Critical view of the claimed Theta^+ pentaquark

We use a theoretical model of the $\gamma ~d \to ~K^+ K^- ~n ~p $ reaction adapted to the experiment done at LEPS where a peak was observed and associated to the $\Theta^{+}(1540)$ pentaquark. The study shows that the method used in the experiment to associate momenta to the undetected proton and neutron, together with the chosen cuts, necessarily creates an artificial broad peak in the assumed $K^+ n$ invariant mass in the region of the claimed $\Theta^{+}(1540)$. It is shown that the LEPS fit to the data, used to make the claim of the $\Theta^{+}(1540)$, grossly distorts the background. An alternative fit, assuming a background plus a fluctuation, returns a background practically equal to the theoretical one and a fluctuation identical to the one seen in the experimental $K^- p$ spectrum of 2$\sigma$ significance.