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FSA censures ex-SJP parter Carron for fraud
02 September 2010
Former St. James's Place senior partner Peter Carron has been censured by the FSA for defrauding customers. Earlier this month, the wealth management firm offered £2m compensation to some investors who were allegedly misled by Carron. The FSA is advising any customers who have made investments through Carron, who was also owner of liquidated IFA firm Primrose Associates, to contact the regulator immediately. It says it has received information Carron misappropriated client's investments into his ‘special project account'. In June, reports suggested Carron took money from SJP clients and used it to back a number of personal ventures which collapsed, by which time a number of customers were learning their investments were not with SJP and were probably worthless. Carron was arrested last month. He is currently also embroiled in a High Court battle with SJP to claw back a £184,000 loan. Published by IFAOnline
