Financier Sues Ex-CEO For £12M Loss On Risky Loans

Law360, London (May 6, 2020, 5:26 PM BST) -- An alternative financier that uses luxury assets as collateral has sued its founder and former chief executive in London, seeking at least £12 million ($14.8 million) in compensation after uncovering significant losses and regulatory breaches.

Lending business Borro Group has accused Paul Aitken of failing to exercise reasonable skill and care when he set up several loans for customers between 2011 and 2017 secured to luxury items including paintings and bronze castings that weren't verified as authentic or valued accurately.

The High Court suit seeks damages for the losses Borro claims to have incurred because of Aitken's conduct while he was...

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