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
19
March
2011
Timothy & Claire Schools: Wedding Video
PLAYING THE BIG MAN (WITH VICTIMS' MONEY): This video, taken on March 19th, 2011, shows British lawyer and former policeman Timothy Schools entertaining his family, friends, and associates to champagne and fine-dining at a luxury ski hotel in the French Alps that he co-owned - all bought and paid for with some of the tens of millions of dollars that he swindled from investors in Axiom Legal Financing Fund, a litigation funding-based investment scam he started two years earlier. The occasion was Schools' 50th birthday and his marriage to Claire Schools, who was also involved with Axiom. Several other participants in the scam were in attendance, including Richard Emmett, Dale Stephenson, and Alan Hutson.
10
August
2012
Q&A with Tim Schools’ attorney, David McIntosh QC
Questions that OffshoreAlert put to Timothy Schools, head of the Axiom Legal Financing Fund/Tangerine Investment Management group, together with responses that we received on Schools' behalf from his attorney, David McIntosh QC, Consultant to Rodney Warren & Co, Solicitors, on August 10, 2012.
10
August
2012
Axiom Legal Financing Fund | Cayman Islands | Investment | Isle of Man | Letters to the Editor | United Kingdom
‘Tim Schools’ credibility remains high’, writes his attorney
Letter from David McIntosh QC regarding his client Timothy Schools, principal of the Axiom Legal Financing Fund and Tangerine Investment Management, both domiciled in the Cayman Islands.
22
August
2012
Articles | Axiom Legal Financing Fund | Cayman Islands | Featured | Gibraltar | Investment | Isle of Man | Legal | United Kingdom
Head of Cayman fund group Tim Schools accused of professional misconduct in UK
The head of a Cayman Islands fund group that claims to manage $160 million, promotes its investments as "low risk" and boasts of "consistent" 12% net annual returns for investors is being prosecuted for alleged professional misconduct in the United Kingdom. British attorney Tim Schools faces 11 allegations, including that he "failed to act with integrity" and "failed to act in the best interests of his clients".
10
October
2012
Axiom Legal Financing Fund | Cayman Islands | Documents | Investment | Isle of Man | Legal | Miscellaneous | United Kingdom
Axiom Legal Financing Fund: Flowchart of Related-Party Transactions Involving Tim Schools
Partial list of related-party transactions between the Axiom Legal Financing Fund and Tim Schools & Related Companies.
10
October
2012
Articles | Australia | Axiom Legal Financing Fund | Cayman Islands | Featured | Investment | Isle of Man | Legal | Singapore | United Kingdom
More red flags regarding fast-growing Axiom Legal Financing Fund
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.
15
October
2012
Axiom Legal Financing Fund | Cayman Islands | Documents | Investment | Isle of Man | Miscellaneous | Singapore | United Kingdom
Axiom Legal Financing Fund: Letter Announcing KPMG Review
Letter From Directors of Axiom Legal Financing Fund to Investors, October 15, 2012 regarding red flags raised in investigative articles by OffshoreAlert.
16
October
2012
Articles | Australia | Axiom Legal Financing Fund | Cayman Islands | Featured | Hong Kong | Investment | Isle of Man | Singapore | United Kingdom
Axiom Legal Financing Fund appoints KPMG to investigate red flags raised by OffshoreAlert
Cayman Islands-domiciled Axiom Legal Financing Fund has retained KPMG to investigate red flags concerning the Fund that were uncovered by OffshoreAlert. Investors were informed of the development in a letter yesterday from the Fund's directors, Ronan Guilfoyle and Graham Hampson.
22
October
2012
Australia | Axiom Legal Financing Fund | Cayman Islands | Documents | Investment | Miscellaneous | Singapore | United Kingdom
Tangerine Investment Management Ltd: Resignation of Tim Schools
Letter from Tangerine Investment Management Limited to Distributors of Axiom Legal Financing Fund announcing resignation of Timothy Schools.
