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More red flags regarding fast-growing Axiom Legal Financing Fund

October 10, 2012 by David Marchant

HIGHLIGHTS

  • £5.2 m went to law firm whose current owner has a shocking disciplinary record
  • First audit shows all loans went to law firms affiliated with Fund principal Tim Schools
  • Flowchart shows how Schools profits from a maze of related-party transactions
  • Insurance provided by unregulated, unaudited firm accused of $10 m fraud
  • One debt-ridden, Schools-owned law firm received £7.9 m

As investors continue to pour millions of pounds each month into Cayman Islands-domiciled Axiom Legal Financing Fund, OffshoreAlert has uncovered more red flags, including conflicting financial statements, £7.9 million loaned to a debt-ridden law firm owned by Axiom's principal, and insurance provided by an unregulated, unaudited firm that is currently defending a fraud lawsuit brought by one of its clients.

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