Enablers New Capital Link – Part 1

Behind every smooth-talking, money-extracting individual lies a network of enablers. People who lend an aura of legitimacy to an otherwise questionable operation. These aren’t lone rangers; they’re part of a carefully orchestrated circle, with “polish” provided by trusted advisors and professionals. They are the ones who help prop up the illusion of credibility and trustworthiness.  As part of a series of blogs on exposing enablers, we looked at an introducing company called New Capital Link.

New Capital Link (NCL)

When it comes to introducing investors to shares and Loan Note opportunities, New Capital Link (NCL) stands out. NCL was responsible for promoting a portfolio of Loan Note and shareholding products to one of our clients who came forward for an interview with us.  Digging deeper into NCL revealed layers of information. We also uncovered some troubling findings that just didn’t add up.

According to our client, NCL operates with what he describes as “boiler room” tactics. A method pushing high-pressure sales to encourage investments in loan notes and shareholdings. A basic level of due diligence would reveal these companies’ financial instability and track record of not honouring interest or redemptions.  NCL has also represented several concerning companies, which we’ll address later.

Key Figures at NCL – Rachel and James

Our client’s introductions to all his Loan Note investments came through NCL. Rachel Buscall, James Baird, and Derek Muir personally visited his home, where he describes facing pressuring sales tactics. Over five months in 2023, he invested £702,000 but later began to have doubts and conducted his own research. To his shock, he discovered that “James Harper” was, in fact, James Muir Baird. Clues revealed through his private email and Facebook links connected him to historical press photos. Plus, a photo that positively identified him as James Muir Baird. 

James was once listed as Director of Business Development across NCL’s promotional materials, online profiles, and emails. However, he suddenly vanished from the website when our client started questioning his role. However, it’s unlikely he’s gone far, considering his close relationship with NCL Director Rachel Ann Buscall. According to her social media, Rachel and James have been partners for years and have a young son together.

With seven offices spread across the UK and Dubai, and a staff of 18 prominently displayed on their website, New Capital Link certainly presents an impressive front. But our client’s story suggests a very different picture behind the scenes.

Rachel Ann Buscall: From Buns to Bullion and Beyond

Rachel Ann Buscall, CEO, Director, and Shareholder of New Capital Link (NCL), has certainly followed a unique path. Starting her career as a hair and beauty specialist with a side in baking, Rachel ventured into finance. Only after owning and operating her tea room, “Buscall & Flynn’s.” According to the NCL website, she sold the bakery “for a substantial sum” after five years. However, our search revealed that Buscall & Flynn’s closed in 2019, and its 2017 accounts filed with Companies House reported a loss of £11,240.

Rachel’s journey then took her to Dubai, where she worked at Bank of Bullion and Bank FX before founding New Capital Link in 2020. The NCL website claims that between 2016 and 2020, Bank of Bullion offered globally-backed gold asset bonds. “Working with a UK-based FCA regulated Trustee” to handle funds. A strategy that supposedly doubled turnover to over £1 billion.

Her LinkedIn profile presents an impressive array of finance roles, though it does not include her role at Go Global Catering. According to their website, “Rachel looks after the pretty end of Go Global Catering as front of house manager for European activities, assisting with customer relations, project management, and serving as Matt’s PA.” Her involvement aligns with the motor racing videos she shared from Le Mans in 2021. Though, it’s curious why Go Global isn’t mentioned on her LinkedIn.

More recently, Rachel appears to be connected with The Courtyard on Baddow Road in Chelmsford. In May 2023, she promoted a family brunch event there. This was co-hosted by Jimmy RFC (likely James Baird), who expressed his enthusiasm. With so many concurrent roles, it raises questions about how they align with her position as CEO and Director of New Capital Link.

James Muir Baird, Paul O’Leary, and Omar Choudhury: A Cautionary Tale

In a high-profile operation led by the Serious Fraud Office, three men faced justice for a sophisticated boiler-room fraud scheme. In November 2011, The Financial Fraudster News reported:

“Three men were sentenced today at Chelmsford Crown Court to a combined nine years’ imprisonment after pleading guilty to running a boiler-room fraud. The operation, based in Spain, targeted investors in the UK between 2009 and 2010 and took in over £1.3 million. The defendants used high-pressure telesales techniques, typical of boiler-room frauds, to promote worthless share bonds in non-trading companies pretending they were, in this case, shares in Chinese commodities firms.”

The scheme, masterminded by James Muir Baird, along with Paul O’Leary and Omar Choudhury: “centred on the sale of shares and corporate bonds by Baird’s boiler room in Spain. Potential investors in the United Kingdom were called by his associates, who pretended that they were promoting shares in large Chinese commodity firms in the process of establishing European-based subsidiaries. However, these supposed subsidiaries were, in fact, non-trading shell companies controlled by Baird and his associates and had no link to the Chinese firms. Money paid to the boiler-room operation was not used to fund commercial activities but, instead, supported the lavish lifestyle of Baird and the boiler-room employees”.

