Crown Office prosecutors DROP case of £400m collapsed hedge fund boss Gregory King ... The lawyer and three other men were reported to prosecutors after a fraud probe into Heather Capital ... But £28.4m claim against suspended sheriff Peter Watson and some past and present Levy & McRae partners continues
CROWN prosecutors will take no action against four men following a fraud probe into a collapsed £400 million finance firm. Lawyer Gregory King, 49, and three others were reported to the Crown by detectives who investigated his hedge fund Heather Capital which was based in the Isle of Man. Heather, launched by King in 2005, attracted investors from around the world and loaned money to fund property deals. Following its 2010 collapse, Heather’s liquidator Paul Duffy claimed that around £90million was unaccounted for and a police fraud probe resulted in the four men being reported to the Crown Office in April 2013. An Isle of Man court judgement likened Heather to a ‘Ponzi’ scheme, made famous by US financier Bernie Madoff who was jailed for 150 years in 2009. The other three reported by police were lawyer Andrew Sobolewski, of Bridge of Weir, Renfrewshire, Andrew Millar, of Cambuslang, near Glasgow, and Scott Carmichael, of Thorntonhall, near Glasgow. Last year