Welcome to our new website! Let us know what you think..

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Former hedgie loses £26m 'Ponzi' scheme court battle

Former hedgie loses £26m 'Ponzi' scheme court battle

Former hedge fund manager Jeremy Stone has lost his court battle with NatWest over an alleged Ponzi scheme.

Stone, a one-time manager at Marble Bar Asset Management, was seeking 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 around Essex-based company Saunders Electrical Wholesalers,  The firm was run by Jolan Saunders and Amlin was its relationship manager. Stone invested around £20 million in the scheme.

Sitting in the High Court, Judge Philip Sales ruled 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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: why Chris Wyllie joined Connor Broadley

Profile: why Chris Wyllie joined Connor Broadley

Professional footballers are not renowned for their financial acumen, but former Millwall player James Connor is an exception to the rule

Wealth Manager on Twitter