A financial adviser has received substantial damages after being falsely accused of stealing £5m by the Mail on Sunday newspaper.
Peter Carron, who ran mortgage brokerage Primrose Associates, was accused of duping clients into a Ponzi-style fraud scheme worth around £5m by the newspaper in July 2010.
The article, headlined "Primrose Pimpernel", said Carron had breached the trust of his clients.
The case reached the High Court of Justice last Thursday and Associated Newspapers, publisher of the Mail on Sunday, agreed to pay Carron substantial damages and legal costs.
At the time Carron was also working at St James's Place Wealth Management Group, a wealth management firm, and provided different financial services through other businesses such as Primrose.
Primrose Associates was liquidated in June 2010 due to financial losses sustained during the economic crisis of 2008.
A statement given by Carron's counsel during last week's hearing said: "These allegations were not only seriously defamatory, they were entirely untrue.
"A police investigation was launched against the claimant, but no charges were brought.
"The claimant commenced these libel proceedings against the defendants. The allegations had caused him very substantial damage to his reputation and serious distress.
"On Tuesday this week the proceedings were resolved. The defendants have agreed to pay the claimant substantial libel damages and his legal costs. They have also agreed to publish an apology to the claimant in the next edition of the Mail on Sunday.
"The claimant having achieved the vindication he has sought, these proceedings are now at an end."
An apology in the newspaper read: "In an article on 25 July 2010 ('Primrose Pimpernel') we published allegations that Peter Carron, a former partner at wealth managers St James Place, was guilty of stealing some £5m in breach of trust from his clients in a Ponzi-style fraud.
"We accept the allegations were untrue. We apologise to Mr Carron."
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