Axiom Legal Financing Fund

British national David Kennedy sentenced to eight years in prison for Axiom Legal Financing Fund fraud

June 10, 2024

United Kingdom national David Kennedy, 71, has been sentenced to eight years in prison in England for his role in a £121 million fraud by Cayman Islands-domiciled Axiom Legal Financing Fund, which collapsed after being exposed by OffshoreAlert in 2012.

Letter purports to link cyber attack on OffshoreAlert’s website to British fraudster David Kennedy

May 12, 2024

OffshoreAlert has received a bizarre 'Cease and Desist' letter that purports to link last week's prolonged cyber attack on our website to British investment fraudster David Kennedy, who was criminally convicted in England on May 3rd for his involvement in a £121 million investment fraud perpetrated by Cayman Islands-domiciled Axiom Legal Financing Fund, which collapsed after being exposed by OffshoreAlert in 2012.

‘Remove details of David Kennedy’s conviction or I will continue to disrupt your website’, writes ‘Hardpink Legal’

May 9, 2024

Bizarre letter from "Kojo Menne Asamoah DBA Hardpink Legal" demanding the removal from OffshoreAlert's website of details of the fraud conviction of David Kennedy for his role in the £121 million scam perpetrated by Cayman Islands-domiciled Axiom Legal Financing Fund, which collapsed after being exposed by OffshoreAlert in 2012. Remarkably, the author - who used a throw-away email address and may have been using a pseudonym - essentially claimed responsibility for a cyber attack on OffshoreAlert's website last week, which began three days after Kennedy's criminal conviction in England on May 3rd, 2024, ending the letter with the threat that "Failure to comply with this demand will continue with disruption of your service provided [by] Rackspace and Armor via all means necessary."

Axiom Legal Financing Fund: ‘David Kennedy Fraud Conviction’ (U.K. SFO News Release)

May 3, 2024

News Release by the United Kingdom's Serious Fraud Office that, following a re-trial, it had "secured the conviction of former investment manager David Kennedy" for his role in cayman Islands-domiciled Axiom Legal Financing Fund, which collapsed after being exposed as a fraud by OffshoreAlert in 2012.

UK SFO News Release: Timothy Schools Conviction & 14-Year Prison Sentence

August 11, 2022

News Release by the United Kingdom's Serious Fraud Office announcing that Timothy Schools has been "jailed for 14 years" after being convicted of a "no-win-no-fee fraud" involving entities in the Cayman Islands, England, France, Isle of Man, Marshall Islands, Panama, Spain, and Switzerland.

British fraudster Timothy Schools receives 14-year prison sentence for £120M Axiom Legal Financing Fund scam

August 11, 2022

British fraudster Timothy Schools has been sentenced to 14 years in prison for his £120 million Cayman Islands-domiciled Axiom Legal Financing Fund scam, which collapsed in 2012 after being exposed by OffshoreAlert. Schools, 61, was also disqualified from being a company director for 15 years and will face confiscation proceedings.

GOTCHA: OffshoreAlert target Timothy Schools convicted of £120M Axiom Legal Financing Fund fraud

August 9, 2022

Ten years after OffshoreAlert began exposing his Cayman Islands-domiciled Axiom Legal Financing Fund £120 million investment fraud, causing him to sue us for libel, 61-year-old British national Timothy Schools has been convicted on all five counts against him at Southwark Crown Court, in London, and is in custody pending sentencing on Thursday.

Axiom Legal Financing Fund v. Royal Bank of Scotland International Ltd.: Judgment Upholding Case Dismissal (Privy Council)

May 12, 2022

Judgment Upholding the dismissal of the case by the Isle of Man High Court in JP SPC 1 and JP SPC 4, both of the Cayman Islands, on behalf of Axiom Legal Financing Fund v. Royal Bank of Scotland International Ltd. at the Privy Council of the United Kingdom.

£120M Axiom Fund fraud trial begins in England (10 years after being exposed by OffshoreAlert)

March 31, 2022

Ten years after his £120 million Cayman Islands-domiciled Axiom Legal Financing Fund fraud was exposed by OffshoreAlert, struck-off attorney Timothy Schools has gone on trial for fraud in England, along with another struck-off attorney, Richard Emmett, and a former financial advisor, David Kennedy, all of whom are British.

Peter Kells et al v. Friends Provident International Ltd.: Defense

October 20, 2020

Defense in Peter Kells, of Thailand, and other investors v. Friends Provident International Ltd., of the Isle of Man, at the Isle of Man High Court.

