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. In 2020, Schools, David Kennedy, and Richard Emmett were criminally charged with fraud by the United Kingdom's Serious Fraud Office. The year before, another Axiom principal, David Rae, pleaded guilty to money laundering in the U.S. regarding an unrelated scheme that he participated in after Axiom went bust. 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's editor, 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
27

December

2013

LVAR, L.P. v. Bermuda Commercial Bank Ltd. et al: Complaint

Complaint in LVAR, L.P. v. Bermuda Commercial Bank Limited, BCB Paragon Trust Limited, formerly BCB Trust Company Limited; Neil de ste Croix, Andrew Peat Finanz Consultants GmbH, a.k.a. Andrew Peat Group Holdings; Andrew Peat, Stanley Chesed, and Profco International, a.k.a. Chesed Financial at the U. S. District Court for the Southern District of New York.
06

January

2014

Elderly US investors sue offshore firms after losing nearly $7 m in Axiom, Argyle Funds & EEA Life

Bermuda Commercial Bank and investment advisers are being sued in the United States on behalf of elderly trust fund beneficiaries who claim to have lost nearly $7 million in offshore investments, including Argyle Funds SPC and Axiom Legal Financing Fund, both of the Cayman Islands, and EEA Life Settlements Fund, of Guernsey.
28

January

2014

Axiom founder Tim Schools received £81 m of £108 m swindled from investors, claim Receivers

British attorney Timothy Schools and entities he wholly or partly beneficially owned received £81 million of the £108 million that was swindled from investors in Cayman Islands-domiciled Axiom Legal Financing Fund, the Fund's Receivers have claimed in an amended complaint filed at the High Court in London.
05

June

2014

DMS Management (USA) Inc. v. Steven J. Goodman: Complaint

Complaint in DMS Management (USA) Inc. v. Steven J. Goodman at the U. S. District Court for the Southern District of Florida.
31

August

2014

Two more attorneys accused of misconduct over Axiom Legal Financing Fund fraud

Two more British attorneys - Richard Barnett and Anthony Swift - who participated in the £100 million-plus fraud committed via Cayman Islands-domiciled Axiom Legal Financing Fund have been accused of professional misconduct, including misappropriating funds received from Axiom.
25

September

2014

Portland Financial Management Group directors accused of ‘hampering’ liquidation

Secretive Delaware firm Treadstone Corporate Services LLC and two British nationals - Anthony Smith and Timothy Eddolls - who helped swindle investors in Cayman Islands-domiciled Axiom Legal Financing Fund have been accused of 'hampering' the liquidation of three investment firms in England that, like Axiom itself, appear to have been operated fraudulently.
13

October

2014

Briton Steven Goodman ‘evades service’ of lawsuit connected to Axiom Legal Financing Fund

British attorney and Singapore resident Steven Goodman has been accused of "actively evading service" of a complaint against him in New York for alleged extortion of the Cayman Islands-based DMS Group regarding the fraudulent Axiom Legal Financing Fund.
04

November

2014

DMS Management (USA) Inc. v. Steven J. Goodman: Pre-Motion Conference for Motion to Dismiss & Motion for Sanctions

Steven Goodman's Pre-Motion Conference for Motion to Dismiss and Motion for Sanctions in DMS Management (USA) Inc. v. Steven J. Goodman at the U. S. District Court for the Southern District of New York.
24

November

2014

DMS Management (USA) Inc. v. Steven J. Goodman: Dismissal Order

Order of Dismissal following settlement in DMS Management (USA) Inc. v. Steven J. Goodman at the U. S. District Court for the Southern District of New York.
29

January

2015

Novus International Investments Ltd. v. Tangerine Investment Management Ltd.: Litigation Funding Order

Order authorizing investigations into the availability of litigation funding in Novus International Investments Limited v. Tangerine Investment Management Limited at the Grand Court of the Cayman Islands.
14

February

2015

DMS Offshore & officer Dawn Cummings face prospect of lawsuit over Axiom Legal Financing Fund fraud

The liquidator of the investment manager of Axiom Legal Financing Fund is preparing to sue Cayman-based hedge fund firm DMS Offshore Investment Services, one of its officers, Dawn Cummings, and the architect of the scam, Tim Schools. Ironically, Tangerine Investment Management's liquidator wants a litigation funding firm to finance it.
25

February

2015

JP SPC 1 and JP SPC 4: Order Approving Litigation Settlement

Order Approving Settlement with Timothy Schools, Dale Stephenson, Noble Finance Limited, Sadira Limited, Loret Investments Limited, Claire Schools, Solis International Foundation, Sophie Schools, Kellie Schools, Lisa Schools, Sara Stephenson, Kompali AG, Sarin International Foundation, Midus Assets LLC and Monty Holdings Limited In the Matter of JP SPC 1 and JP SPC 4, doing business as Axiom Legal Financing Fund, at the Grand Court of the Cayman Islands.
06

March

2015

British swindler Tim Schools settles £108 m 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.
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.
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.
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.
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.
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.
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.
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.
29

October

2018

Solicitors Regulation Authority v. Richard Emmett et al: Amended Judgment

Amended Judgment in Solicitors Regulation Authority v. Richard Emmett, Lindsay Emmett, Matthew Stokes, Mary Hunter, David Rae, and Dale Stephenson at the Solicitors Disciplinary Tribunal.
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.
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.
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.
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.
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.
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.