The Serious Fraud Office (SFO) is investigating the suspended £120m Axiom Legal Financing fund and its founder Tim Schools, Professional Adviser understands.
A solicitor who masterminded the now collapsed £120m Axiom Legal Financing fund has been struck off for "serious and continued" misconduct at one of the main law firms that received money from the fund.
The directors of the suspended £117m Axiom Legal Financing fund have caved in to pressure from shareholders to replace KPMG as receiver of the fund with Grant Thornton.
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.
The main distributor of the suspended Axiom Legal Financing fund is urging investors to sack the fund's directors with immediate effect.