26
October
2012
Axiom Legal Financing Fund | Cayman Islands | Documents | Investment | Miscellaneous | United Kingdom
Axiom Legal Financing Fund: Letter Announcing Suspension of Fund
Letter to Investors of Axiom Legal Financing Fund from the independent directors announcing the Fund's suspension, October 26, 2012
27
October
2012
Articles | Australia | Axiom Legal Financing Fund | Cayman Islands | Featured | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Singapore | United Kingdom
Axiom Legal Financing Fund suspended, investors appear to be victims of fraud
Cayman Islands-domiciled Axiom Legal Financing Fund suspended redemptions and halted new subscriptions yesterday - a result of an investigation into the Fund by OffshoreAlert. Meanwhile, our ongoing investigation suggests that investors - who have invested at least £117 million - are victims of a massive fraud orchestrated by British solicitor Tim Schools and others.
29
October
2012
‘I hope you can sleep at night,’ says anonymous letter-writer
Anonymous letter blaming OffshoreAlert, not Tim Schools and his associates, for the problems being encountered by Axiom Legal Financing Fund.
29
October
2012
‘David Rae has done nothing wrong,’ says his attorney
Letter to the Editor from attorney Christopher Hutchings criticizing OffshoreAlert's investigation into his client, David Rae, a senior participant in the Axiom Legal Financing Fund fraud.
29
October
2012
‘Your suppositions regarding Tim Schools are untrue’, says his attorney
Letter to the Editor from attorney David McIntosh QC regarding OffshoreAlert's investigation into his client, Timothy Schools, founder of Axiom Legal Financing Fund.
30
October
2012
Suspended Axiom Fund ‘performing better than I ever expected’, writes ‘Paul Marsden’
Letter to the Editor from Paul Marsden regarding Timothy Schools and Axiom Legal Financing Fund.
30
October
2012
Suspended Axiom Fund ‘back on track’, writes ‘John Sheffield’
Letter to the Editor from John Sheffield regarding Axiom Legal Financing Fund.
31
October
2012
Axiom Legal Financing Fund | Cayman Islands | Documents | Fraud | Investment | Isle of Man | Miscellaneous
Tangerine International Limited: Officers & Directors
Tangerine International Limited Officers & Directors - Web-Site of Tangerine Investment Management - October 31, 2012
02
November
2012
‘Axiom Fund is well managed’, writes ‘Sami Tsuyoshi’
Letter to the Editor from Sami Tsuyoshi regarding Axiom Legal Financing Fund.
05
November
2012
Articles | Australia | Axiom Legal Financing Fund | Cayman Islands | Featured | Fraud | Hong Kong | Investment | Isle of Man | Liquidations & Insolvencies | Marshall Islands | Singapore | United Kingdom
Axiom Legal Financing Fund appears to be a Ponzi scheme
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.
06
November
2012
Axiom Legal Financing Fund | Blog | Cayman Islands | Fraud | Investment | Isle of Man | Singapore | United Kingdom
A message to investors of Axiom Legal Financing Fund
The bad news is you have been defrauded of your investment in Axiom Legal Financing Fund. The sooner you accept this, the quicker you can start taking steps to recover some of your losses. The good news is that the
08
November
2012
Axiom Legal Financing Fund | Cayman Islands | Documents | Fraud | Investment | Isle of Man | Miscellaneous | Singapore | United Kingdom
Axiom Legal Financing Fund: Letter Re. KPMG Report
Letter to investors in Axiom Legal Financing Fund from the Fund's directors regarding the report by KPMG into allegations against the Fund published by OffshoreAlert.
08
November
2012
Axiom Legal Financing Fund | Cayman Islands | Fraud | Investment | Isle of Man | Letters to the Editor | Liquidations & Insolvencies | Singapore | United Kingdom | USA
‘Tim Schools is suing OffshoreAlert for defamation’, says his attorney
Letter to the Editor from attorney David McIntosh QC, on behalf of Timothy Schools, regarding "untrue and defamatory" allegations against his client by OffshoreAlert.