Fraud charges brought against three Axiom Legal Financing Fund insiders

August 21, 2020

Three UK nationals - Timothy Schools, Richard Emmett, and David Kennedy - have been criminally charged with fraud over their involvement with Cayman Islands-domiciled Axiom Legal Financing Fund, whose £100 million litigation funding-based investment scam collapsed after being exposed by OffshoreAlert eight years ago.

Peter Kells et al v. Friends Provident International Ltd.: Amended Complaint

July 1, 2020

Amended Claim Form and Particulars of Claim for damages in excess of £50 million for alleged negligence and misrepresentation regarding the sale of failed investment products, including New Earth Fund, Axiom Legal Financing Fund, LM Group of Funds, Eco Resources Fund, and Kijani Commodity Fund in Peter Kells, of Thailand, and other investors v. Friends Provident International Ltd., of the Isle of Man, at the Isle of Man High Court.

Barry Dickinson et al v. Quilter International Isle of Man Ltd.: Amended Complaint

July 1, 2020

Amended Claim Form and Particulars of Claim for damages in excess of £50 million for alleged negligence and misrepresentation regarding the sale of failed investment products, including New Earth Fund, Axiom Legal Financing Fund, LM Group of Funds, Eco Resources Fund, and Kijani Commodity Fund in Barry Dickinson, of Thailand, and other investors v. Quilter International Isle of Man Limited, f.k.a. Old Mutual International Isle of Man Limited, f.k.a. Nel Britannia International Assurance Limited, f.k.a. Royal Skandia Life Assurance Limited, of the Isle of Man, at the Isle of Man High Court.

Creditors apply to wind up Cayman parent of Liechtenstein’s Gable Insurance

June 17, 2020

Creditors in the British Virgin Islands, England, and Guernsey have applied to wind up the Cayman Islands parent company of insolvent Liechtenstein insurer Gable Insurance AG.

Steven Goodman v. DMS Governance Ltd.: Appeal Judgment

April 27, 2020

Judgment regarding an appeal against a lower court's dismissal of a claim against a Cayman Islands-based corporate services provider regarding Axiom Legal Financing Fund, described as having committed "a very substantial fraud in which over US$ 120 million ... was misappropriated by Tim Schools", in Steven Goodman, a lawyer specializing in litigation funding v. DMS Governance Limited at the Court of Appeal of the Cayman Islands.

Transcript shows British money launderer David Rae lied to obtain lenient sentence

February 25, 2020

A transcript of Briton David Rae's recent sentencing hearing for money laundering at federal court in New Jersey indicates that he lied to obtain leniency, that his lies went unchallenged by prosecutors, and the judge accepted them as fact.

Axiom Legal Financing Fund: Receivers’ Seventh Report

January 15, 2020

Seventh Report of the Receivers of Axiom Legal Financing Fund, of the Cayman Islands.

Briton David Rae pleads guilty to money laundering in US

December 27, 2019

U.K. national David Rae, who was exposed by OffshoreAlert in 2012 for his role in a £100 million investment fraud by Cayman Islands-domiciled Axiom Legal Financing Fund, has pleaded guilty to money laundering in New Jersey regarding unrelated health care fraud schemes.

Axiom Legal Financing Fund v. Royal Bank of Scotland International Ltd.: Judgment on Summary Judgment Application

October 15, 2019

Judgment dismissing defendant's applications for summary judgment and strike out of Amended Particulars of Claim regarding a fraud committed by Cayman Islands-domiciled Axiom Legal Financing Fund in JP SPC 1 and JP SPC 4, both of the Cayman Islands, on behalf of Axiom Legal Financing Fund v. Royal Bank of Scotland International Limited at the High Court of Justice of the Isle of Man.

British lawyer George Lonsdale struck off for dishonesty

September 6, 2019

Yet another British lawyer - George Lonsdale - who was involved with the fraudulent Cayman Islands-domiciled Axiom Legal Financing Fund has been struck off for dishonesty, this time for stealing from an elderly client in an unrelated incident.

Steven Goodman v. DMS Governance Ltd. et al: Judgment

July 2, 2019

Judgment in Steven Goodman v. Dawn Cummings and DMS Governance Limited, both of the Cayman Islands, at the Grand Court of the Cayman Islands.

Axiom Legal Financing Fund v. Royal Bank of Scotland International Ltd.: TAL Judgment

May 15, 2019

Judgment in JP SPC 1 and JP SPC 4, on behalf of the Axiom Legal Financing Fund, of the Cayman Islands v. Royal Bank of Scotland International Limited regarding a Temporary Adocate's Licence for Stephen Auld QC, at the Isle of Man High Court.

