Business

Amigo Loans’ James Benamor Banks £3 Million Pay Day

Published

4 years ago

January 14, 2020

James Benamor, the founder of highly criticized sub-prime lender Amigo Loans has enjoyed a very wealthy start to 2020. The self-confessed former petty criminal who was born Rachid James Benamor, the son of Tunisian immigrants, has banked for himself a £2.9m dividend payout despite being a difficult year a difficult year for Amigo Loans and James Benamor.

Having previously left the board, Benamor, who owns 61% of the company through his vehicle Richmond Group, made a spectacular comeback at the end of the year, returning to the board, and prompting Chief Hamish Paton, chairman Stephan Wilcke and pay committee chairperson Clare Salmon to depart from the troubled lender.

This is a year which saw the Amigo Loans share price more than half, profit warnings, a massive spike in customer complaints and heightened fears of a regulatory crackdown. Yet, despite all this, profits at his holding company inched higher to £70.8m in the year to the end of last March, from £66.9m the year before. The dividend payout was a result of those figures, although 2020 results will most likely tell a different story.

Customer complaints have soared throughout the last 12 months, with more and more disgruntled clients winning cases against Amigo Loans and receiving an Amigo Loans refund. By the end of November 2019, Amigo Loans there were 222,800 borrowers, up 34,000 from the same time last year. However, complaints about Amigo Loans more than doubled in the same period with the to the Financial Ombudsman Service ruling in favour for 59% of the complaints, forcing the Bournemouth based loans company to set aside £10.4m to cover refunds, compensation claims and customer payouts.

The company has also come under heavy criticism from members of parliament. Wes Streeting, a former member of the Treasury select committee and Labour MP for Ilford North, said: “I think it’s worrying that people are turning to short-term, high-interest lenders in greater numbers, but also that the number of complaints is rising. These complaints suggest the problem is not going away. It’s something that needs looking at urgently by the committee.” Meanwhile, Stella Creasy, the Labour MP for Walthamstow said: “These legal loan sharks are trapping people in debt and need to be cracked down on.”

As the complaints and regulatory headwinds around the sub-prime lender gather momentum, the £2.9m dividend payout enjoyed by Benamor may will be his last. Despite Amigo’s loan book standing at £730.7m in December, up 8.8 per cent on the year, approximately £54m of Amigo’s loans were at least 31 days overdue at the end of Q3 in 2019, up from £33m a year ago, which means further complications for the UK’s largest sub-prime lender. Watch this space.

Business

EFX Algo’s April Ascendancy: Commanding $37.63 Million in Deposits with Profits Soaring to $3.27 Million

Published

10 hours ago

April 30, 2024

Matthew Wiles

As of April 11, 2024, EFX Algo stands out as a formidable force in the automated trading industry, showcasing extraordinary growth with a record-breaking $39 million in deposits across over 520 accounts. This month alone, EFX Algo realized gains of $321.24k, contributing to an impressive yearly profit of $2.75 million, cumulating a total profit of $3.5 million.

This financial technology powerhouse, co-founded by industry leaders Danny Reardon, Bogdan Padua, and Joe Amara, revolutionized the investment landscape by merging advanced technology with deep market insight to deliver a truly automated, hands-free trading experience.

EFX Algo is marking a significant footprint in the financial technology landscape. This article delves into the remarkable achievements of EFX Algo, spotlighting its rapid growth and the exceptional monthly gains that captivate investors globally.

A Financial Phenomenon

EFX Algo began as an idea between co-founders with a shared ambition to democratize the trading market. Today, it stands as a juggernaut in automated trading, having processed over $39 million in deposits across hundreds of accounts. As of recent evaluations, EFX Algo manages these substantial funds and delivers impressive gains, with reports showing an upward trajectory of $1.43 million in profits in just one month.

“We created a platform that exhibits robust performance and reliability time and again,” Reardon said. “I think I speak for all of us at EFX Algo when I say we are proud to show our numbers, because they reflect our aims: Democratized trading profits for all.”

Innovative Trading Strategies and Performance Metrics

At the heart of EFX Algo’s success are its innovative trading strategies, designed to cater to various investor profiles from conservative to aggressive. The platform’s ability to yield consistent returns is evidenced by its performance metrics, boasting gains that significantly outperform traditional investment benchmarks.

“We employ a diversified approach, meticulously back-tested and refined, to ensure stability and growth amidst the volatile financial markets,” said Reardon.

Unparalleled Support and Client Success Stories

Beyond its financial accomplishments, EFX Algo shines in customer support and satisfaction. The platform has been likened to having a personal assistant, akin to ‘Alfred from Batman,’ always ready to assist and enhance the investment journey.

Testimonials abound of users experiencing substantial portfolio growth, with one investor highlighting a 20.5% increase in just four months.

“We care about empowering investors with the tools and support necessary for success,” Reardon shared.

A Transparent and Trustworthy Trading Partner

Transparency and trust form the cornerstone of EFX Algo’s philosophy. Through real-time data verification with Myfxbook, clients and would-be clients alike can independently assess the platform’s performance, ensuring that their investment decisions are based on genuine and untampered data.

“We believe our openness cements our reputation as a reliable partner in the automated trading industry,” Reardon said. “We are building a community of informed and enabled investors.”

A Visionary Leap into the Future of Trading

EFX Algo is a vision realized, transforming the space of automated trading and setting new benchmarks in financial technology innovation. As it continues to grow and expand its horizons, EFX Algo proves to be a gateway to financial equipment and independence. With its impressive growth, consistent performance, and dedication to client success, EFX Algo stands as a paragon of investment excellence, reshaping the future of trading one transaction at a time.

About EFX Algo

Founded by Danny Reardon, Bogdan Padua, and Joe Amara, EFX Algo is an innovative, fully-automated trading bot designed to provide 100% hands-free, high-return investment opportunities by transforming yearly gains into monthly profits, previously exclusive to an educational network and now available to the general public. The software is designed to manage investments and execute trades in the financial markets without the need for manual intervention. For more information, please visit: https://www.efxalgo.com