14
November
2012
Axiom Legal Financing Fund | Cayman Islands | Documents | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Miscellaneous | Singapore | United Kingdom
Axiom Legal Financing Fund: Termination of Investment Manager
Letter to investors of Axiom Legal Financing Fund from the Fund's directors announcing the termination of investment manager Tangerine Investment Management.
15
November
2012
Axiom Legal Financing Fund | Blog | Cayman Islands | Fraud | Isle of Man | Liquidations & Insolvencies | Singapore | United Kingdom
Axiom Legal Financing Fund: Time for investors to take control
In their most recent letter to investors dated November 14, Axiom Legal Financing Fund's directors stated that an Extraordinary General Meeting will be held in December so that they can "present proposals regarding the continued management of the Fund". In
19
November
2012
Accounting | Articles | Axiom Legal Financing Fund | Banks & Trusts | Cayman Islands | Featured | Fraud | Hong Kong | Investment | Isle of Man | Legal | Liquidations & Insolvencies | Marshall Islands | Money Laundering | Singapore | Switzerland | United Kingdom
Axiom fraud leaves offshore providers exposed to massive claims for damages
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.
20
November
2012
Axiom Legal Financing Fund | Cayman Islands | Documents | Fraud | Investment | Isle of Man | Miscellaneous | Singapore | United Kingdom
Axiom Legal Financing Fund: Date Set for EGM
Letter to Investors in Axiom Legal Financing Fund setting date for Extraordinary General Meeting.
20
November
2012
Axiom Legal Financing Fund | Blog | Cayman Islands | Fraud | Isle of Man | Singapore | United Kingdom
Axiom Legal Financing Fund: The Lunacy Continues
In a letter to investors today, Axiom's directors stated that "We would encourage any party who has evidence as to wrongdoing with respect to the Fund to provide that information to the appropriate authorities." Yet, over three weeks ago, OffshoreAlert
20
November
2012
Axiom Legal Financing Fund | Cayman Islands | Fraud | Investment | Isle of Man | Letters to the Editor | Liquidations & Insolvencies | Singapore | United Kingdom
‘Rockfire Capital received £180,000 from Axiom scheme, not £1 million’, says Liam Kavanagh
Letter to the Editor from Liam Kavanagh, on behalf of Rockfire Capital Limited, regarding his firm's involvement with Axiom Legal Financing Fund.
22
November
2012
Axiom Legal Financing Fund | Cayman Islands | Documents | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Miscellaneous | Money Laundering | Singapore | United Kingdom
Timothy Schools: Threatening Letter to Conference Hotel
Letter on behalf of Timothy Schools sent to Manager of The May Fair Hotel, in London on November 22, 2012 warning of "the threat" posed by OffshoreAlert's publisher, David Marchant, and advising that the hotel could be "named" in legal proceedings against OffshoreAlert
22
November
2012
Axiom Legal Financing Fund | Blog | Cayman Islands | Fraud | Isle of Man | Money Laundering | Singapore | United Kingdom
Fraudster Tim Schools turns to a reprobate’s best friend – British libel law
Today's libel complaint by Axiom Legal Financing Fund fraudster Timothy Schools against me and OffshoreAlert at the U.K. High Court is as predictable as it is ineffective. In 2010, U. S. President Barack Obama signed into law The SPEECH Act,
22
November
2012
Axiom Legal Financing Fund | Civil | Complaint | Courts | Documents | High Court for England and Wales | United Kingdom | USA
Timothy Schools v. OffshoreAlert et al: Libel Complaint
Libel Complaint regarding Axiom Legal Financing Fund in Timothy Schools v. David Marchant and KYC News, Inc., d.b.a. OffshoreAlert, at the High Court of Justice, for England and Wales.
