It was only nine months ago that Peter Cruddas was announced as the co-treasurer of the Tory party, appointed by party chiefs in June 2011 after a stellar career in the City of London. His resignation on Sunday follows allegations he promised undercover reporters access to the heart of government in exchange for donations to the Conservatives.
The son of a London market porter, Cruddas founded the internet securities trading firm CMC markets. The company specialises in making bets on financial markets.
It made him one of Britain's big business success stories, a self-made billionaire.
Just before becoming the senior Tory official he was one of the key backers of the successful campaign to reject the Alternative Vote system in last May's referendum.
PETER CRUDDAS RESIGNATION - FULL COVERAGE
His story sounds very much like the Tory maxim of hard work paying off, but he's also made statements in the past which fit in with the Big Society mantra popularised by David Cameron's inner circle.
He said: “In my case, The Scouts enabled me to escape a violent home situation and the inner city. I sincerely believe that I would not be where I am today had I not become a member. The mentoring provided helped me realise that I could achieve things which, in turn, built my self-confidence."
Despite this philanthropy, Cruddas has in the past made no secret of his exotic lifestyle. Last year the Mail reported him as saying: "I’ve got a £10 million apartment in Monaco, a £5 million house in England, another fantastic house in Antibes, a yacht and a private jet."
It was alleged that Cruddas was for some time a "non-dom", someone who keeps their financial affairs offshore, possibly to avoid paying full tax. However the Tories insisted that he had since transferred his domicile status to the UK.