Drummond is always quick to tell everyone that he has “made a mistake” and that he would have done something differently “in hindsight”, but how does his repeated behaviour of misconduct and negligence distinguish itself from actual and honest mistakes? And how can it be a mistake if the pattern of behaviour is the same?
Gametech was crashed twice by Drummond, and here we are exposing the same behaviour again with Teathers Financial PLC.
You can listen to Drummond, in his own words, giving the very same rhetoric he has been lamenting to the current shareholders and suppliers of GMGT. The very same rhetoric he was lamenting to the previous shareholders and suppliers of Gametech UK when it went into administration in 2017. Can it really just be a coincidence?
“The situation was deliberately engineered so that the company would lose its listing, lose its registration on Companies House, and then simply disappear.”
At 21:10 of the audio below.
“I don’t lie. I never lie.” – Jason Drummond, November 2016
C A Sperati PLC was registered in 1907. It was one of the oldest companies listed on Companies House. The company’s business involved the manufacture and distribution of buttons and other apparel.
In 2013, Drummond was approached by former company director Oliver Fattal. Sperati was loss-making and had modest debts, but it had a significant asset in the freehold of its Greenwich factory. Drummond’s plan was to sell off the buttons business and the factory, and then inject Gametech UK into it, which ultimately didn’t happen, for reasons unknown.
Following this, Drummond came up with the idea of turning Sperati into a tech business based on his idea for an investment app, which ultimately saw investors losing millions of pounds.
Sperati became Teathers Financial in 2015.
Drummond was ultimately forced to resign due to his behaviour, and was subsequently heavily criticised by the company’s new directors, who produced the following report:
After the report, the new directors looked at taking legal action against Drummond. They considered a number of areas in which they had a legitimate legal case but ultimately took the commercial decision that they would be unlikely to recover any money because Drummond didn’t have any.
This conclusion of Drummond’s financial position was based on conversations with Doug Barrowman, a shareholder of Gametech UK and husband of Baroness Michelle Mone, who is known for her role in the £200,000,000 PPE scandal exposed by The Guardian in 2022. Barrowman told the directors of Teathers Financial that Drummond “didn’t have a pot to piss in”.
The full legal considerations by Teathers were as follows:
Just as we were preparing to release more information on Drummond’s shady history from previous companies under his directorship, we were alerted to the fact that Drummond has been sending around the following email to deflect your attention from this website:
Unfortunately, it’s likely that you have received phishing emails purporting to be from me when in fact they are not.
The companies Google Workspace Account (gmail, contacts, and documents), LinkedIn, and domain accounts have been hacked and under a concerted cyber-attack since 7 August by an ex-senior employee and consultant to the company who left our employment in May 2023.
There is an ongoing police investigation by the UK Cyber Crime Unit, and National Crime Agency who are Investigating this attack as a Cyber Crime and live extortion attempt.
His motivation is financial, and there is no merit in his allegations. If you are a shareholder, I will be sending further information in due course.
Kind regards, Jason Drummond
Gaming Technologies UK and US
Jason Drummond, CEO US Mobile +1 213-800-8808 UK Mobile/WhatsApp: +44 7841 888 888
What is Jason Drummond doing?
He doesn’t want to answer why the company has been delisted from OTC. .
He doesn’t want to explain the $18,000,000+ disappearance. .
He doesn’t want to explain how the company has millions of dollars of debt and why those debts were never paid. .
He doesn’t want to explain why several material debts were never disclosed in filings. .
He doesn’t want to explain how most of his previous companies have mysteriously ended up in the same position as GMGT. .
He doesn’t want to explain his associations with wanted and convicted criminals with whom he obviously tried to set up a pump and dump scheme. .
His only goal appears to be to discredit the whistleblower and to deflect your attention from our website. .
Regardless of the whistleblower, as an investor, supplier, or staff member of GMGT who has lost money, your only question should be “but where is all the money?” – even if the information published on this website from the whistleblower were false, it is still a fact that GMGT has no money and no staff beyond its “CEO”, who has been invoicing the company for his “salary” of over $1,400,000 USD in four years (see section “F-20” on the 2021/2022 10-K, and section “F-17” on the 2019/2020 10-K).
The company has been delisted from OTCQB and from OTC Pink onto the Expert Market, where its value sits at $0.001: https://www.otcmarkets.com/stock/GMGT – how does that happen? Why did the previous company go into administration? How did the same director manage to buy the assets and go on to list the company on a public market in another country where it mysteriously failed again?
There are too many questions to be answered by the man who never lies (a little snippet from our upcoming publication on Teathers – another Drummond Disaster):
As usual, comments are open and you don’t need to register. Let yourself be heard!