The story becomes more disturbing. Court records reveal that Baird went so far as to steal the identity of a registered financial advisor and a licensed company to establish a fraudulent bank account. This account gave him access to lists of potential investors, who were then targeted by his boiler-room operation.

James Baird Charged

In June 2010, Baird was charged, and a restraint order under the Proceeds of Crime Act was issued against him. By October, he had admitted to violating this order multiple times. In February 2011, he appealed his sentence. Further details emerged about his efforts to bypass legal restrictions which include but are not limited to:

• Failing to disclose assets
• Opening a bank account after the restraining order.
• Using a fake passport under the name “Rowley,” complete with his own photograph.
• Depositing funds into this account that represented disposal of assets, in contravention of the restraining order. Again, using a fake passport.

The appeal was denied, and on April 2, 2014, the SFO reported that Baird faced an extended sentence for failing to pay a £1 million confiscation order.

What is James Baird Doing Now?

Baird has obviously been released now. While everyone deserves a second chance, his financial crimes were severe, raising questions about his return to finance. Curiously, an archived version of the New Capital Link (NCL) website listed a “James Harper” as Director of Business Development, whom our client identified as James Muir Baird. His bio on the site read:

“With over 22 years of financial experience dealing and specializing in private equity, dealing in mining commodities and minerals, raising hundreds of millions for private companies, he has helped float multiple companies on the London Stock Exchange and international markets. Utilizing his wealth of global connections, James helped Bank of Bullion to become one of the biggest gold suppliers in the UAE using their hugely successful gold bond to increase purchasing capital. Turning over £600 million last year alone. James was carefully selected to spearhead NCL Business Development.”

An impressive résumé for someone who spent several of those years running a boiler room in Spain. And with his girlfriend as CEO of NCL, one might wonder just what “carefully selected to spearhead NCL Business Development” really means.

NCL Website Domain Trace

The investigation into `newcapitallink.co.uk` revealed several red flags:

• A TLS (Transport Layer Security) certificate secures data transmission between a web server and a user by encrypting information and verifying the server’s identity. It helps protect sensitive data from interception and ensures users are interacting with the intended website. To obtain a TLS certificate, a website typically goes through a Certificate Authority (CA). The process involves domain validation, where the CA verifies that the requester owns or controls the domain.
  
  For higher-level certificates, like Organisation Validation (OV) or Extended Validation (EV), additional checks confirm the legitimacy of the business. In the case of NCL, the domain’s three-month TLS certificate suggests it may be using a free or easily renewable certificate. This is common among fraudulent sites to avoid detection by frequently changing certificates to evade blacklisting.  TLS Certificate Issuer: R11 (Issued on 5th October 2024, valid for 3 months). This choice raises concerns, especially for a company that claims to manage millions in investments.
  
• High Number of External Connections: A large number of external connections, especially to unfamiliar IPs and domains, raises concerns about potential data collection or suspicious behaviour.  Generally, a website using shared hosting with many other sites can be a red flag. Disingenuous types often use cheap hosting for multiple malicious websites, making it harder to trace activity. 
  
  Interaction with numerous IPs across countries may suggest involvement in cross-border fraud. This possibly indicates data exfiltration or attempts to evade detection. A high number of HTTP transactions across various domains can signal reliance on third-party services for malicious purposes, such as tracking or data theft, often linked to disingenuous schemes.
  
• Hosting Provider Use: Namecheap, while legitimate, is often chosen by fraudulent sites due to its anonymity and cost-effectiveness.

Further Findings

In light of James Baird/Harper’s background, the red flags on the NCL website, and the intriguing career history of Rachel, we’ve uncovered several more details that raise further concerns:

Trustpilot and Alleged Fake Reviews

According to the Daily Mirror, New Capital Link has been accused of posting fake reviews on Trustpilot. The full article sheds light on tactics aimed at creating a more favourable image.

Misleading Claims about Alpha Trustee Services Ltd

James Harper emailed our client falsely claiming that “Alpha Trustee Services Limited is a part of the Alpha group of companies who was formed in 2004 and is Authorised and Regulated by the Financial Conduct Authority No 711124……Alpha Trustee Services is registered in the UK, and they are regulated by the Financial Conduct Authority”.  

For reference, Alpha Trustee Services Limited was originally set-up by Sonali Craddock and Mark Kidd (we will blog on these people in the future). Whilst a related company within the Alpha group is indeed FCA-regulated, Alpha Trustee Services Limited itself is not. At best, this is misleading for potential clients; at worst, it borders on false misrepresentation.

Alarming Phone Number Feedback

We looked up a historical contact number for Charlotte Hopkins, Head of Administration for NCL (01245 206803). Our findings uncovered troubling reports from users describing this number as part of a “scamming operation”. With a possible connection to NCL, citing locations in Chelmsford and Mayfair, London.

Familial Ties and Company Roles

Our investigation suggests we’re only scratching the surface. For example, family members, including Abigail Pilley (Rachel’s daughter) and Kaybe Estrella (sister of James Muir Baird), have served as Directors or Secretary of New Capital Link.