27
November
2012
Axiom Legal Financing Fund | Cayman Islands | Documents | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Miscellaneous | Money Laundering | Singapore | United Kingdom
Axiom Legal Financing Fund: Notice of Extraordinary General Meeting
Axiom Legal Financing Fund - Notice of Extraordinary General Meeting - November 27, 2012
29
November
2012
Axiom Legal Financing Fund | Cayman Islands | Documents | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Miscellaneous | Money Laundering | Singapore | United Kingdom
Axiom Legal Financing Fund: Taylor Moor International Proposal
Axiom Legal Financing Fund - Proposal from Taylor Moor International - November 29, 2012
12
December
2012
Articles | Axiom Legal Financing Fund | Cayman Islands | Featured | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Singapore | United Kingdom
Directors intend to put Axiom Legal Financing Fund into Receivership, investors told
The directors of Axiom Legal Financing Fund intend to immediately apply to the Grand Court of the Cayman Islands to put the Fund into Receivership, with KPMG serving as Receiver, investors were informed yesterday at an Extraordinary General Meeting in London.
13
December
2012
Axiom Legal Financing Fund | Cayman Islands | Civil | Courts | Documents | Fraud | Grand Court of the Cayman Islands | Investment | Liquidations & Insolvencies | Money Laundering | Petition | United Kingdom
JP SPC 1: Receivership Petition
Petition by Ronan Guilfoyle and Graham Hampson to appoint Receivers for Axiom Legal Financing Fund, a portfolio of JP SPC 1, at the Grand Court of the Cayman Islands.
13
December
2012
Axiom Legal Financing Fund | Cayman Islands | Civil | Courts | Documents | Fraud | Grand Court of the Cayman Islands | Investment | Isle of Man | Liquidations & Insolvencies | Money Laundering | Petition | Singapore | United Kingdom
JP SPC 4: Receivership Petition
Petition In the Matter of JP SPC 4 at the Grand Court of the Cayman Islands.
17
December
2012
Asset Recovery | Axiom Legal Financing Fund | Blog | Cayman Islands | Fraud | Isle of Man | Liquidations & Insolvencies | Money Laundering | Singapore | United Kingdom
Axiom Fund: Investors making one mistake after another
Investors in Axiom Legal Financing Fund have until Wednesday to try to block the appointment of KPMG's Kris Beighton and John Milsom as Receivers. Once KPMG is ensconced, it will be extremely difficult, perhaps impossible, to have them removed. For
17
December
2012
Articles | Axiom Legal Financing Fund | Cayman Islands | Featured | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Money Laundering | Singapore | United Kingdom
Receivership hearing for Axiom Legal Financing Fund set for Wednesday
A hearing of a petition to appoint KPMG as Receivers for the Axiom Legal Financing Fund is scheduled to take place at the Grand Court of the Cayman Islands on Wednesday.
18
December
2012
Asset Recovery | Axiom Legal Financing Fund | Cayman Islands | Documents | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Miscellaneous | Money Laundering | Singapore | United Kingdom
Axiom Legal Financing Fund: Directors’ Update
Notice to Investors of Axiom Legal Financing Fund by Directors Ronan Guilfoyle and Graham Hampson, dated December 18, 2012.
18
December
2012
Axiom Legal Financing Fund | British Virgin Islands | Cayman Islands | Documents | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Miscellaneous | Money Laundering | Singapore | United Kingdom
Axiom Legal Financing Fund: City Equities Ltd. Proposal
Proposal from City Equities Limited regarding Axiom Legal Financing Fund.
18
December
2012
Asset Recovery | Axiom Legal Financing Fund | Cayman Islands | Documents | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Miscellaneous | Money Laundering | Singapore | United Kingdom
Axiom Legal Financing Fund: Minutes of EGM held on December 11, 2012
Official Minutes of an Extraordinary General Meeting of shareholders of Axiom Legal Financing Fund held in London on December 11, 2012.
