Axiom Legal Financing Fund

    After OffshoreAlert exposed Axiom Legal Financing Fund in August 2012, the litigation funding-based investment scam quickly collapsed and 12 British attorneys were later struck off, including the scheme's principal, Timothy Schools, who misappropriated most of the approximately £100 million that was raised from investors and was convicted of fraud and money laundering in England in 2022, for which he was sentenced to 14 years in prison. A special shout out to David McIntosh QC, a former president of the Law Society of England and Wales who represented Schools in a libel complaint against OffshoreAlert, threatened to sue a London hotel if we mentioned his client's scam at a conference we were holding there, and - without a hint of irony - questioned OffshoreAlert’s “integrity”, all on behalf of a person that even cursory due diligence would have shown to be a crook. It's also worth mentioning that London’s Metropolitan Police issued OffshoreAlert's publisher with an ‘harassment warning’ and threatened him with arrest after Schools' adult daughter, Lisa Schools, who was “Senior Administrator/Office Manager" of two firms that participated in the fraud, including one that received more than £50 million, made false allegations against him. Given that Timothy Schools is a former policeman, it was difficult not to believe that the notoriously corrupt Met was simply doing him a favor.
    Timeline
    12

    May

    2024

    Letter purports to link cyber attack on OffshoreAlert’s website to British fraudster David Kennedy

    OffshoreAlert has received a bizarre ‘Cease and Desist’ letter that purports to link last week’s prolonged cyber attack on our website to British investment fraudster David Kennedy, who was criminally convicted in England on May 3rd for his involvement in a £121 million investment fraud perpetrated by Cayman Islands-domiciled Axiom Legal Financing Fund, which collapsed after being exposed by OffshoreAlert in 2012.

    09

    May

    2024

    ‘Remove details of David Kennedy’s conviction or I will continue to disrupt your website’, writes ‘Hardpink Legal’

    Bizarre letter from "Kojo Menne Asamoah DBA Hardpink Legal" demanding the removal from OffshoreAlert's website of details of the fraud conviction of David Kennedy for his role in the £121 million scam perpetrated by Cayman Islands-domiciled Axiom Legal Financing Fund, which collapsed after being exposed by OffshoreAlert in 2012. Remarkably, the author - who used a throw-away email address and may have been using a pseudonym - essentially claimed responsibility for a cyber attack on OffshoreAlert's website last week, which began three days after Kennedy's criminal conviction in England on May 3rd, 2024, ending the letter with the threat that "Failure to comply with this demand will continue with disruption of your service provided [by] Rackspace and Armor via all means necessary."
    03

    May

    2024

    Axiom Legal Financing Fund: ‘David Kennedy Fraud Conviction’ (U.K. SFO News Release)

    News Release by the United Kingdom’s Serious Fraud Office that, following a re-trial, it had “secured the conviction of former investment manager David Kennedy” for his role in cayman Islands-domiciled Axiom Legal Financing Fund, which collapsed after being exposed as a fraud by OffshoreAlert in 2012.

    11

    August

    2022

    UK SFO News Release: Timothy Schools Conviction & 14-Year Prison Sentence

    News Release by the United Kingdom’s Serious Fraud Office announcing that Timothy Schools has been “jailed for 14 years” after being convicted of a “no-win-no-fee fraud” involving entities in the Cayman Islands, England, France, Isle of Man, Marshall Islands, Panama, Spain, and Switzerland.

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    11

    August

    2022

    British fraudster Timothy Schools receives 14-year prison sentence for £120M Axiom Legal Financing Fund scam

    British fraudster Timothy Schools has been sentenced to 14 years in prison for his £120 million Cayman Islands-domiciled Axiom Legal Financing Fund scam, which collapsed in 2012 after being exposed by OffshoreAlert. Schools, 61, was also disqualified from being a company director for 15 years and will face confiscation proceedings.

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    09

    August

    2022

    GOTCHA: OffshoreAlert target Timothy Schools convicted of £120M Axiom Legal Financing Fund fraud

    Ten years after OffshoreAlert began exposing his Cayman Islands-domiciled Axiom Legal Financing Fund £120 million investment fraud, causing him to sue us for libel, 61-year-old British national Timothy Schools has been convicted on all five counts against him at Southwark Crown Court, in London, and is in custody pending sentencing on Thursday.

    12

    May

    2022

    Axiom Legal Financing Fund v. Royal Bank of Scotland International Ltd.: Judgment Upholding Case Dismissal (Privy Council)

    Judgment Upholding the dismissal of the case by the Isle of Man High Court in JP SPC 1 and JP SPC 4, both of the Cayman Islands, on behalf of Axiom Legal Financing Fund v. Royal Bank of Scotland International Ltd. at the Privy Council of the United Kingdom.

