Trafalgar Multi Asset Trading Company Ltd v Hadley & Ors [2023] EWHC 1184 (Ch) (19 May 2023)

Trafalgar Multi Asset Trading Company Ltd v Hadley & Ors [2023] EWHC 1184 (Ch) (19 May 2023)

The court found that the defendants, particularly Mr Hadley and his associates, orchestrated a series of unlawful, self-dealing, and uncommercial transactions designed to extract and misappropriate pension funds from Trafalgar, in breach of fiduciary duties, involving unlawful means conspiracy, dishonest assistance, unconscionable receipt, and bribery. The investments were not genuine commercial transactions but vehicles for fraud and personal enrichment, and regulatory requirements under FSMA were breached.

Citation
[2023] EWHC 1184 (Ch)
Parties
Claimant: Trafalgar Multi Asset Trading Company Limited (In Liquidation); First Defendant: James David Hadley; Second Defendant: Thomas William Gordon Biggar; Third Defendant: Stuart Neil Chapman-Clark; Fourth Defendant: Andrew Christopher Jones; Fifth Defendant: Titan Capital Partners Limited; Sixth Defendant: CGrowth Capital Bond Limited; Seventh Defendant: William Macfarland Wright III; Eighth Defendant: Pinnacle Brokers Limited (In Liquidation); Ninth Defendant: Mark Lloyd; Tenth Defendant: Vivere Forti International Foundation; Eleventh Defendant: Kirsty Louise Platt; Twelfth Defendant: Platinum Pyramid Limited (In Liquidation); Thirteenth Defendant: Bentley Jarrard Thwaite
Jurisdiction
England and Wales
Judgment Date
19 May 2023
Procedural Posture
Civil (chancery Division) / High Court Trial Judgment
Outcome
Claims substantially upheld against principal defendants; judgment for the Claimant.
Legal Topics
Unlawful Means Conspiracy, Breach of Fiduciary Duty, Dishonest Assistance, Unconscionable Receipt, Bribery, Vicarious Liability, Financial Promotion Restrictions, General Prohibition Under FSMA
Commercial Law Equity and Trusts Financial Services Law Company Law Fraud Unlawful Means Conspiracy Breach of Fiduciary Duty Dishonest Assistance +5 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 6 Authorities cited 9 Party arguments 2 Amounts and remedies 6
Sign in to unlock

Parties

Trafalgar Multi Asset Trading Company Limited (In Liquidation)

Claimant

James David Hadley

First Defendant

Thomas William Gordon Biggar

Second Defendant

Stuart Neil Chapman-Clark

Third Defendant

Andrew Christopher Jones

Fourth Defendant

Titan Capital Partners Limited

Fifth Defendant

CGrowth Capital Bond Limited

Sixth Defendant

William Macfarland Wright III

Seventh Defendant

Pinnacle Brokers Limited (In Liquidation)

Eighth Defendant

Mark Lloyd

Ninth Defendant

Vivere Forti International Foundation

Tenth Defendant

Kirsty Louise Platt

Eleventh Defendant

Platinum Pyramid Limited (In Liquidation)

Twelfth Defendant

Bentley Jarrard Thwaite

Thirteenth Defendant

Procedural Posture

Civil (chancery Division) / High Court Trial Judgment

Legal Issues

  1. 1 Whether the defendants engaged in unlawful means conspiracy to injure Trafalgar
  2. 2 Whether there was breach of fiduciary duty by investment managers
  3. 3 Whether there was dishonest assistance and unconscionable receipt

Ratio Decidendi

The court found that the defendants, particularly Mr Hadley and his associates, orchestrated a series of unlawful, self-dealing, and uncommercial transactions designed to extract and misappropriate pension funds from Trafalgar, in breach of fiduciary duties, involving unlawful means conspiracy, dishonest assistance, unconscionable receipt, and bribery. The investments were not genuine commercial transactions but vehicles for fraud and personal enrichment, and regulatory requirements under FSMA were breached.

Court Disposition

Claims substantially upheld against principal defendants; judgment for the Claimant.

Orders

  • Defendants held liable for unlawful means conspiracy, breach of fiduciary duty, dishonest assistance, unconscionable receipt, and bribery.
  • Orders for restitution of misappropriated funds to Trafalgar.