David Walsh - Convicted Fraudster now starting Black Planet VC

When you have been raised to be honest and open in your dealing with people, it’s impossible to recognise the face of a fraudster. Do they share some common characteristics, look, visible defect or are there any warning signs? Click the link to see David Walsh. http://gigaom2.files.wordpress.com/2012/01/davidwalsh2.jpg

The man in the picture is a convicted fraudster. He stole £680,000 from his colleagues at Concept Building Solutions in 2006 and was jailed for four years by Preston Crown Court.

Since his release he has run amuck in Northern Ireland and The Republic of Ireland under the name of Walsh Doherty Capital affiliated to Sebdo Global Investment Banking. These are nothing more than domain names and no legal entity exists.

He is now operating under the name Black Planet Ventures or Black Planet VC and domains have recently been registered. No doubt the purpose of this new venture is to con young start up companies. The scam work as follows. David Walsh presents himself to young start up companies as a private investor willing to invest in their new business. This guy is slick, so don’t be fooled. The term sheet will include a clause on termination fees which for Black Planet will probably be £10,000. Due diligence conducted by Walsh himself over three days during which time, Walsh will dazzle you with stories of his millionaire life style. He may tell you he made his money as an investment banker in London or that he was born into it. More than likely, he will tell you he made the money himself because he likes the adulation and wants to be considered as a very shrewd, successful self made man. And you will believe this guy. He looks the part. The reason he is conducting the due diligence himself is because he has an affinity to your company. He likes it and you and it’s convenient for him to do it himself at this time. However following the due diligence, you will probably say to yourself, “that wasn’t as bad as I thought it might be” and Walsh will tell you everything is good to go. You will ignore the sneaking suspicions you have; after all, you don’t look a gift horse in the mouth.

Bang!! A letter arrives and out of the blue you’re informed that the investment will not now proceed, sighting some ridiculous reasons. The letter will also refer to a clause denoting the termination fee and also another clause on the three month exclusivity period. Frantically, you get on the phone and Walsh will tell you he would have preferred if he’d had an opportunity to talk to you before the letter was sent out. You’ll notice coldness in his voice you hadn’t noticed before. The termination fee has to be paid because he has no control over this. His colleagues will insist on this. You’ll then become annoyed and angry. You insist on better reasons for terminating the agreement but Walsh will tell you the panel rejected it because they had reservation and that you need to get more “flesh on the bones”. Come back in six months or a year and he’ll be delighted to work with you. But unfortunately the termination fee has to be paid.

But look, it’s not as bad as it may seem. Walsh has an incredible sense of loyalty to his working colleagues. It’s more important to him than money, so pay the termination fee, or at the very least a percentage there of, and he will make a personal investment himself. He still has great respect for you and your company. He wants to do business with you so this is the best way forward. You will protest, your head will be spinning and Walsh will tell you that there is no point in challenging the term sheet and the signed contract. These have been prepared by their international legal department and are already tested in the courts and this legal department will hound you to the end of the earth, even to the point of bankruptcy. You might be stupid enough but more than likely desperate enough to pay a percentage on the promise of Walsh’s private investment. But, you know, don’t you? YES, the private investment falls through too because it just wouldn’t be right for Walsh because he’d have to betray his colleagues to do such a thing.

So, here are the facts. There are no colleagues except a girl called Kerry. She must be a welcome change after four years in prison. There is no legal department and if you have resisted paying the money you’ve probably received a letter from legal services making you some reduced offer. Walsh is now desperate for some pay off and at this point go to the police and tell them everything. Now is the time to catch this bastard. He actually believes at this point in all the crap he has spun you and feels entitled to payment after all his efforts in scamming you.

Lyra McKee a dedicated investigative journalist from Belfast uncovered his parasite.

http://muckraker.me/2012/01/03/the-masked-vc-how-ni-startups-and-a-government-agency-were-fooled-by-a-conman/

CNN Money have picked up on it also http://money.cnn.com/news/newsfeeds/gigaom/articles/2012_01_03_belfast_investor_revealed_as_convicted_fraudster.html

Also you might want to read http://gigaom.com/2012/01/03/belfast-investor-revealed-as-convicted-fraudster/

http://www.thisislancashire.co.uk/news/1318367.crooks_10m_lie/

A friend of mine has been devastated by this guy. He invested every penny he had in a company only to be left completely devastated and defeated by this low life. But, we live in a world where white collar crime isn’t punished and more often than not, it’s not even reported because its victims feel embarrassed and ashamed of themselves for being so stupid. It’s the same as rape victims, so it falls on friends to highlight these blood sucking parasites. Please forward this link to friends you have in business especially now when they may be struggling for cash. You might just do them the best favour anyone ever did for them because this guy is out there starting up Black Planet Ventures or Black Planet VC or a permutation of both. The Walsh Doherty scam has run its courses and been uncovered.