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    31

    March

    2022

    £120M Axiom Fund fraud trial begins in England (10 years after being exposed by OffshoreAlert)

    Ten years after his £120 million Cayman Islands-domiciled Axiom Legal Financing Fund fraud was exposed by OffshoreAlert, struck-off attorney Timothy Schools has gone on trial for fraud in England, along with another struck-off attorney, Richard Emmett, and a former financial advisor, David Kennedy, all of whom are British.

    20

    October

    2020

    Peter Kells et al v. Friends Provident International Ltd.: Defense

    Defense in Peter Kells, of Thailand, and other investors v. Friends Provident International Ltd., of the Isle of Man, at the Isle of Man High Court.

    21

    August

    2020

    Fraud charges brought against three Axiom Legal Financing Fund insiders

    Three UK nationals – Timothy Schools, Richard Emmett, and David Kennedy – have been criminally charged with fraud over their involvement with Cayman Islands-domiciled Axiom Legal Financing Fund, whose £100 million litigation funding-based investment scam collapsed after being exposed by OffshoreAlert eight years ago.

    01

    July

    2020

    Peter Kells et al v. Friends Provident International Ltd.: Amended Complaint

    Amended Claim Form and Particulars of Claim for damages in excess of £50 million for alleged negligence and misrepresentation regarding the sale of failed investment products, including New Earth Fund, Axiom Legal Financing Fund, LM Group of Funds, Eco Resources Fund, and Kijani Commodity Fund in Peter Kells, of Thailand, and other investors v. Friends Provident International Ltd., of the Isle of Man, at the Isle of Man High Court.

    01

    July

    2020

    Barry Dickinson et al v. Quilter International Isle of Man Ltd.: Amended Complaint

    Amended Claim Form and Particulars of Claim for damages in excess of £50 million for alleged negligence and misrepresentation regarding the sale of failed investment products, including New Earth Fund, Axiom Legal Financing Fund, LM Group of Funds, Eco Resources Fund, and Kijani Commodity Fund in Barry Dickinson, of Thailand, and other investors v. Quilter International Isle of Man Limited, f.k.a. Old Mutual International Isle of Man Limited, f.k.a. Nel Britannia International Assurance Limited, f.k.a. Royal Skandia Life Assurance Limited, of the Isle of Man, at the Isle of Man High Court.

    17

    June

    2020

    Creditors apply to wind up Cayman parent of Liechtenstein’s Gable Insurance

    Creditors in the British Virgin Islands, England, and Guernsey have applied to wind up the Cayman Islands parent company of insolvent Liechtenstein insurer Gable Insurance AG.

    27

    April

    2020

    Steven Goodman v. DMS Governance Ltd.: Appeal Judgment

    Judgment regarding an appeal against a lower court’s dismissal of a claim against a Cayman Islands-based corporate services provider regarding Axiom Legal Financing Fund, described as having committed “a very substantial fraud in which over US$ 120 million … was misappropriated by Tim Schools”, in Steven Goodman, a lawyer specializing in litigation funding v. DMS Governance Limited at the Court of Appeal of the Cayman Islands.

    27

    December

    2019

    Briton David Rae pleads guilty to money laundering in US

    U.K. national David Rae, who was exposed by OffshoreAlert in 2012 for his role in a £100 million investment fraud by Cayman Islands-domiciled Axiom Legal Financing Fund, has pleaded guilty to money laundering in New Jersey regarding unrelated health care fraud schemes.

    15

    October

    2019

    Axiom Legal Financing Fund v. Royal Bank of Scotland International Ltd.: Judgment on Summary Judgment Application

    Judgment dismissing defendant’s applications for summary judgment and strike out of Amended Particulars of Claim regarding a fraud committed by Cayman Islands-domiciled Axiom Legal Financing Fund in JP SPC 1 and JP SPC 4, both of the Cayman Islands, on behalf of Axiom Legal Financing Fund v. Royal Bank of Scotland International Limited at the High Court of Justice of the Isle of Man.

    15

    May

    2019

    Axiom Legal Financing Fund v. Royal Bank of Scotland International Ltd.: TAL Judgment

    Judgment in JP SPC 1 and JP SPC 4, on behalf of the Axiom Legal Financing Fund, of the Cayman Islands v. Royal Bank of Scotland International Limited regarding a Temporary Adocate’s Licence for Stephen Auld QC, at the Isle of Man High Court.

