Fraudulent Trading | Axiom Fund | Rosenblatt’s Financial Crime Team
27th August 2020
On 21st August 2020 the Serious Fraud Office announced three men had been charged with fraud related offences following an investigation into the collapse of the Axiom Legal Financing Fund which has been on-going since 2014.
Serious Fraud Office Investigation | Rosenblatt’s Financial Crime Team
Axiom Legal Financing Fund was a Cayman Islands fund that had been intended to pay for case disbursements.
The fund would loan money to “no win, no fee” lawyers and was marketed to UK investors and advisors.
It is alleged that a number of parties acted fraudulently in relation to sums of up to £100m. The fund was an unregulated collective investment scheme.
In February 2013, Grant Thornton was appointed receiver of the fund after its suspension in 2012.
The Serious Fraud Office has charged David Kennedy, a 67 year old former Independent Financial Advisor with one count of fraudulent trading; Timothy Schools, a 59 year old former solicitor with three counts of fraudulent trading, one count of fraud and one count of transferring criminal property and Richard Emmett, a 47 year old former solicitor with one count of fraudulent trading and one count of being concerned in an arrangement which facilitates the acquisition, retention, use or control of criminal property by another.
Both Solicitors were struck off in 2014 and 2018 respectively following proceedings before the Solicitors Disciplinary Tribunal.
Criminal Prosecutions | Rosenblatt’s Financial Crime Team
The case will be listed at Westminster Magistrates’ Court on Wednesday 30th September 2020.
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