21
December
2012
Accounting | Axiom Legal Financing Fund | Cayman Islands | Documents | Fraud | Investment | Legal | Liquidations & Insolvencies | Miscellaneous | United Kingdom
Ashton Fox Solicitors Limited: Auditor’s Resignation Letter
Letter from Saint & Co. to Ashton Fox Solicitors Resignation as Auditor - December 21, 2012
21
December
2012
Axiom Legal Financing Fund | Cayman Islands | Documents | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Miscellaneous | Money Laundering | Singapore | United Kingdom
Axiom Legal Financing Fund: Update on Legal Proceedings
Letter to Investors of Axiom Legal Financing Fund from Directors Ronan Guilfoyle and Graham Hampson updating them on legal proceedings at the Grand Court of the Cayman Islands.
21
December
2012
Axiom Legal Financing Fund | Cayman Islands | Civil | Courts | Documents | Fraud | Grand Court of the Cayman Islands | Investment | Isle of Man | Liquidations & Insolvencies | Money Laundering | Order | Singapore | United Kingdom
Axiom Legal Financing Fund: Directions Order
Directions Order In the Matter of JP SPC 1, a.k.a. Axiom Legal Financing Fund, and JP SPC 4 at the Grand Court of the Cayman Islands.
22
December
2012
Articles | Axiom Legal Financing Fund | British Virgin Islands | Cayman Islands | Featured | Fraud | Investment | Isle of Man | Israel | Liquidations & Insolvencies | Money Laundering | Singapore | United Kingdom
Three-way battle for control of Axiom Legal Financing Fund
A three-way battle has emerged for control of Axiom Legal Financing Fund, which was exposed as a fraud by OffshoreAlert two months ago. Proposals for receivership, liquidation, and restructuring are scheduled to be heard over two days at the Grand Court of the Cayman Islands starting on January 31, 2013.
09
January
2013
Accounting | Articles | Axiom Legal Financing Fund | Cayman Islands | Featured | Fraud | Investment | Legal | Liquidations & Insolvencies | United Kingdom
Auditor resigns from Axiom Legal Financing Fund’s biggest borrower
The auditor of a British law firm that owes Axiom Legal Financing Fund approximately £50 million has resigned, citing problems obtaining sufficient information to perform its task. OffshoreAlert has uncovered evidence calling into question the auditor's independence.
22
January
2013
Asset Recovery | Axiom Legal Financing Fund | British Virgin Islands | Cayman Islands | Documents | Fraud | Investment | Israel | Liquidations & Insolvencies | Miscellaneous | Money Laundering | United Kingdom
Axiom Legal Financing Fund: Letter to Investors From City Equities Limited
Letter to investors of Axiom Legal Financing Fund from Joseph Egerton, of City Equities Limited, soliciting a proposal for the purported continuation of the Fund.
24
January
2013
Axiom Legal Financing Fund | British Virgin Islands | Cayman Islands | Documents | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Miscellaneous | Money Laundering | United Kingdom
Axiom Legal Financing Fund: Investor’s Update, Jan. 24, 2013
Investor's Update dated January 24, 2013 from the directors of Axiom Legal Financing Fund to the Fund's investors.
24
January
2013
Axiom Legal Financing Fund | Cayman Islands | Civil | Courts | Documents | Fraud | Grand Court of the Cayman Islands | Investment | Isle of Man | Legal | Liquidations & Insolvencies | Miscellaneous | United Kingdom
Axiom Legal Financing Fund: Affidavit of Timothy Schools
Affidavit of Timothy Paul Schools In the Matter of Axiom Legal Financing Fund at the Grand Court of the Cayman Islands.
24
January
2013
Axiom Legal Financing Fund | Cayman Islands | Civil | Courts | Documents | Fraud | Grand Court of the Cayman Islands | Investment | Isle of Man | Liquidations & Insolvencies | Miscellaneous | Regulatory | United Kingdom
Axiom Legal Financing Fund: Affidavit of Yolanda McCoy
Affidavit of Yolanda Banks McCoy, Head of Investments and Securities at the Cayman Islands Monetary Authority, In the Matter of Axiom Legal Financing Fund at the Grand Court of the Cayman Islands.