Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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: Rathbone's Newcastle boss on the road to £1bn

Profile: Rathbone's Newcastle boss on the road to £1bn

Starting from zero assets on day one, Rathbone's Newcastle team now looks after just over £400 million in clients money

Wealth Manager on Twitter