Axiom Legal Financing Fund

After OffshoreAlert exposed Axiom Legal Financing Fund in August 2012, the litigation funding-based investment scam quickly collapsed and 12 British attorneys were later struck off, including the scheme's principal, Timothy Schools, who misappropriated most of the approximately £100 million that was raised from investors and was convicted of fraud and money laundering in England in 2022, for which he was sentenced to 14 years in prison. A special shout out to David McIntosh QC, a former president of the Law Society of England and Wales who represented Schools in a libel complaint against OffshoreAlert, threatened to sue a London hotel if we mentioned his client's scam at a conference we were holding there, and - without a hint of irony - questioned OffshoreAlert’s “integrity”, all on behalf of a person that even cursory due diligence would have shown to be a crook. It's also worth mentioning that London’s Metropolitan Police issued OffshoreAlert's publisher with an ‘harassment warning’ and threatened him with arrest after Schools' adult daughter, Lisa Schools, who was “Senior Administrator/Office Manager" of two firms that participated in the fraud, including one that received more than £50 million, made false allegations against him. Given that Timothy Schools is a former policeman, it was difficult not to believe that the notoriously corrupt Met was simply doing him a favor.
Timeline
26

March

2013

Articles | Axiom Legal Financing Fund | Cayman Islands | Featured | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Singapore | Switzerland | United Kingdom

Cayman judge upgrades powers of Axiom Fund’s Receivers, asks England’s High Court for assistance

The Grand Court of the Cayman Islands has granted the Receivers of Axiom Legal Financing Fund the same powers as liquidators and, separately, asked the High Court of Justice in England and Wales – where much of the Fund’s activity occurred – to recognize the receivership.

12

February

2013

Axiom Legal Financing Fund | Cayman Islands | Civil | Courts | Documents | Fraud | Grand Court of the Cayman Islands | Investment | Liquidations & Insolvencies | Petition | Seychelles | United Arab Emirates | United Kingdom

Novus International Investments Ltd. v. Tangerine Investment Management Ltd.: Winding Up Petition

Winding Up Petition in Novus International Investments Limited v. Tangerine Investment Management Limited at the Grand Court of the Cayman Islands.

07

February

2013

Articles | Axiom Legal Financing Fund | British Virgin Islands | Cayman Islands | Featured | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Money Laundering | Switzerland | United Kingdom

Hearing set for next Tuesday in Axiom Legal Financing Fund court case

A decision on whether to place Axiom Legal Financing Fund into Receivership or allow it to be restructured by a group associated with those responsible for its insolvency and fraudulent activity will not be delivered until next Tuesday at the earliest.

01

February

2013

Articles | Axiom Legal Financing Fund | Cayman Islands | Featured | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Money Laundering | Switzerland | United Kingdom

Cayman judge reserves judgment in Axiom Legal Financing Fund receivership case

After hearing two days of evidence, Justice Angus Foster today reserved judgment on whether Axiom Legal Financing Fund should be placed into Receivership, as the directors and certain investors want, or should be allowed to continue under new management, which is being sought by a British group associated with the Fund’s former principal, fraudster Timothy Schools.

24

January

2013

Axiom Legal Financing Fund | Cayman Islands | Civil | Courts | Documents | Fraud | Grand Court of the Cayman Islands | Investment | Isle of Man | Liquidations & Insolvencies | Miscellaneous | Regulatory | United Kingdom

Axiom Legal Financing Fund: Affidavit of Yolanda McCoy

Affidavit of Yolanda Banks McCoy, Head of Investments and Securities at the Cayman Islands Monetary Authority, In the Matter of Axiom Legal Financing Fund at the Grand Court of the Cayman Islands.

09

January

2013

Accounting | Articles | Axiom Legal Financing Fund | Cayman Islands | Featured | Fraud | Investment | Legal | Liquidations & Insolvencies | United Kingdom

Auditor resigns from Axiom Legal Financing Fund’s biggest borrower

The auditor of a British law firm that owes Axiom Legal Financing Fund approximately £50 million has resigned, citing problems obtaining sufficient information to perform its task. OffshoreAlert has uncovered evidence calling into question the auditor’s independence.

22

December

2012

Articles | Axiom Legal Financing Fund | British Virgin Islands | Cayman Islands | Featured | Fraud | Investment | Isle of Man | Israel | Liquidations & Insolvencies | Money Laundering | Singapore | United Kingdom

Three-way battle for control of Axiom Legal Financing Fund

A three-way battle has emerged for control of Axiom Legal Financing Fund, which was exposed as a fraud by OffshoreAlert two months ago. Proposals for receivership, liquidation, and restructuring are scheduled to be heard over two days at the Grand Court of the Cayman Islands starting on January 31, 2013.

17

December

2012

Asset Recovery | Axiom Legal Financing Fund | Blog | Cayman Islands | Fraud | Isle of Man | Liquidations & Insolvencies | Money Laundering | Singapore | United Kingdom

Axiom Fund: Investors making one mistake after another

Investors in Axiom Legal Financing Fund have until Wednesday to try to block the appointment of KPMG's Kris Beighton and John Milsom as Receivers. Once KPMG is ensconced, it will be extremely difficult, perhaps impossible, to have them removed. For
12

December

2012

Articles | Axiom Legal Financing Fund | Cayman Islands | Featured | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Singapore | United Kingdom

Directors intend to put Axiom Legal Financing Fund into Receivership, investors told

The directors of Axiom Legal Financing Fund intend to immediately apply to the Grand Court of the Cayman Islands to put the Fund into Receivership, with KPMG serving as Receiver, investors were informed yesterday at an Extraordinary General Meeting in London.

22

November

2012

Axiom Legal Financing Fund | Cayman Islands | Documents | Fraud | Investment | Isle of Man | Liquidations & Insolvencies | Miscellaneous | Money Laundering | Singapore | United Kingdom

Timothy Schools: Threatening Letter to Conference Hotel

Letter from British law firm Rodney Warren & Co., on behalf of Timothy Schools, to the Manager of The May Fair Hotel, in London, on November 22, 2012 warning of "the threat" posed by OffshoreAlert's publisher, David Marchant, and advising that the hotel could be "named" in legal proceedings against OffshoreAlert.
19

November

2012

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 Kingdom

Axiom fraud leaves offshore providers exposed to massive claims for damages

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.

05

November

2012

Articles | Australia | Axiom Legal Financing Fund | Cayman Islands | Featured | Fraud | Hong Kong | Investment | Isle of Man | Liquidations & Insolvencies | Marshall Islands | Singapore | United Kingdom

Axiom Legal Financing Fund appears to be a Ponzi scheme

New evidence uncovered by OffshoreAlert indicates that the recently-suspended Axiom Legal Financing Fund is hopelessly insolvent as a result of self-dealing and fraud by insiders. The Cayman Islands-domiciled Fund, which has raised more than £117 million, appears to be a Ponzi scheme.