City of London Police will take no further action against former St James’s Place adviser Peter Carron after dropping its investigation into alleged fraudulent use of over £4m of client funds.
Carron advised SJP clients to invest in his firms Primrose Associates, Comment Technologies and Evaluate Technologies.
The firms were put into liquidation last year following concerns over debt levels.
Evaluate Technologies is understood to be the development company for IT projects that were funded by Primrose.
In a statement today, City police says a 41-year-old male had been released from police bail.
The statement says: “A 41-year-old man was arrested on 15 July 2010 on suspicion of fraud offences. He has been released from police bail. After reviewing the case the Crown Prosecution Service decided there was insufficient evidence for a realistic prospect of a conviction. City of London Police will take no further action.”