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Head of Cayman fund group Tim Schools accused of professional misconduct in UK

August 22, 2012 by David Marchant

HIGHLIGHTS

  • Fund boss Tim Schools "behaved in a manner which was likely to diminish the trust the public places in him and/or the legal profession"
  • Schools is behind fast-growing fund with business interests in Cayman, Isle of Man and UK
  • Schools, through his attorney, denies any wrongdoing
  • Third professional disciplinary action brought against Schools since he became an attorney in 1999
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".

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As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.