View the article online at http://citywire.co.uk/new-model-adviser/article/a658530
Ex-fund manager loses battle against NatWest over 'Ponzi scheme'
by Daniel Grote on Feb 14, 2013 at 07:20
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.
News sponsored by:
Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.
Today's top headlines
More about this article:
More from us
What others are saying
by William Robins on Apr 17, 2014 at 12:21