St James’s Place (SJP) has handed over £1.25 million to compensate and redress the clients after its partner misappropriated thousands of pounds of client funds.
According to the Insolvency Service, Christopher Bladen, who served as an SJP partner between July 2009 and November 2012, has allegedly misappropriated £858,000 of client funds and also invested at least £402,500 in unauthorized funds.
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SJP said it had surrendered the evidence linked to Bladen’s misconduct’ to Kent Police and has agreed to repay his clients £1.25 million in compensation and redress.
Insolvency Service said that its investigation found that Bladen had received the funds given to him for investment, either by cheques made payable to himself or paid directly into his personal bank account. Bladen has changed the payee details on cheques for his own benefit and used the money to fund his own lifestyle.
Bladen has been banned from running a company for 14 years until September 2027 without leave of the court.
A spokesman for St. James’s Place said: "Late last year we discovered serious misconduct by one of our partners. We immediately terminated his contract, informed Kent Police and have ensured none of our clients were disadvantaged.
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By GlobalData"All evidence and information was passed to Kent Police in 2012 and the matter is in their hands. It would therefore be inappropriate for us to comment any further whilst they carry out their enquiries."
