]

I must be bored... I actually clicked on the UCT link and I wonder if anybody who knows more about financial law than me (which is probably everybody else on here) can tell me if this is legal.

Expansion

In 2021 and 2022, crowdpooling campaigns will be launched on Dodoex, aimed at raising matching UCT/UCTC liquidity in WETH, DAI, WMATIC, and other tokens/stablecoins.

Liquidity pools will be carefully managed for maximisation of long-term growth. Investors are invited to partake in this ICO project and beyond, with exciting projected growth opportunities.

Looks like investment advice to me.

[aesmith]

Embedded within the waffle first ...

Private Criminal Prosecution of the murderous frauds committed by the Four Horsemen and their accomplices [which is due a decision from a district judge any day now]

I really expected him to have quietly dropped that, claiming credit for the recent removal of most Covid restrictions instead.

And ...

we will be resuming the TGBMS Class Action against the Chief Land Registrar, demanding that 11.2 million registered fraudulent mortgages are cancelled.

[longdog]

And ...

we will be resuming the TGBMS Class Action against the Chief Land Registrar, demanding that 11.2 million registered fraudulent mortgages are cancelled.

That'll be the one where he folded like a deckchair when The Land Registry told him to go piss up a rope and they'd see him in court would it?

I wonder if he's come up with a new approach to resurrect this. I seem to recall that last time he was looking for five, then 50, then 500 people to bring a case and couldn't find a single one that was willing to put their head and their home on the block. A private criminal prosecution perhaps. That's always gone so well for him.

ETA: The fact he thinks The Land Registry can cancel a mortgage shows just what sort of grip he has on the real world.

[aesmith]

ETA: The fact he thinks The Land Registry can cancel a mortgage shows just what sort of grip he has on the real world.

I think he believes the Land Registry can remove the charge from the property. In actual fact I don't think the LR is the correct defendant, in the famous Applecart Void Deed case, the claim was originally against HM Land Registry, but the court ordered this to be changed to the lender. That case was lost of course, and it cost Mr Sinclair £8,500 in costs.
(https://www.bailii.org/uk/cases/UKFTT/PC/2014/313.html)

Common to that case and to M of B's own experience, is that court ruling that even cancelling the charge would not extinguish the underlying debt, so would just give the lender a couple more steps before they get the house. And some additional costs to deduct from the proceeds as well.

I think any residential mortgage will have the granting of a charge as a strict condition, so any action of this nature might trigger an immediate claim for the whole sum outstanding, even of the mortgage isn't in arrears.

[TheRambler]

I must be bored... I actually clicked on the UCT link and I wonder if anybody who knows more about financial law than me (which is probably everybody else on here) can tell me if this is legal.

Expansion

In 2021 and 2022, crowdpooling campaigns will be launched on Dodoex, aimed at raising matching UCT/UCTC liquidity in WETH, DAI, WMATIC, and other tokens/stablecoins.

Liquidity pools will be carefully managed for maximisation of long-term growth. Investors are invited to partake in this ICO project and beyond, with exciting projected growth opportunities.

Looks like investment advice to me.

One has to believe that the FCA would take a pragmatic view on the basis that the example quoted has no readily discernible meaning and dismiss it as fantasy - which of course it is.

TheRambler

[longdog]

One has to believe that the FCA would take a pragmatic view on the basis that the example quoted has no readily discernible meaning and dismiss it as fantasy - which of course it is.

TheRambler

I am indebted to m'learned friend. I'm sure you're right and they wouldn't really be interested until somebody actually gets ripped off and complains in person.

I assume from the barely comprehensible drivel on that page that he's aiming to get people to swap worthless fiat currency for his worthless crypto. It would be interesting if for no other reason that he's already said he has umpty-squillion quid in 'liens' which have the same value in his crypto. Given that the only people to sign up to this are likely to be the idiots who have their own multi-million pound 'liens' against people they don't like I can't see them adding any real worthless fiat currency. Why would they?

If you have £40,000,000 in the bank you're not going to in a rush to pay £20 in cash into your account.

