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 £858,000 ($1.38 million) of funds, the Department for Business Innovation and Skills’ Insolvency Service said.

He also invested at least £402,500 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 £1,250,000 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.