Gerard Lee Bevan
Gerard Lee Bevan | |
|---|---|
| Born | Template:Birth date United Kingdom |
| Died | April 24, 1936 (aged 66) Havana, Cuba |
| Occupation(s) | Financier, stockbroker |
| Known for | City Equitable scandal |
Gerard Lee Bevan (9 November 1869 – 24 April 1936) was a British financier widely known for his pivotal involvement in the City Equitable scandal. In December 1922, he faced conviction at the Old Bailey on fifteen charges of fraud, resulting in a seven-year sentence of penal servitude.
Early life
Born on 9 November 1869, Bevan was the fourth son of Francis Bevan, who held the position of chairman at Barclays Bank from 1896 until 1916. His education was completed at Eton College followed by Trinity College, Cambridge.
Career
Bevan, noted for his "magnetic charm," established himself as a stockbroker at Ellis & Co, a respected City firm, where he gained considerable acclaim and success prior to his eventual disgrace in the 1920s.
He held the role of chairman at the City Equitable Fire Insurance Co., which suffered losses amounting to £1,200,000 (in 1925 currency) due to poor investments and extensive fraud masterminded by Bevan. The ensuing 1925 legal proceedings, Re City Equitable Fire Insurance Co, involved the liquidator initiating claims against other directors for negligence. Although auditors were also sued, they were ultimately cleared by the Court of Appeal based on clauses within the company’s articles.
This episode is examined in Martin Vander Weyer's book Fortune's Spear: The Story of the Blue-Blooded Rogue Behind the Most Notorious City Scandal of the 1920s (2012).
Personal life
Bevan married Sophie Kenrick, who hailed from an affluent Midlands industrial family with ties to the Chamberlains. The couple acquired a home on Upper Grosvenor Street in Mayfair, London. He was a passionate collector of Chinese porcelain and was recognized for maintaining prominent extramarital affairs.
He entered into two marriages, fathered children, and passed away in Havana, Cuba on 24 April 1936.