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Former Boodles boss admits fraud

12 April 2012

RODERICK Shand, former chairman of exclusive club Boodles, pleaded guilty on Monday to a £4m fraud. Shand, 58, diverted money from his family company, envelope manufacturer Simson Pimm, to finance debts run up in the late Eighties after investments in US coal plants went sour. He also used Simson's cash to cover Lloyd's insurance market losses and pay for his Boodles membership.

Shand, a business associate of the Queen's cousin, the fourth Marquess of Milford Haven, George Mountbatten, tried to cover his tracks, claiming Simson had suffered a number of irrecoverable debts.

But, in 1993, the drain on the company, established in 1934 by Shand's grandfather, forced it into administration. Following an investigation by the Serious Fraud Office, Shand was charged in 1999. He returns to Harrow Crown Court on 8 February for sentencing.

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