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Axiom Legal Financing Fund appears to be a Ponzi scheme

November 05, 2012 by David Marchant

HIGHLIGHTS

  • Fund's biggest borrower owed £50 m in June but had no cash to repay it
  • Axiom insiders Tim Schools and David Rae on payroll of insolvent borrower
  • Borrower ATM Solicitors so-named because Schools considered it his "cash machine"
  • Audio recordings of insiders discussing the scheme
  • Forged document sent to Fund auditor BDO Cayman
New evidence uncovered by OffshoreAlert indicates that the recently-suspended Axiom Legal Financing Fund is hopelessly insolvent as a result of self-dealing and fraud by insiders. The Cayman Islands-domiciled Fund, which has raised more than £117 million, appears to be a Ponzi scheme.

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