EGaming Review (EGR) has reported that new online payment processor, YouTeller.com, is falsely claiming that it is certified by the UK Financial Services Authority (FSA). EGR’s evidence, however, is not conclusive.
This much, as detailed by EGR, is true: YouTeller says that it is a “Trademark of Seed Capital Ltd,” on the “Contact Us” page of its website. It also states that it is a “Small E-Money Issuer,” as certified by the FSA. The FSA Small E-Money Issuer page is linked from there, listing Seed Capital. Where it starts looking odd, however, is that a search for Seed Capital Ltd on the FSA website produces a result of Oxford Technology Management, which also has a different address than does YouTeller/Seed Capital.
EGR says that Oxford is the company “behind” Seed Capital and that when they contacted Oxford, a spokesperson for the firm that they had never heard of YouTeller.
When searching for Seed Capital’s registration information with Companies House, the address returned is the same one as given on YouTeller’s site. EGR seems to imply this is a problem, even though YouTeller’s site states that its address is “c/o” (care of) Seed Capital.
Upon further inspection, it is not clear at this time whether or not EGR’s concerns are actually valid. Seed and Oxford are most definitely related. On Oxford’s contact page, it lists e-mail addresses and phone numbers, “To contact Seed Capital Ltd, or the Oxford Technology VCTs…”
Hoovers.com details the following in the overview of Seed Capital Ltd:
“Seed Capital fertilizes the investment soil so that its venture capital trusts can bloom. The investment firm manages four separate Oxford Technology Venture Capital Trusts, which in all, have invested in over 70 development-stage technology businesses in the UK, generally within 60 miles of Oxford. The company typically places £100 to £150,000 per investment. Lucius Cary established the investment company in 1983.”
So, is Oxford the company behind Seed, or is it the other way around? Couldn’t the FSA registration for Seed point to Oxford because, in this case, Oxford is “doing business as” Seed Capital? And are the different addresses really that big of a deal? Is it unheard of that two related companies might reside in two different locations?
It definitely is strange that an Oxford “spokesperson” did not know anything about YouTeller, but that person may simply have not been the correct person with whom to speak.
While EGR has every right to be suspicious, it might need to do some further digging before accusing YouTeller and Seed Capital of lying. The companies very well might be fraudulent, but until all of the information is uncovered, it is too early to say for sure.
. In a nutshell, a venture capital firm named Seed Capital supposedly started YouTeller and was granted a “Small E-Money Issuers” certification by the UK Financial Services Authority (FSA). Upon searching for Seed Capital on the FSA website, information about a company named Oxford Technology Management is uncovered, not Seed Capital. The two companies have different addresses, and a representative of Oxford said he had never heard of YouTeller.
We were not certain that YouTeller was actually committing fraud, as the original publication to the report the story, EGaming Review, had said. So, we at Poker Source Online contacted Oxford.
Within minutes, Dr. Matthew Frohn, Director of Oxford Technology Management responded. Here is what he said:
“We have no involvement with YouTeller as far as I am aware. Seed Capital
(Youteller) is unconnected with Seed Capital (Oxford).”
“Oxford Technology refers to our fund management company - Oxford Technology Management Ltd, which used to be called Seed Capital Ltd (from 1973 until July 2006 when we changed its name). It has three directors, myself, David Denny and Lucius Cary.
Oxford Technology Management (the 'old' Seed Capital) is authorised and regulated by the Financial Services Authority (No 121929) and has been ever since the regulatory authority's inception, whereas the 'new' Seed Capital states (on the YouTeller site) that it is a ‘Small eMoney Issuer certified by the FSA’. I don't think that these levels of regulation are equivalent.”
So, there are two different companies called Seed Capital. One is the firm that started YouTeller. The other is Oxford Technology Management, which used to be called Seed Capital.
Thus, it looks like we may have one of three scenarios here:
1) YouTeller.com and the new Seed Capital are trying to make people believe they are the old Seed Capital.
2) The FSA website is correctly listing the new Seed Capital as a “Small E-Money Issuer,” but the new Seed Capital entry in the FSA register is not available yet.
3) The FSA website is correctly listing the new Seed Capital as a “Small E-Money Issuer,” but the site is mistakenly directing all searches for the new Seed Capital to the old Seed Capital register entry and, therefore, Oxford Technology Management.
As before, it looks like we will need additional information before condemning YouTeller.com. This all could very well just be an FSA listing mistake. It still could be misrepresentation on the part of YouTeller, but before all information is collected, we should withhold judgment.
