MoS pays damages to advisor accused of Ponzi fraud

A financial adviser falsely accused of stealing some £5 million from his clients in a massive Ponzi-style fraud has received an apology and substantial damages from Associated Newspapers.

The allegation against Peter Carron was made in an article headlined "Primrose Pimpernel" which appeared in the Mail on Sunday on 25 July, 2010.

"These allegations were not only seriously defamatory, they were entirely untrue," Carron's counsel, Matthew Nicklin, told Mr Justice Tugendhat in the High Court on Thursday last week.

"A police investigation was launched into the allegations made against the claimant, but no charges were brought against the claimant."

Carron, he said, worked for financial services group St James's Place Wealth Management Group PLC, from 1992 to 2010.

At the same time, and with the firm's knowledge, he was engaged in other business ventures providing different financial services.

One of these, which Carron owned, was a mortgage brokerage called Primrose Associates, which suffered financial losses at the time of the global economic turmoil of 2008 and was liquidated in June 2010.

Associated Newspapers, he said, had agreed to pay Carron substantial damages and his legal costs.

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