Octopus Investments has said it will not offer any further clarification despite one of its portfolio managers being found guilty of stealing £110,000 from the company.

Former employee John Campbell was convicted of fraud and hit with a 12-month prison sentence, suspended for two years, for stealing money as part of a football ticketing scam.

John Campbell managed a £220 million portfolio, specialising in Enterprise Investment Schemes (EIS), which offer tax breaks to investors for supporting start up companies.

He was running no less than 75 firms (using EIS) when he was arrested.

He made his money by claiming the company would have to pay an introduction fee to a third party for block bookings of football tickets to clubs such as Manchester United and Burnley, as well as Championship club Derby County. 

Guy Miles, managing director of Octopus Investments told What Investment.co.uk that he was unable to be more helpful.

He said, ‘I have asked around and we don’t have any further comments that we would want to make on this.’

It is understood that Octopus confronted the rogue portfolio manager in April last year and Campbell subsequently has repaid all of the money.

However, in addition to his suspended sentence, he will also have to complete 200 hours of community service.