Spencer Lodge, regional director at de Vere Group is being sued by The Elton John Aids Foundation for failing to honour a £700,000 bid made at a charity auction, according to media reports.
Lodge, who is based in Dubai, signed a contract promising to pay the money to the foundation, according to reports in the Mirror Newspaper, but is yet to pay up more than a year after the event took place.
Lodge made the bid, for a day out with John and his husband David Furnish, at the charity’s White Tie and Tiara Ball in June 2010. Another bidder had already offered £650,000 for the prize, before Lodge made his higher bid.
Lodge’s employer, De Vere Group describes itself as ‘the world’s largest firm of independent financial advisers’ and has 44 advisers in offices in more than 40 countries, with over £5bn of assets under advice and management.
Last year Lodge was fined $800 by a Vermont court when he was found to have driven a rented Lamborghini Spyder at more than 104mph on the local freeway during a Cannonball Run-style event for sales staff, according to media reports.
Lodge was not available for comment at time of publication.