Frequency splitting based simultaneous wireless information and power transmission (FS-SWIPT) is one of the novel SWIPT schemes that can be used with orthogonal frequency division multiplexing (OFDM) or with other frequency division multiplexing techniques. In this work, we implement FS-SWIPT with OFDM signals and adopt separate subcarriers for data and energy carrying symbols. The main advantage of FS-SWIPT is that the data symbols do not suffer energy loss. However, the amplification of high power symbols can lead to nonlinear distortion and considerable performance degradation. To tackle the nonlinear distortion effects, we propose a joint signal detection and distortion compensation scheme. This compensation technique takes advantage of the known energy symbols and improves the performance comparatively with the case where energy symbols are not transmitted. We validate the analytical results of the nonlinear distortion effects and analyse the improvements in bit error rate (BER) performance of FS-SWIPT by using Monte Carlo simulations.