Financial advisers arrested on conspiracy to defraud allegations

Kevin McMenamin and Alex Chamberlain

Two Nottingham financial advisers have been been arrested by the City of London Police investigating allegations of a major fraud at investment firm Kingsbridge Asset Management.

Kevin McMenamin, who founded Kingsbridge, and former employee Alex Chamberlain were questioned by police on suspicion of conspiracy to defraud. Both subsequently worked together at West Bridgford IFA Castlegate Capital.

Former Kingsbridge colleague Ian Battersby, co-founder of North West corporate advisory firm Seneca Partners, was also arrested last week. Battersby told the allegations are “groundless and without merit” and the three men have been released while the investigation continues.

Kingsbridge provided specialist financial advice to high net worth clients and invested money for a long list of international sports stars including Stuart Pearce, Rio Ferdinand, Wayne Rooney, Michael Vaughan and Andrew Flintoff.

The City of London Police believes there may be hundreds of people affected that may be victims of fraud.

It has launched a criminal investigation into the activities of Kingsbridge Asset Management and associated companies, alleging that “management and staff including financial advisors conspired together to defraud a large number of company clients, resulting in significant financial losses”.

Kingsbridge was created in 1992 and established itself as a specialist sports IFA. It was bought in a £4.5m deal in 2003 by Proactive Sports, which became Formation Group, before Kingsbridge ceased trading in 2010.

Police are now appealing for victims and information about suspected investment fraud schemes.

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