I fear he will soon run into the same problem as Poe ran into with his WeRe Bank. The people who fall for it are likely to be either catastrophically stupid or desperate or both. But most importantly... Skint.

[John Uskglass]

he's aiming to get people to swap worthless fiat currency for his worthless crypto

I don't think that's right. I read it as him proposing that you exchange your worthless 'perfected liens' for his worthless crypto.

What makes UCT Token completely unique in the marketplace is they are issued when perfected Common Law liens [non-judicial damages counter-claims] are exchanged for UCT Token at the value expressed in the instruments themselves [GBP£, US$ etc], on a 1-1 basis. In other words, if the lien is worth GBP £20 million, the holder can exchange it for GBP £20 million worth of UCT Token.

https://www.uct-token.org/welcome/

Interestingly, that page contains a variant on the 'anonymous expert' tale he deployed when claiming a 'top barrister' was assisting his PCP.

As if that isn’t enough to whet the crypto appetite enough, I have also agreed in principle with an ex-banker to bring his foundation’s private bank, wallet and fully functioning payments system under the jurisdiction of Universal Community Trust [incorporating BEEP Pro on Steroid 4.0].

I have to say that I suspect that he's just copied the technical stuff from elsewhere, and would be hard put to explain what it all means if put on the spot.

[Juisarian]

Here's the movie in case anyone needs to know more about it:

https://imdb.com/title/tt0451272/

[longdog]

Interestingly, that page contains a variant on the 'anonymous expert' tale he deployed when claiming a 'top barrister' was assisting his PCP.

I can't work out if his constant "some bloke in a pub" claims are evidence of a lack of self-awareness or just that he knows his followers are so gullible they will accept second hand advice from an anonymous and no doubt fictitious 'expert'.

[longdog]

Here's the movie in case anyone needs to know more about it:

https://imdb.com/title/tt0451272/

Two things stand out from that...


Trivia Antony Kamerling (casted as Eric) died in 2010...

and

Budget £17,000 (estimated)

Twelve years is a hell of a long while in post and £17,000 isn't even enough to hire a professional camera and operator for the duration of filming. Which might explain why it was filmed in state of the art potato-vision.



Some truly Awful acting in there and even skipping through it was enough to make me never want to see any more of it. Roughly what I would expect from somebody who still thinks calling Amsterdam "The Dam" is edgy. I wonder if he still tells people he'll check his Filofax to see if he 'has a window'.

[John Uskglass]

Twelve years is a hell of a long while in post and £17,000 isn't even enough to hire a professional camera and operator for the duration of filming.

IMDB has the film being made by Wicked Film Productions, but that name doesn't come up at Companies House. Waugh did have a company called Unspeakably Wicked Pictures Ltd, but that was dissolved in 2007.

https://www.companydirectorcheck.com/michael-john-waugh

https://www.companieslist.co.uk/0467853 ... es-limited

Waugh's current vehicle - AFP, was founded in 2015, so can't have been involved in making it. (Incidentally, the strike off has been cancelled.)
I can't immediately find Waugh being involved with any companies between the two.

All a bit curious...

[Footloose52]

Here you go - Wicked Film Productions Ltd, seems it was incorporated in 2003, filed accounts to 2004 and nothing since. Shows as dissolved. Company number doesn't pull anything up at Companies House.

https://companycheck.co.uk/company/0473 ... house-data

[Hercule Parrot]

the famous Applecart Void Deed case,

Was that really 9yrs ago? I remember Sinclair huffing and puffing on CAG because the judgement had been published.

[John Uskglass]

Here you go - Wicked Film Productions Ltd,

Don't think that had any connection to Waugh from scratting round the companies that the Co Director Olivier Castagne had involvement with.

[Footloose52]

Here you go - Wicked Film Productions Ltd,

Don't think that had any connection to Waugh from scratting round the companies that the Co Director Olivier Castagne had involvement with.

Agreed but it is the company that IMDB ascribe the production to - quite how I am unsure given the dates.