Ex-Hedge Fund Manager Lost Claim on Ponzi Fraud RBS Account
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A former hedge-fund manager who invested about 20 million pounds ($31.3 million) in a Ponzi scheme lost a claim against Royal Bank of Scotland Group Plc’s NatWest unit, which operated accounts used in the fraud.
Jeremy Stone, a former portfolio manager at Marble Bar Asset Management LLP, sued NatWest and an employee, Paul Aplin, seeking as much as 26 million pounds. He claimed Aplin and the bank were negligent for not spotting suspicious activity.