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

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.
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.
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 imited, 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.
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.
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.
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.