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Ex-fund manager loses battle against NatWest over 'Ponzi scheme'

by Daniel Grote on Feb 14, 2013 at 07:20

Ex-fund manager loses battle against NatWest over 'Ponzi scheme'

Former hedge fund manager Jeremy Stone has lost his High Court case against NatWest over an alleged Ponzi scheme.

Jeremy Stone, former portfolio manager at Marble Bar Asset Management, had sought up to £26 million in damages from NatWest and its employee Paul Amlin, claiming the bank was negligent for not spotting fraudulent activity.

NatWest operated accounts used in the alleged fraud, which centred on Essex-based company Saunders Electrical Wholesalers, run by Jolan Saunders, and Amlin was the relationship manager with the company. Stone invested around £20 million in the scheme.

Judge Philip Sales rejected Stone’s claim, ruling that Aplin had good reason to believe Saunders was running a legitimate business and ‘did not shut his eyes to the truth’.

The Serious Fraud Office said last year it was investigating Saunders Electrical Wholesalers.

2 comments so far. Why not have your say?

Ian Lees

Feb 14, 2013 at 09:52

Nastywest refused me access to £ 1,000 in cash from my own bank account under the fraudulent activity of their . . . . . Nastywest managers - when I went into the branch with passport and cheque book. Nastywest bank now partly owned by the RBS ( often referred to as The Robbing Bank of Scotland - a title they deserve when swindling consuemers and other banks with their Libor fixing etc., - and significant payments to negligent operateives and employees such as Mr Stephen Hester ), but 80 % taxpayer owned - clearly was insolvent. What a laugh we had when I telephoned the Police - who did not attend - nor did they investigate ?

INstead Nastywest bank Rules permitted £ 999 -00 to be withdrawn ( by management ) - and the bank teller asked if I had a " Penny ?" I did not need it for the local toilet - so I offerred her it - and she gave me £ 1,000 in cash - circumventing ALL the Nastywest Rules in front of her incompetent and insolvent manager ? Now apparently they claim to be " helpful ", - yet still insolvent and still abusing consumers by their swindle .

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Fair's Fair

Feb 14, 2013 at 15:13

@ Ian Lees

So why still bank with them?

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