A former St James’s Place advisor has been served with a 14-year Bankruptcy Restriction for breaching trust and misappropriating client funds.

A former St James’s Place advisor has been served with a
14-year bankruptcy restriction for breaching trust and misappropriating client
funds.

An investigation found that Christopher Nicholas Bladen had
abused his position of trust by embezzling at least ÂŁ858,000 ($1.38 million) of funds, the
Department for Business Innovation and Skills’ Insolvency Service said.

He also invested at least ÂŁ402,500 in funds he was not
authorised to, over the period from July 2009 to November 2012, during which
Bladen was a self-employed advisor with SJP.

“Mr Bladen held a position of trust whilst acting as a
financial advisor. He took advantage of this to abuse this position choosing
instead to exploit the trust his clients placed in him for his own gain,” said
Andrew Stanley, official receiver for Kent Official Receiver’s office.

As a result of the investigation, London-headquartered SJP has repaid or offered
his clients a total of ÂŁ1,250,000 in compensation and redress.

In addition to the misappropriation of funds, the
investigation also showed that Bladen received the funds given to him for
investment, either by cheques made payable to himself or paid directly into his
personal bank account.

He then used the money to fund his own lifestyle, gamble and
pay creditors, including clients whose money he had used, the Insolvency
Service said in a statement.

According to SJP, ten clients were impacted.

“Late last year we discovered serious misconduct by one of
our Partners. We immediately terminated his contract, informed Kent Police and
have ensured none of our clients were disadvantaged,” the firm said in a
statement.

According to the Insolvency Service, the 14-year restriction
is the highest possible period tariff for a bankruptcy restriction undertaking.