    22

    April

    2019

    Axiom Legal Financing Fund fraudster David Rae arrested in US for ‘money laundering’

    U.K. national David Rae, who in 2012 was exposed by OffshoreAlert as one of the main perpetrators of a £100 million investment fraud by Cayman Islands-domiciled Axiom Legal Financing Fund, is in custody in New Jersey after being indicted for money laundering twice in two days in separate US jurisdictions regarding alleged healthcare fraud schemes.

    02

    April

    2019

    Axiom Legal Financing Fund v. Mayer Brown International LLP: Plaintiffs’ Reply

    Plaintiffs’ Reply in JP SPC 1 and JP SPC 4, on behalf of Axiom Legal Financing Fund, of the Cayman Islands, v. Mayer Brown International LLP at the High Court of Justice for England and Wales.

    12

    November

    2018

    Axiom Legal Financing Fund v. Mayer Brown International LLP: Particulars of Claim

    Particulars of Claim in JP SPC 1 and JP SPC 4, on behalf of Axiom Legal Financing Fund, of the Cayman Islands, v. Mayer Brown International LLP at the High Court of Justice for England and Wales.

    19

    September

    2018

    Four more British attorneys struck off over Axiom Legal Financing Fund scam

    Four more solicitors have been struck off in the United Kingdom due to involvement with the Cayman Islands-based Axiom Legal Financing Fund, which defrauded investors of more than £100 million before collapsing in 2012 after being exposed by OffshoreAlert.

    30

    July

    2018

    Axiom Legal Financing Fund v. Mayer Brown International LLP: Claim Form

    Claim Form in JP SPC 1 and JP SPC 4, on behalf of Axiom Legal Financing Fund, of the Cayman Islands, v. Mayer Brown International LLP at the High Court of Justice for England and Wales.

    01

    February

    2018

    Eighth British attorney struck off over Axiom Legal Financing Fund fraud

    Andrew Lindsay has become at least the eighth British attorney to be struck off due to involvement in the Cayman Islands-based Axiom Legal Financing Fund, which defrauded investors of more than £100 million before collapsing in 2012 after being exposed by OffshoreAlert. Another solicitor, Marina Frankel, was suspended indefinitely.

    07

    December

    2017

    SFO v. Timothy Schools: David Marchant’s Witness Statement (Axiom Legal Financing Fund)

    Witness Statement provided by David Marchant, Founder, Owner & Editor of OffshoreAlert, to the United Kingdom’s Serious Fraud Office in 2017 in support of the SFO’s criminal investigation and prosecution of Timothy Schools regarding his £120 million Cayman Islands-domiciled Axiom Legal Financing Fund, which resulted in Schools being found guilty of fraud and money laundering by a jury at Southwark Crown Court, in England, in 2022 and receiving a 14-year prison sentence and a 15-year corporate disqualification.

    24

    March

    2017

    Solicitors Regulation Authority v. Alan Hutson et al: Judgment

    Judgment in Solicitors Regulation Authority v. Alan George Hutson and Rachel Mary Hutson at the Solicitors Disciplinary Tribunal.

    03

    October

    2016

    Offshore insurer Gable Insurance ordered to stop writing new business

    Liechtenstein insurer Gable Insurance, whose Cayman Islands parent is listed on the London Stock Exchange’s AIM and which has provided apparently sham insurance for at least three investment schemes that swindled investors out of more than £200 million, has been ordered to stop writing new business by its local regulator.

    08

    August

    2016

    Sixth British solicitor struck off over Axiom Legal Financing Fund fraud

    Christopher Hale has become the sixth British solicitor to be struck off due to involvement in the Cayman Islands-based Axiom Legal Financing Fund, which defrauded investors of more than £100 million before collapsing in 2012 after being exposed by OffshoreAlert.

    20

    May

    2015

    Tangerine Investment Management Ltd.: Assignment Order

    Order authorizing the liquidators of Tangerine Management Limited (in Official Liquidation) to assign various causes of action against Timothy Schools, Dawn Cummings and DMS Offshore Investment Services Limited to Steven Jeremy Goodman at the Grand Court of the Cayman Islands.

    06

    March

    2015

    British swindler Tim Schools settles £108M Axiom Legal Financing Fund fraud complaint

    British fraudster Timothy Schools has settled a fraud complaint that was filed at the High Court in London by the Receivers of Cayman Islands-domiciled Axiom Legal Financing Fund on behalf of investors who were swindled out of £108 million.