Tuesday, 31 March 2015
Last updated 44 min ago
Jan 13 2014 | 9:41am ET
Sloane Robinson co-founder Hugh Sloane is suing his former tax advisers over a deduction that wasn't.
Sloane, who stepped down as CEO of his hedge fund in 2012, invested £2.4 million in a film investment company run by investment bank Zeus Capital in 2008. By the end of the year, it was a total loss.
Still, the news was not all bad for Sloane, since, according to his lawsuit, Saffery Champness had told him that losses on the venture would qualify for tax relief. But when he sought to claim that relief, Britain's Revenue and Customs would have none of it—and opened investigations both into the "Zeus Scheme" and into Sloane's tax return.
According to Sloane, Saffery partner Gilbert Holbourn had ignored a warning from another partner at the firm that the Zeus deal was "frankly suspicious," and failed to disclose that it received a £123,264 commission from Zeus.
Sloane's lawsuit called Saffery's actions "astonishing and repugnant." He is seeking £2.5 million for breach of fiduciary duty and negligent misrepresentation.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…