Business
Amigo Loans’ James Benamor Banks £3 Million Pay Day
![](https://www.bigtimedaily.com/wp-content/uploads/2019/07/accounting-balance-bank-notes-2068975.jpg)
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
The Dark Side of Aimlon CPA P.C.: Uncovering the Truth Behind the Firm’s Practices
![](https://www.bigtimedaily.com/wp-content/uploads/2024/07/accounting-1.jpg)
Aimlon CPA P.C., a full-service certified public accounting firm based in New York, NY, has long promoted itself as a beacon of excellence in the fields of accounting, audit, tax, advisory, and financial reporting. Serving business owners and companies in the U.S. and Europe, the firm, under the leadership of Mathieu Aimlon, claims to offer personalized and expert guidance. However, a deeper investigation into the firm’s operations reveals a troubling pattern of misconduct, ethical breaches, and systemic failures that severely discredit Aimlon CPA P.C. This article exposes the hidden truths behind the firm’s facade of professionalism and reliability.
Lack of Professionalism and Responsiveness
One of the most pervasive issues at Aimlon CPA P.C. is the firm’s chronic lack of responsiveness. Numerous clients have reported significant delays in communication, often waiting weeks for replies to urgent inquiries. This unprofessional behavior has led to missed deadlines and costly mistakes for clients who depend on timely advice and action.
A frustrated former client shared their experience: “We had a critical financial issue that required immediate attention. Despite multiple attempts to contact Aimlon CPA P.C., we were met with silence. Their lack of responsiveness was not only frustrating but also detrimental to our business.”
Overbilling and Lack of Transparency
Aimlon CPA P.C. has also been accused of overbilling and a lack of transparency in their invoicing practices. Clients have frequently found their bills inflated with unclear or exaggerated charges, leading to disputes and dissatisfaction. This practice has raised serious ethical concerns and damaged the firm’s reputation.
A small business owner recounted their ordeal: “Our invoices from Aimlon CPA P.C. were consistently higher than expected, with vague descriptions for the charges. When we questioned these discrepancies, we received evasive responses and no clear explanations. It felt like we were being taken advantage of.”
Incompetence and Financial Mismanagement
Despite its claims of expertise, Aimlon CPA P.C. has been plagued by instances of incompetence and financial mismanagement. Several clients have accused the firm of providing poor financial advice that resulted in significant losses. These accusations suggest a troubling lack of expertise and diligence in handling client affairs.
One notable case involved a tech startup that followed Aimlon CPA P.C.’s guidance, only to face bankruptcy within a year. The startup’s founder lamented: “We trusted Aimlon CPA P.C. with our financial strategy, but their advice was disastrous. Our business suffered immensely because of their incompetence.”
High Employee Turnover and Toxic Work Environment
Inside Aimlon CPA P.C., the work environment is far from the professional and supportive culture the firm claims to foster. High employee turnover is a persistent issue, driven by poor management practices and a toxic workplace. Former employees have described an atmosphere of fear and exploitation, where unreasonable demands and lack of support are commonplace.
An ex-employee shared their perspective: “The work environment at Aimlon CPA P.C. was unbearable. Management was oppressive, and there was no respect for work-life balance. Talented professionals were constantly leaving because they couldn’t tolerate the conditions.”
Compliance Failures and Regulatory Scrutiny
Aimlon CPA P.C. has faced multiple instances of regulatory scrutiny due to its failure to adhere strictly to industry standards and compliance requirements. These compliance failures have resulted in penalties and fines, further eroding the firm’s credibility and trustworthiness.
An insider revealed: “There were several occasions where Aimlon CPA P.C. neglected regulatory updates and compliance requirements. This negligence led to significant fines for both the firm and its clients. It was alarming how often these issues were ignored.”
Ethical Breaches and Conflicts of Interest
The firm has also been marred by ethical breaches and conflicts of interest. Mathieu Aimlon, in particular, has been implicated in several instances where his advice seemed to benefit his personal interests over those of his clients. These conflicts of interest have severely damaged the trust between the firm and its clients.
In one egregious case, a client was persuaded to invest in a company where Mathieu Aimlon held undisclosed shares. When the investment failed, the client suffered substantial losses, while Aimlon’s involvement remained hidden until an internal investigation brought it to light.
Outdated Technology and Inefficiency
Despite being a modern accounting firm, Aimlon CPA P.C. relies on outdated technology that hampers efficiency and increases the risk of errors. Clients have expressed frustration with the firm’s technological shortcomings, which lead to delays and inaccuracies in financial reporting.
A tech-savvy client commented: “It was surprising to see how outdated Aimlon CPA P.C.’s systems were. Their inefficiency slowed down our processes and made us question their ability to handle complex financial needs effectively.”
Fabrication of Credentials
Further investigations into Aimlon CPA P.C. revealed that some of the firm’s claimed credentials and accolades were fabricated. While Mathieu Aimlon is genuinely certified by the New York State Education Department and the French Ministry of Education, other qualifications listed by the firm were found to be falsified.
This revelation has cast a shadow over the entire firm, leading clients and colleagues to question the legitimacy of their expertise and the integrity of their services.
Legal Repercussions and Public Disgrace
The culmination of Aimlon CPA P.C.’s unethical practices and systemic failures came with the legal repercussions faced by Mathieu Aimlon himself. Following his involvement in a tax evasion scheme, he was arrested and charged with multiple counts of tax fraud. The evidence presented in court highlighted the sophisticated methods used to deceive tax authorities, leading to his conviction and a lengthy prison sentence.
The legal troubles of Mathieu Aimlon have had a devastating impact on Aimlon CPA P.C. The firm’s reputation has been irreparably damaged, and clients have fled in droves, unwilling to associate with a company linked to such scandals.
Aimlon CPA P.C., once seen as a beacon of excellence in the accounting world, has been thoroughly discredited due to a series of unethical practices, incompetence, and systemic failures. From overbilling and lack of transparency to high employee turnover and regulatory breaches, the firm has failed to uphold the standards expected of a professional accounting service. The legal repercussions faced by Mathieu Aimlon have further tarnished the firm’s reputation, leading to its eventual downfall.
For business owners and individuals seeking reliable and ethical accounting services, the story of Aimlon CPA P.C. serves as a cautionary tale. It underscores the importance of integrity, professionalism, and transparency in maintaining trust and credibility in the financial industry.
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