Wealth Manager - the site for professional investment managers

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.
Citywire TV
Brewin's Gutteridge: the opportunities in UK challenger banks

Brewin's Gutteridge: the opportunities in UK challenger banks

In this week's podcast, Brewin Dolphin's Ben Gutteridge and Guy Foster, discuss opportunities in the global financials sector with Aptus' Johnny De La Hey.

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Your Business: Cover Star Club

Profile: how Close Brothers gave power back to the regions

Profile: how Close Brothers gave power back to the regions

Almost a year into the role, Close Brothers Asset Management head of wealth management Andy Cumming has highlighted three keys areas of focus

Wealth Manager on Twitter