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Andrew Linn Remington Growth Fund

Remington Growth Fund Andrew Linn

Remington York Ltd - F.S.C Public Warnings

This notice is issued by the Financial Supervision Commission (“the Commission”) in accordance with the powers conferred upon it under Section 22 of the Financial Supervision Act 1988.

Remington York Ltd

Remington FTSE Index Funds

Remington Index Funds

FTSE Index Funds

The Commission has recently become aware of documentation which refers to “Remington York’s ‘FTSE Index theory’ hedge fund” and the “FTSE Index Fund”. This documentation states “The Specialized Hedge Funds (there are three FTSE Index Funds for varying risk levels ranging from conservative to rather aggressive) are based in the protected British Crown Colonies of Isle of Man …”.

Further documentation seen by the Commission states that “Remington York Ltd., is a Belize domiciled corporation established under the laws of Belize.” This entity is stated to be the Fund Manager of the Remington FTSE Index Funds (also referred to as the Remington Index Funds).

The Commission wishes to draw attention to the following observations: Remington York Ltd is the subject of a Warning Notice issued by the Belize International Financial Services Commission. The Warning Notice advises that Remington York Ltd is not licensed by the International Financial Services Commission of Belize to engage in the business of international collective investment schemes or any other promotional activity. The full text of the Belize Warning Notice may be read on the following link:

The above entities are not companies incorporated within the jurisdiction of the Isle of Man. They are not registered as foreign companies having established a place of business on the Isle of Man. They are not registered as business names on the Isle of Man.

Remington York Ltd is not nor ever has been, licensed by the Financial Supervision Commission to undertake Banking, Investment or Fiduciary business in or from the Island. The above listed Funds are not registered by the Financial Supervision Commission as Authorised Collective Investment Schemes, International Collective Investment Schemes (including Professional Investor Funds, Experienced Investor Funds and Overseas Funds), or Recognised Collective Investment Schemes.

The Commission has established no association between these entities and any genuine Isle of Man company.

The Commission has established no genuine links between these entities and the Isle of Man.

Under the circumstances, the Commission would strongly urge persons considering dealing with the above entities to exercise the greatest possible caution before proceeding, bearing in mind the contents of this public notice. Persons considering dealing with the above entities should be absolutely clear that they are not regulated in the Isle of Man. Any safeguards provided by such regulation will not, therefore, apply in relation to your dealings with them.

A list of all institutions licensed and regulated by the Commission and schemes registered with the Commission is available on our website at

Any persons who are already involved in any dealings with the above entity and have concerns should contact the Enforcement Division on +44 1624 689315 or by email to

FSC Reference: KL/12/2006

27th June 2006

Financial Supervision Commission
P.O. Box 58
Finch Hill House
Bucks Road
Isle of Man
Post Code: IM99 1DT
Telephone : 01624 689300
Fax : 01624 689399
From the Director General of the Belize International Financial Services Commission.
----- Original Message -----
Sent: Wednesday, May 31, 2006 6:31 PM

Dear Mr. Rhys-Jones,
Many thanks for your recent e-mails reporting Remington York Ltd and IPM Investment Program Management Inc.   The information you provided is extremely helpful.
We are placing a Warning Notice about these companies on our website   We are also taking steps to obtain more information from the local registered agents.
Thanks again for your efforts.

 International Financial Services Commission
 Tel: 501-822-3800
 Fax: 508-822-3810

Let the Buyer Beware !!

May 2006



The Remington Growth Fund (also known as Remington FTSE Index Fund, and Remington York) is administered  in Europe by Andrew Linn in Marbella.  It is based on what they call the modified “Berney Theory”.  See They also produce something called “The London Letter”.


Our Advice


Run a mile!


The Berney FTSE 100 Index Option Fund failed leaving many investors with substantial losses. In some cases the investor had to pay in even more money to meet margin calls when their investment failed. 


There are no auditors, lawyers or regulators involved, although Remington attempt to  make this a beneficial feature (!) by stating “As you may or may not know, many country’s tax authorities can elicit information from lawyers and accountants regarding what is thought to be privileged information.  This is contrary to laws of confidentiality and tax efficiency offered by Remington’s structure and domicile”. In fact, you don’t need to invest in a scheme which has no regulators, auditors, or lawyers in order to preserve confidentiality and tax efficiency.




Remington York Ltd., registered in Belize, and its three Remington FTSE Index Funds 25, 50 and 75 or Remington FTSE Index Option Funds are, by the admission of Andrew Linn, the metamorphosis of the rebarbative Investment Program Management Inc. (IPM Inc.) which has enjoyed a long, chequered and controversial history as the official caution from the Irish FSRA reproduced below bears witness. Remington York claims offices or representation in Spain, Japan and the United States.


