FRAUD TRIAL: North Devon financial adviser says he was the victim of scam - North Devon Journal
A financial adviser has denied defrauding four elderly customers and told a jury he was also the victim of an alleged investment scam. Marc Payne says he invested £50,000 of his own money into a drinks firm because he was assured it had a marketing contract to use the names of the MCC and Lords Cricket Ground. He advised four clients to put money into the venture because the firm called SPS produced financial projections which claimed it had major contracts with supermarkets and a forecast turnover of £6 million. Payne is a former investment adviser with the Portman Building Society who was a partner in a firm called St James Place Wealth Management when he made the investments in 2008 and 2009. He denies breaking financial services regulations because he... Mark Chapman has admitted misusing the company's assets and the prosecution allege money was spent on paying his mortgage and buying a Range Rover Sport, a Porsche Boxster, and a Mini Cooper instead of being invested. Source: www.northdevonjournal.co.uk
