Ex-Pru man tells court he didn't offer advice - FT Adviser
The company, which was called Specialist Packaging Solutions (SPS) or CMS Drinks, folded in 2012 and a group of seven investors from north, mid and east Devon lost all their money. Lee, aged 49, of Merton in Devon, denies five counts of fraud and three of contravening regulations which control financial services. Lee Chapman is the brother of the company’s founder and managing director Mark Chapman, who changed his plea and admitted fraud at the end of the second week of his trial at Exeter Crown Court. The prosecution say he bought a Range Rover Sport, a Porsche Boxster, and a Mini Cooper for himself or his family out of money invested in the venture. His brother Lee is still on trial and told the jury his role in the company was restricted to organising the outsourcing of production of Lords branded spirits and suncream. The prosecution say he deceived pensioners Gwendoline Snell, Gertrude Hill, and Victoria Ford into investing a total of £112,281 into SPS by telling them it was a business investment. Financial adviser Marc Payne, aged 43, of Higher Hearson in Swimbridge, North Devon, has also denied one count of fraud and four of carrying on a regulated financial activity without authorisation. Source: www.ftadviser.com
