The Serious Fraud Office (SFO) is investigating the suspended £120m Axiom Legal Financing fund and its founder Tim Schools, Professional Adviser understands.
The SFO said it is "in receipt of information about the fund" and Schools, and is "making enquiries". Solicitor Schools launched the Cayman-domiciled Axiom fund in September 2009, promising returns of 11% a year. He also headed up the fund's investment manager, Tangerine. It was promoted as "an uncorrelated, open-ended investment that provides short term finance to UK law firms" who work on a no-win, no-fee basis on cases with a high chance of success. But Axiom was suspended in 2012, unable to meet significant redemption requests from investors after a series of allegations emerge...
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