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Police launch fraud investigation following David Seaton’s death

The police have launched a fraud investigation following the death of former Rowanmoor Pensions joint managing director David Seaton.

Seaton’s body was found on a beach in Boscastle in September after he had been missing for over a week.

A fraud investigation is being carried into allegations that Seaton defrauded the firm out of £1.6m between 2001 and 2005.

Rowanmoor Pensions managing Ian Hammond says:  “I can confirm that after David Seaton’s death the Board conducted investigations into his business activities and fraudulent activity against a single client was uncovered. This was reported to the police by the Board and is now subject to police investigation.  As a result, we are unable to discuss details of the case at this stage.

“We are confident that this was a one off issue and affects one client only.  Rowanmoor is fully restoring the missing funds so there will be no loss to the client. Rowanmoor Pensions is financially strong and continues to run as normal  it discovered fraudulent activity involving David Seaton in an investigation of his business activities which followed his death.”

A spokesman for Wiltshire Police says: “We can confirm that we are investigating allegations of fraud and theft involving David Seaton. As enquiries are currently ongoing it would not be appropriate to comment further at this stage.”

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Comments

There are 14 comments at the moment, we would love to hear your opinion too.

  1. One has to wonder how his fellow directors failed to spot the problems earlier, as with any company run by a collective, Northern Rock for example, the question is how accountable are individuals to the others and what systems and controls are in place to ensure this sort of thing is caught before serious fraud comes to light many year later following an unfortunate, and avoidable, death.

  2. Always easy to say in hindsight and a question of reason to suspect and how well hidden the offense was.

    I feel very sorry for his family, having to endure this shame too. Very sad situation.

  3. We directly asked at the time of David Seatons death, senior management categorically stated this sad demise had nothing to do with his position at Rowanmoor. What else shall we believe when dealing with this company!

  4. I am sorry to say that I am always a little suspicious when I hear of a suicide from someone working within financial services. I thought this when I heard of David Seatons sad demise.

  5. It’s all very well to say that management were asked at the time and said it was nothing to do with his position…has this person ever considered that things DO come to light over time and not immediately after. It’s very shortsighted to think that the whole company is tainted.

    Furthermore, dealing with things after a suicide is a very traumatic and harrowing process, no matter what the possible reasons were behind it.

  6. Anonymous at 10.58 yesterday is an insensitive buffoon. Quite agree with message at 1.41pm. Having dealt with this situation before, these things are not always immediately apparent.

  7. Fifty years ago my father was a very successful street then licenced bookmaker One of the many pieces of wisdom he passed to his children was ‘ Where there is money there is a thief”.

    A widely held maxim in the finance industry.

    I have no comment about Davids situation except to send his family my best wishes (I did not know David and never dealt with him)

    However the reality is that Rowanmoor Management and others have simply not learned the lesson and placed the necessary anti fraud systems necessary to obviate fraud.
    (If Fraud is the case).

    Finally please remember a dead man cannot defend himself.

  8. David Trenner - Intelligent Pensions 23rd December 2009 at 12:07 pm

    “Finally please remember a dead man cannot defend himself.”

    Particularly against anonymous bloggers!! MJW is the first person to identify himself.

  9. Neil F Liversidge 23rd December 2009 at 2:49 pm

    With topics like this, where a suicide is involved, I am not even sure that it is appropriate to have a comment thread. No doubt any missing money will be sorted one way or another, even if we end up with a surcharge. Best wishes to Mr Seaton’s family is all I can say.

  10. If certain anonymous posters had bothered to read (and more importantly, digest) the rather more detailed FT.com article on this matter they would have spotted that the alleged fraud pre-dated Mr. Seaton’s time at Rowanmoor – doh!
    Still, an eye for detail has never been a prerequisite for the majority of financial advisors has it?

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  14. Admittedly this was some 8 years ago.
    One thing I noticed is that in 2009 and 2010 Rowanmoor were awarded SSAS provider of the year by MoneyFacts.
    For Rowanmoor to be given those awards in these circumstances beggars belief.

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