Andrew Linn  took over control of The Remington Growth Fund in 1995 and in 1997 bought out Leonard Berney's operation completely and ran it themselves thereafter. The Remington FTSE Fund ('a private fund') was created in 1997 and later spawned the Remington Growth Fund based on the much-maligned Berney method.


‘‘The trading formula used by the FTSE Index Fund was developed nearly two decades ago by Leonard Berney’’, so this statement confirms that Remington York is out of the same stable as IPM Inc.


Extracts from Remington York publicity:


‘‘In June of 2002, Leonard Berney, (the Fund’s Trading Manager “TM”), managing director of Investment Programme Management (IPM) and developer of the FTSE Index Proprietary Trading Formula (see below), retired from active participation, however

remains a consultant to the Company  Mr. Berney was the Fund’s Senior Trading Manager and continues to use the modified ‘Berney Theory’.’’


‘‘The trading formula used by the Remington Index Fund was developed nearly two decades ago by Leonard Berney. It is an active technical analysis programme based exclusively on the application of rules and parameters derived from actual statistical data based on the movements and trends of the FTSE 100 Index extending over the 19-year period since inception. The database is constantly updated to incorporate current trends affecting the most recent price movements of the FTSE 100 Index.’’


‘‘Our clients have particular needs and we take them very seriously.  This has resulted in a private fund that really doesn’t care if new clients ever come aboard.  We welcome new investors...we just don’t solicit them indeed, for many years we wouldn’t consider accepting a new client unless they were recommended by a current client or an intermediary well known to us.’’


Fabio Tasheki Sunago, from Tokyo presumably, writes in Remington publicity material, ‘‘The Specialized Hedge Funds (there are three FTSE Index Funds for varying risk levels ranging from conservative to rather aggressive) are based in non-tax reporting domiciles in the protected British Crown Colonies of Isle of Man and Gibraltar.’’

The Isle of Man might have something to say about being described as a British Crown Colony, but they both would be outraged at the claim that Remington York is domiciled within their bailiwicks. Linn claims that Remington York was based in Gibraltar (indeed the literature claims it still is) since 1986 until it went to pastures new some years later. Departure was hastened by encroaching regulation.


Linn claims that Remington York does not solicit investment money from the public, which is a blatant lie (see above). A simple Google search will find Remington York plastered all over the Internet backed up by the monthly 'The London Letter’ sent out to 50,000 subscribers, which presumably keeps the money flowing into the coffers of these, totally unregistered and unauthorized investment funds. The London Letter bears the legend: ‘‘Remington York Ltd’s monthly update Remington FTSE Index Funds’’ emblazoned across the top of its front page


NB from The Irish Financial Services Regulatory Authority (‘Financial Services Regulator’)

''27/08/1998 Investment Program Management Inc.

Belize, Ireland & Spain 


The Irish Financial Services Regulatory Authority (‘Financial Services Regulator’) publishes warning notices naming firms, which operate, as investment business firms in Ireland without appropriate authorization.

Under the Investment Intermediaries Act, 1995, it is a criminal offence for an investment firm to operate in Ireland unless it has appropriate authorization from the Financial Services Regulator. Clients of firms, which are not authorized, are not eligible for compensation from the Investor Compensation scheme.

In August 1998 the Central Bank of Ireland obtained legal powers to warn publicly about firms, which are not authorized. On 1 May 2003 these powers were transferred to the Financial Services Regulator. A list of firms upon which warning notices have been published is listed in the Full List.


Any person wishing to contact the Financial Services Regulator with information regarding such firms or to ascertain if an investment firm is authorized should contact:



Tel (Local): 1890 200 469

Tel (International): 00353 1 410 4000''


What they actually do with the money according to the prospectus is a masterpiece of incantational sophistry. Esoteric hardly begins to describe the baffling barrage of short and long strangles, short straddles and algebraical illustrations redolent of the Emperor’s New Clothes. The Remington York hype sports an avian symbol that, on the basis of the above, is probably the mythical Oozalum bird


(At various places in the Remington York publicity the registered trademark symbol appears alongside 'FTSE Index Theory ®', 'FTSE Index Fund ®' and 'Berney Theory ®'.)



Gwilym Rhys-Jones

E-mail: gwilymr-js"MsoNormal" style="MARGIN: 0cm 0cm 0pt">Tel: +(34) 951 31 82 77

Mobile: +(34) 699 840 606

Skype address: gwilymrj


25th May 2006









Against Unlicenced Financial Advisers & Product Providers that support them.