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Axiom fraud leaves offshore providers exposed to massive claims for damages

November 19, 2012 by David Marchant

HIGHLIGHTS

  • Axiom's independent directors are still leading investors to believe the Fund is salvageable
  • Insider Jason Corbett closed down investment manager's Cayman office and flew off island with all computers and documentation
  • Insiders had "rape and pillage mentality", says former group employee
  • Investment manager kept 50% of all loans issued to British law firms as a "Facilitation Fee"
  • Portland Financial Management invoiced millions of pounds for work that was apparently never done
Offshore providers in the Cayman Islands, Isle of Man, and Switzerland face huge liabilities after allowing insiders to loot Axiom Legal Financing Fund of tens of millions of pounds. Those most at risk from being sued by Axiom's eventual liquidators appear to be DMS Group, JP Funds Group, BDO Cayman, and Ogier, all in the Cayman Islands; Turnstone Group, in the Isle of Man; and Portland Financial Management, of Switzerland.

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2 COMMENTS

  • Dan Wheeler
    By Dan Wheeleron Tuesday, November 20, 2012 1:08:46 PM

    Perhaps you should add Taylor Moor International Investments to this list who actively continued to promote this product long after it became clear that there was a major problem with the fund.

    • JamesArthur
      By JamesArthuron Tuesday, November 26, 2013 5:50:18 AM

      Rockfire Capital have also been added to this list, the director Liam Kavanagh has openly admitted involvement with the Axiom and received £180,000. You can read more about this criminal Liam Kavanagh from Rockfire Capital here https://www.offshorealert.com/GetDocument.aspx?id=45705

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