This much, as detailed by EGR, is true: YouTeller says that it is a “Trademark of Seed Capital Ltd,” on the “Contact Us” page of its website. It also states that it is a “Small E-Money Issuer,” as certified by the FSA. The FSA Small E-Money Issuer page is linked from there, listing Seed Capital. Where it starts looking odd, however, is that a search for Seed Capital Ltd on the FSA website produces a result of Oxford Technology Management, which also has a different address than does YouTeller/Seed Capital.
EGR says that Oxford is the company “behind” Seed Capital and that when they contacted Oxford, a spokesperson for the firm that they had never heard of YouTeller.
When searching for Seed Capital’s registration information with Companies House, the address returned is the same one as given on YouTeller’s site. EGR seems to imply this is a problem, even though YouTeller’s site states that its address is “c/o” (care of) Seed Capital.
Upon further inspection, it is not clear at this time whether or not EGR’s concerns are actually valid. Seed and Oxford are most definitely related. On Oxford’s contact page, it lists e-mail addresses and phone numbers, “To contact Seed Capital Ltd, or the Oxford Technology VCTs…”
Hoovers.com details the following in the overview of Seed Capital Ltd:
“Seed Capital fertilizes the investment soil so that its venture capital trusts can bloom. The investment firm manages four separate Oxford Technology Venture Capital Trusts, which in all, have invested in over 70 development-stage technology businesses in the UK, generally within 60 miles of Oxford. The company typically places £100 to £150,000 per investment. Lucius Cary established the investment company in 1983.”
So, is Oxford the company behind Seed, or is it the other way around? Couldn’t the FSA registration for Seed point to Oxford because, in this case, Oxford is “doing business as” Seed Capital? And are the different addresses really that big of a deal? Is it unheard of that two related companies might reside in two different locations?
It definitely is strange that an Oxford “spokesperson” did not know anything about YouTeller, but that person may simply have not been the correct person with whom to speak.
While EGR has every right to be suspicious, it might need to do some further digging before accusing YouTeller and Seed Capital of lying. The companies very well might be fraudulent, but until all of the information is uncovered, it is too early to say for sure.
. In a nutshell, a venture capital firm named Seed Capital supposedly started YouTeller and was granted a “Small E-Money Issuers” certification by the UK Financial Services Authority (FSA). Upon searching for Seed Capital on the FSA website, information about a company named Oxford Technology Management is uncovered, not Seed Capital. The two companies have different addresses, and a representative of Oxford said he had never heard of YouTeller.
We were not certain that YouTeller was actually committing fraud, as the original publication to the report the story, EGaming Review, had said. So, we at Poker Source Online contacted Oxford.
Within minutes, Dr. Matthew Frohn, Director of Oxford Technology Management responded. Here is what he said:
“We have no involvement with YouTeller as far as I am aware. Seed Capital
(Youteller) is unconnected with Seed Capital (Oxford).”
“Oxford Technology refers to our fund management company - Oxford Technology Management Ltd, which used to be called Seed Capital Ltd (from 1973 until July 2006 when we changed its name). It has three directors, myself, David Denny and Lucius Cary.
Oxford Technology Management (the 'old' Seed Capital) is authorised and regulated by the Financial Services Authority (No 121929) and has been ever since the regulatory authority's inception, whereas the 'new' Seed Capital states (on the YouTeller site) that it is a ‘Small eMoney Issuer certified by the FSA’. I don't think that these levels of regulation are equivalent.”
So, there are two different companies called Seed Capital. One is the firm that started YouTeller. The other is Oxford Technology Management, which used to be called Seed Capital.
Thus, it looks like we may have one of three scenarios here:
1) YouTeller.com and the new Seed Capital are trying to make people believe they are the old Seed Capital.
2) The FSA website is correctly listing the new Seed Capital as a “Small E-Money Issuer,” but the new Seed Capital entry in the FSA register is not available yet.
3) The FSA website is correctly listing the new Seed Capital as a “Small E-Money Issuer,” but the site is mistakenly directing all searches for the new Seed Capital to the old Seed Capital register entry and, therefore, Oxford Technology Management.
As before, it looks like we will need additional information before condemning YouTeller.com. This all could very well just be an FSA listing mistake. It still could be misrepresentation on the part of YouTeller, but before all information is collected, we should withhold judgment.