This comprehensive overview outlines Jason Drummond’s clear negligence in the operations of GMGT. It also highlights potential fraud, misfeasance, and clear neglect of a company officer’s fiduciary duties. In summary, this article shows how Jason Drummond has most recently caused losses in excess of $18,000,000 to investors. These losses form part of a trend which goes back over two decades to the year 2000 when many investors in Drummond’s first public company, Virtual Internet, lost most of the value of their investment.
The establishment of GMGT
After running Gametech UK Limited into the ground in 2017, Jason Drummond conspired with wanted and convicted criminals Daniel Ferris and Ronald Bauer, who sought to acquire the assets of Gametech UK with the assistance Oliver Willett of Epsilon Investments Pte Ltd and Jason Smart of Fairfax Capital BV and Ashington Innovation Plc.
Ultimately, Ferris and Smart rounded up the minimum number of investors needed for OTC. Several of these entities belonged to Ferris.
Two offshore companies “Balmoral Asset Management” and “Blue Atlas Investment Holding Limited” both belonged to Dan Ferris. In addition, Ferris put forward Marianne Thoumsin (his wife/partner), who then became the “first depositor” for the company. That means she deposited her shares before any other shareholders.
Jason Drummond later confirmed that he knew Ferris’ entities were “the same shareholder” in a WhatsApp message to Julian Parge (a former consultant for GMGT):
Willett, through Epsilon (a Singapore-based entity), orchestrated the acquisition of the assets of Gametech UK Limited with Ron Bauer and Jason Drummond:
However, some of the secured loan note holders of Gametech UK refused the transaction, which forced Begbies to apply for a court order to allow the sale of the assets.
Begbies subsequently accepted a deal in 2018 with Willett and Drummond at the helm. This was facilitated through a shell company called Nenx Gaming Limited (later renamed to Dito UK in 2019 and subsequently to Gaming Technologies Limited in 2021), which was established by Andrew Eggleston, a chartered accountant and CEO of EWP, who is a close friend of Oliver Willett.
Eggleston established the shell company under the name “Smart Tower Limited” in 2017, specifically for this acquisition.
Eggleston remained a director of Nenx Gaming until Drummond took over in 2019, even though Drummond had been operating as a shadow director in the background since the acquisition. This also allowed the company to obtain a Metro Bank account in the UK.
In return, Eggleston was awarded over 460,000 shares in GMGT, and was ultimately one of the only people able to make a profit from the sale of GMGT’s shares (with most of the other entities belonging to Daniel Ferris).
Once the assets were acquired, Drummond attempted to “reboot” Gametech UK and reattempt its failed AIM listing through the US OTC Market, with new investors that had no significant knowledge or connection to Gametech UK. He did this with the help of Dan Ferris, an old friend and an associate of Ron Bauer, and Ferris’ business partner Jason Smart.
The agreement stipulated that there would be a minimum participation rate of $10,000 USD per month (or 40% revenue – whichever was higher), which, by month 13 of operations, increased to a minimum of $40,000 USD per month.
Drummond never paid Big Bola, and he ran the casino through Markor Technology despite telling everyone that Gametech had its own casino software (it was disclosed in multiple K and Q filings on OTC that GMGT were building and using their own software).
Fabulous Vegas charged only 8% with a minimum of $6,000 USD per month, but also wanted an up-front fee and shares in GMGT.
When questioned about the situation with Big Bola by Fabulous, Drummond lied to Fabulous and told them that the debt with Big Bola was disputed and that he had never agreed to pay such an unfair amount of money (despite having signed the earlier Big Bola agreement):
As time passed, Drummond also failed to pay Fabulous Vegas and Game Interaction Group. Subsequently, several players lost money as the casino was suspended, and they had to make chargeback requests. Vale’s operators and SEGOB (the Mexican gaming authority) received a number of complaints. This created a problem for Fabulous, who then revoked the licence agreement, which Drummond refused to accept:
Ultimately, GMGT had no licence as of June 2023, and the casino was suspended as early as March 2023 for non-payment.
Despite the suspension, GMGT filed its 10-K in May (a late filing, as all the filings had been due to monetary issues rendering the company unable to pay its auditor and its CFO Steven Plumb). The 10-K made no mention of the suspension (which should have been disclosed in an 8-K as it was a material event), and the 10-K further went on to suggest the company still had a licence with Fabulous Vegas Games.
Canelo and the fake competition
In April 2021, GMGT paid over $1,500,000 to Saul “Canelo” Alvarez, a world champion boxer. In return, Canelo wore a Vale.net logo on his shorts. Vale.net was a landing page for a sweepstake competition which had links to vale.mx – the casino. Canelo wore the logo on his boxing shorts for a single fight against Billy Joe Saunders, and he made a few promotional videos through WPP Grey.
The videos were not owned by GMGT because the company failed to pay WPP and by the end of May 2022, there was still over $1,500,000 USD outstanding to Grey in relation to the Canelo campaign. Drummond said he “did not agree” with the invoices and never paid them, so the entire $1.5m invested into Canelo was wasted.
