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.