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Articles Australia Axiom Legal Financing Fund Cayman Islands Featured Fraud Hong Kong Investments Isle of Man Liquidations & Insolvencies Marshall Islands Singapore United KingdomNovember 5, 2012

Axiom Legal Financing Fund appears to be a Ponzi scheme

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By
9 years ago

Topics

Australia Cayman Islands Fraud Hong Kong Investments
Isle of Man Liquidations & Insolvencies Marshall Islands Singapore United Kingdom
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Keywords

Andrew Lindsay Andrew Walsh Ashton Fox Solicitors Limited ATM Solicitors Limited Axiom Legal Financing Fund
BDO Bracewell Law Carlton Consulting Limited Check Mate Audits Limited Chris Hutchings Christopher Hale Cliffcot Ltd. Dale Stephenson David McIntosh QC David Rae Dr. Jason Corbett Emmetts Solicitors Limited Frion Ltd. Geoff Signey Graham Hampson Hamlins LLP Hotel le Chalet Blanc Ingrams Solicitors Limited Inspired Personal Training Jennifer Smith JP Fund Administration (Cayman) Ltd. KPMG Legal Direct Lindsay Emmett Marina Frankel Martin Laidlaw Mountivation Limited Nathan Bloch Noble Finance Ltd. Paul Stott Professor Gordon Walker Richard Emmett Richard Mason Rodney Warren & Co. Ronan Guilfoyle Sadira Ltd. Signey Law Ltd. Synergy (IOM) Limited Tandem Law Tandem XJA Limited Tangerine Investment Management The Synergy Solution Limited Timothy Schools Turnstone (Europe) Limited
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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

Related Content

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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    David Marchant

    David Marchant is the founder, owner, and editor of OffshoreAlert. He is a career journalist who has lived and worked in Wales, England, Bermuda, and the USA. Since launching OffshoreAlert in 1997, he has exposed more than 175 investment fraud and money laundering schemes and helped law enforcement, regulators, and asset recovery specialists imprison, discipline, and seize the assets of those responsible. Fraudsters have sued for defamation in Canada, Cayman Islands, England, Grenada, Panama, and the United States, with several plaintiffs subsequently going to prison, including one for 17 years. He has appeared in TV shows and documentaries, including The Daily Show with Jon Stewart, American Greed, We're Not Broke, and The Price We Pay and been quoted or referenced in countless news articles, books, and reports.

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