Very few players joined the Vale.mx casino from this fight. Approximately 110 people signed up to a sweepstake competition to win a BMW through “Vale.net” (the logo on Canelo’s shorts), but the BMWs were later cancelled as they were never paid for in full, and a winner was never chosen.
On the surface, GMGT appeared to be just another ordinary US public company on OTC. It was dedicated to providing gambling software to popular brands. This was the original narrative described in the company’s registration statement (page 4 onwards – “Business Overview”).
The narrative later changed substantially (see Page 1 of the last 10-K, filed in May 2023), and the company went from “licensing its own software” for revenue share to “building global gaming brands” under its own licences.
This is the original pitch deck for Dito, Inc. (the original name for GMGT before it was listed):
Not only was the name changed, but the company went from being a “software provider” to running its own casino. Drummond was afraid to state that the company would run its own casino on the OTC IPO due to the likely delay that it may have had as a result of increased due diligence requests by FINRA and the SEC (licence information, legal information, etc.). They would have found out that Drummond previously had his UK PML (Gambling License) revoked:
was aware that Gametech did not have adequate resources available for the purpose of carrying on the licensed activities.
was aware that Gametech was using customer funds to cover its operating costs
either provided false and misleading information to the UKGC, or did not work with them in an open and co-operative way.
Again, this would have definitely prevented the company from being able to list, and again shows an authority stating categorically that Jason is negligent at best.
Jason Drummond served himself, and no other
Once the money started coming in from investors, Jason Drummond helped himself to it. He took over $1.4m in the four years of GMGT’s tenure on OTC. This information is reflected in the 10-K filings found here.
Drummond strategically prioritised other payments as per whatever he thought was most urgent (generally the auditor and CFO Steven Plumb), but predominantly he always ensured that he was paid first, whenever money came in, and he always ensured that he was paid the most.
In 2021, despite the company’s significant debts to various suppliers (Markor, Big Bola, various advertisers, various staff, etc.), Drummond helped himself to over $589,000.
Drummond had originally assigned himself an informal salary of £240,000 GBP per year (despite arguing with staff that the company was a startup and that their salaries had to be kept low), but he actually ended up taking on average £275,000 GBP per year. At the same time, suppliers were not paid, and staff were consistently paid late – or not at all, as was the case for several staff who quit with substantial payments outstanding.
In addition to his “startup salary”, Drummond helped himself to cash whenever he felt like it by using the company’s bank accounts as his personal piggy bank. He made a number of suspicious VAT reclaims and R&D tax claims.
At one point the UK subsidiary of GMGT received a penalty of nearly £60,000 GBP from HMRC, for Drummond’s attempt to claim VAT through his service company MY8 Limited, which he used to invoice Gametech for his salary:
In July 2022, Drummond helped himself to £70,000 after a £230,000+ R&D tax credit. R&D credits are around 30% of the claim, therefore any claim for this amount of return would have had to be over £1m. Since the company did not qualify for such a claim, the claim would have had to have been fraudulent.
Further, Drummond used the company’s Wise (TransferWise) account to continually send himself money.
Despite the documents being date Q1 of 2023, the address of 413 W 14th St New York has not been updated. None of the company’s formal documents contain a valid or legitimate company address at which the company could receive mail.
This behaviour of helping himself to company money continued throughout the four year tenure of GMGT.
The unavailable funds
Gaming Technologies, Inc., was cleared by FINRA and approved for OTC Pink on 3 March 2021. The company became DTC eligible on 9 June 2021 and received OTCQB approval on 11 June 2021. The company was then approved for Nasdaq on 8 February 2022, however Drummond could not complete the Nasdaq uplist because the company had no money and no revenue. This is entirely due to Drummond’s behaviour with the company’s money.
In February 2022, Drummond started leasing a luxury apartment in Miami, despite that he could only spend 90 days per year in the US. Drummond didn’t get a visa until May 2023.
Jason Drummond consistently misled investors to obtain further funding. Ultimately, he used this money for his own personal benefit, at the cost of nobody else getting paid, and only to support his “image” of wealth that led other investors to believe he was a credible and successful entrepreneur.
Over £7,000,000 GBP was lost by investors in Gametech UK Limited which ultimately went into administration. Over a further $9,000,000 was lost by investors in GMGT.
In total, Jason Drummond has caused losses in excess of $18,000,000.
The company failed to generate any revenue which could have supported its growth, with the entirety of its small revenue from Vale.mx casino going directly to Markor (and later to Fabulous Vegas, who also owned Paycips – Vale’s payment gateway and Mexican bank account), to cover their own minimum monthly fees.
Drummond is negligent at best, and completely fraudulent at worst. He cannot be trusted to run any other businesses. If you have been approached by Drummond for investment and you are subsequently aware of this article, you should walk away. Fast.