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Police investigate advice firm over suspected fraud

Spotlight on charges 700x450.jpgThe City of London Police has launched a criminal investigation into Kingsbridge Asset Management over allegations of fraud.

In 2015, Kingsbridge advisers David McKee and Kevin McMenamin were thrust into the spotlight after reports they earned more than £5m from recommending film scheme investments worth a total of £100m to some of the biggest names in British football.

A statement from the police today says it is alleged management and staff at Kingsbridge “conspired” to defraud a large number of clients, which resulted in significant losses.

Kingsbridge stopped trading in 2010 but it is understood there could be hundreds of people affected by the alleged activity.

The City of London Police are calling for former clients of company who believes they have been defrauded, or people with information about Kingsbridge’s activities, to come forward.

Yesterday, three men – a 60-year-old from Blackburn, and a 61-year-old and 38-year-old from Nottinghamshire – were arrested on suspicion of conspiracy to defraud in connection with the investigation.

The three men have been released under investigation.

City of London Police detective superintendent Perry Stokes says: “We are aware there may be many people impacted by the activities of this company and it is vital those affected come forward so their voices are heard and we are able to support them and provide the advice that they may need.”

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  1. So where are the FCA in all this. Asleep on the job? What’s the point of the regulators?

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