The managers of the suspended £117m Axiom Legal Financing fund carried out "little or no due diligence" on the cases in which they invested shareholders' money, according to KPMG.
Graham Hampson and Ronan Guilfoyle, the directors of the fund which loans money to law firms running no-win, no-fee cases, have petitioned the Grand Court of Cayman to have the Axiom fund wound down because it is unable to meet its financial obligations after investing outside of its remit and following allegations it is a Ponzi scheme. Court documents seen by IFAonline allege the investment criteria of the portfolio - as set out in the offering documentation of the fund - "do not appear to have been adhered to". They also state KPMG's investigations "reveal grounds for suspecting the...
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