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Former Burns Anderson AR charged with £8.3m fraud
A 46-year-old former appointed representative of Burns Anderson – now Honister Capital – has been charged with 40 offences of fraud by false representation totalling £8.3m.
Grahame Whitehead, company director of financial planning firm Woodbridge Financial Services, has been charged by Essex Police and is next due to appear in Basildon Crown Court on 16 October for a plea and case hearing.
According to the FSA's register, Mr Whitehead's business was an appointed representative of Burns Anderson between September 2002 and July 2008.
Last week Financial Adviser revealed Honister Capital Limited paid a total of £5.3m for the advisory and direct businesses of The Money Portal Limited after the latter went into administration in June .
According to the administrative receiver's report from Ernst & Young published on Monday, Honister Capital, headed by former TMP chairman Peter Simon, paid £5.1m in respect of shares in Willis Owen Limited.
It then paid £100,000 each for shares of Sage Financial Services Limited and the Burns Anderson Group, comprising of Burns Anderson Limited, Burns Anderson Financial Limited and Concept Promotions and Marketing Limited.
The report showed Honister Capital also bought certain assets of Bates Investment Services Limited, excluding regulatory capital, for £1. A £1m intercompany debt from Bates to Burns Anderson was written off.
