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LukeConnell Vandeverre – postscript

Posted by Lowell Cremorne on April 28, 2007 · View Comments 

The response to our interview with Hope Capital’s LukeConnell Vandeverre has been significant and on the whole very critical. A few days ago I sent LukeConnell an IM offering a follow-up interview as an opportunity to address the serious allegations being made about the WSE and the World Trade Centre deal.

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Today I managed to catch-up with LukeConnell via IM to again offer the forum for a reply to allegations. I stated that a key theme throughout the response to the story was the concern around his qualification to run Hope Capital and the allegations of fraud.

His response was (published with permission):

“Forums are almost always the main hang out for rumours, slander, false and misleading information”

He then requested that a further statement be added to this article:

“There have been a small group of individuals making serious false allegations about the World Stock Exchange and are working to create rumours in order to create downward pressure on all shares in market. The malice (sic) intent of such claims is very clear. It is to be expected that such actions would be taken by certain members due to either: an IPO not Approved, intention to start a competing exchange, losses due to poor investment decisions or jealousy”

The story of financial security in SL is obviously not over and it’s an issue we’ll continue to follow closely.

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  • Juventino Senn
    I agree with the sentiment that the comments on education are a bit harsh, as it is true that there have been many successful ‘drop-out’ entrepreneurs. However, the point is this is a stewardship role, not purely entrepreneurial. It is rare for CEOs and professional managers to be without qualifications because of the structure that it provides to always act in the best interests of the owners.

    Irrespective of trying to make generic ‘fitness for position’ claims, there would appear to be enough cause for concern based purely from the attributed comments from Connell. I think it slightly ironic that obtaining a distinction in an ethics course assignment when completing the work for the actual student has been presented as a reason for the investing public to relax...

    The entrusting of SL economic development to an individual who sees it linden value as a fiction and fraud as not real, must be comforting to the business community.

    It would appear that the next chapter of informal education should be on Corporate Governance, maybe with an initial focus on what is meant by ‘Tone at the Top’ – then if its found to be lacking, which appears to be the case, it may be prudent for Connell to serve sometime under a CEO who sets it.
  • Malcolm Cylansky
    I agree that many have succeeded without formal education, but 999 out of 1000 who drop out without a High School Diploma end up in the gutter, or on minimum wage, or defrauding people.

    I do have formal qualifications, and it is obvious that Connell is neither educated nor street-wise. He relies totally on statements without substance, and people can see through this.


    EG

    Connell claims that by de-listing a company that this is a deterrant, um...............how?? This is great, I'm going to set up an Alt, list, raise $L10 million, take the money and run, and then Connell can delist me as much as he likes, because I $US30,000 in my bank account.

    Connell claims that people have lost money based on bad investment decisions. This is the same person that printed 17 million HCL shares since the initial prospectus. I based my investment on 10 million HCL shares, 3% income from a WSE trade, and on the fact that Connell promised not to sell shares for 6 months. According to the latest HCL report he has sold 1 million shares, crashing an already crippled HCL price, crippled because Connell printed 17 million shares.

    I could write a thesis on his incompetencies, but dont have space here. I will disclose this, I have made $US4000 on the WSE, but dont trade anymore, it's Russian Roulette, I was lucky I rolled the dice an won, but I feel sorry for those that didn't, and lost money.

    (some parts of this comment have been edited by SLOz)
  • Biff Zond
    I think the educational qualifications comments are a bit harsh, since many people have succeed without formal education.

    However, to dismiss concerns brought up in forums, especially discussions which have merit, only solidify my decision to stay very clear of this individual and his initiatives.

    Your mileage may very.

    REgards.
  • Malcolm Cylansky
    You are a High School Dropout Connell, a quitter, nothing more, nothing less. To get a High School Diploma all you have to do is turn up, and you couldn't even complete that. You are uneducated in accounting, business, economics and it shows day in and day out. It was you that admitted to being a dropout, it was not in a forum or slander as you alluded to in your latest statement (once again no substance to it). It is not a small minority who are against you and demanding higher auditing standards of WSE listed companies, it's pretty much all of SL.

    We can see through your bullshit Connell, that is why the market has melted down. If a bunch of avatars can see it then you are going ot get eaten alive in the RL world off business. Truth be told, you probably already have.

    Now run along and get a $6 an hour job at McDonalds flipping burgers, that's where High School Dropouts belong.
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