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Accounting Articles Axiom Legal Financing Fund Banks & Trusts Cayman Islands Featured Fraud Hong Kong Investment Isle of Man Legal Liquidations & Insolvencies Marshall Islands Money Laundering Singapore Switzerland United KingdomNovember 19, 2012

Axiom fraud leaves offshore providers exposed to massive claims for damages

mm
By
12 years ago

Topics

Accounting Banks & Trusts Cayman Islands Fraud Hong Kong
Investment Isle of Man Legal Liquidations & Insolvencies Marshall Islands Money Laundering Singapore Switzerland United Kingdom
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Keywords

Alexander Kaymer Andrew Lindsay Ashton Fox Solicitors Axiom Legal Financing Fund Barclays
Barnetts Solicitors BDO Ben Arthur Bracewell Law Cayman Institutional Bank Check Mate Audits Checkmate Business Ltd. Christopher Hale Claire Schools David Fenton Wingate David McIntosh QC Dominic Lawton-Smith Dr. Jason Corbett Drake Legal Duncan Gibbins Edith Rojas Geoffrey Signey Graham Hampson Ingrams Solicitors Jason Libby Joseph Frasier Solicitors LLP JP Fund Administration (Cayman) Ltd. JP Fund Services SA JP Funds Group KAYRO Solutions Limited Kellie Noble Liam Kavanagh Lisa Schools Niloufar Rahbari Noble Finance Ltd. Ogier Paul Stott Portland Financial Management Rehab4Life Ltd. Richard Barnett Rockfire Capital Limited Ronan Guilfoyle Royal Bank of Scotland Sadira Ltd. Saimina Virmani Signey Law Ltd. Synergy (IOM) Ltd. Tandem Law Tandem XJA Limited Tangerine Investment Management Timothy Schools Turnstone (Isle of Man) Ltd. Turnstone Group Waystone WE Solicitors LLP
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Highlights

  • Investment manager kept 50% of all loans issued to British law firms as a "Facilitation Fee"
  • Insiders had "rape and pillage mentality", says former group employee
  • Portland Financial Management invoiced millions of pounds for work that was apparently never done
  • Insider Jason Corbett closed down investment manager's Cayman office and flew off island with all computers and documentation
  • Axiom's independent directors are still leading investors to believe the Fund is salvageable

Offshore providers in the Cayman Islands, Isle of Man, and Switzerland face huge liabilities after allowing insiders to loot Axiom Legal Financing Fund of tens of millions of pounds. Those most at risk from being sued by Axiom’s eventual liquidators appear to be DMS Group, JP Funds Group, BDO Cayman, and Ogier, all in the Cayman Islands; Turnstone Group, in the Isle of Man; and Portland Financial Management, of Switzerland.