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:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.
More about this article:
More from us
What others are saying
by Himanshu Singh on Jul 27, 2014 at 05:16