Axiom Legal Financing Fund fraudster David Rae arrested in US for ‘money laundering’

April 22, 2019

U.K. national David Rae, who in 2012 was exposed by OffshoreAlert as one of the main perpetrators of a £100 million investment fraud by Cayman Islands-domiciled Axiom Legal Financing Fund, is in custody in New Jersey after being indicted for money laundering twice in two days in separate US jurisdictions regarding alleged healthcare fraud schemes.

Axiom Legal Financing Fund v. Mayer Brown International LLP: Plaintiffs’ Reply

April 2, 2019

Plaintiffs' Reply in JP SPC 1 and JP SPC 4, on behalf of Axiom Legal Financing Fund, of the Cayman Islands, v. Mayer Brown International LLP at the High Court of Justice for England and Wales.

Axiom Legal Financing Fund v. Mayer Brown International LLP: Defense

February 7, 2019

Defense in JP SPC 1 and JP SPC 4, on behalf of Axiom Legal Financing Fund, of the Cayman Islands, v. Mayer Brown International LLP at the High Court of Justice for England and Wales.

Axiom Legal Financing Fund v. Mayer Brown International LLP: Particulars of Claim

November 12, 2018

Particulars of Claim in JP SPC 1 and JP SPC 4, on behalf of Axiom Legal Financing Fund, of the Cayman Islands, v. Mayer Brown International LLP at the High Court of Justice for England and Wales.

Solicitors Regulation Authority v. Richard Emmett et al: Amended Judgment

October 29, 2018

Amended Judgment in Solicitors Regulation Authority v. Richard Emmett, Lindsay Emmett, Matthew Stokes, Mary Hunter, David Rae, and Dale Stephenson at the Solicitors Disciplinary Tribunal.

Four more British attorneys struck off over Axiom Legal Financing Fund scam

September 19, 2018

Four more solicitors have been struck off in the United Kingdom due to involvement with the Cayman Islands-based Axiom Legal Financing Fund, which defrauded investors of more than £100 million before collapsing in 2012 after being exposed by OffshoreAlert.

Solicitors Regulation Authority v. Richard Emmett et al: Judgment

September 7, 2018

Judgment in Solicitors Regulation Authority v. Richard Emmett, Lindsay Emmett, Matthew Stokes, Mary Hunter, David Rae, and Dale Stephenson at the Solicitors Disciplinary Tribunal.

Axiom Legal Financing Fund v. Mayer Brown International LLP: Claim Form

July 30, 2018

Claim Form in JP SPC 1 and JP SPC 4, on behalf of Axiom Legal Financing Fund, of the Cayman Islands, v. Mayer Brown International LLP at the High Court of Justice for England and Wales.

Eighth British attorney struck off over Axiom Legal Financing Fund fraud

February 1, 2018

Andrew Lindsay has become at least the eighth British attorney to be struck off due to involvement in the Cayman Islands-based Axiom Legal Financing Fund, which defrauded investors of more than £100 million before collapsing in 2012 after being exposed by OffshoreAlert. Another solicitor, Marina Frankel, was suspended indefinitely.

Solicitors Regulation Authority v. Andrew Lindsay et al: Judgment

January 9, 2018

Judgment in Solicitors Regulation Authority v. Andrew Lindsay and Marina Frankel at the Solicitors Disciplinary Tribunal.

SFO v. Timothy Schools: David Marchant’s Witness Statement (Axiom Legal Financing Fund)

December 7, 2017

Witness Statement provided by David Marchant, Founder, Owner & Editor of OffshoreAlert, to the United Kingdom's Serious Fraud Office in 2017 in support of the SFO's criminal investigation and prosecution of Timothy Schools regarding his £120 million Cayman Islands-domiciled Axiom Legal Financing Fund, which resulted in Schools being found guilty of fraud and money laundering by a jury at Southwark Crown Court, in England, in 2022 and receiving a 14-year prison sentence and a 15-year corporate disqualification.

Solicitors Regulation Authority v. Richard Kaufman et al: Judgment

October 10, 2017

Judgment in Solicitors Regulation Authority v. Richard Kaufman, Avram Kelman, and Philip Turner at the Solicitors Disciplinary Tribunal.

Solicitors Regulation Authority v. Alan Hutson et al: Judgment

March 24, 2017

Judgment in Solicitors Regulation Authority v. Alan George Hutson and Rachel Mary Hutson at the Solicitors Disciplinary Tribunal.

Serial fraudster Tim Schools back in business as a ‘crisis coach’

January 17, 2017

Serial fraudster Timothy Schools, who swindled hundreds of investors out of more than £100 million via his Cayman Islands domiciled Axiom Legal Financing Fund, is back in business … as a "crisis coach" At his newly created www.thecrisiscoach.co.uk,

Investment Schemes + Conflicts of Interest = Loss of Capital

November 8, 2016

One of the quickest ways of detecting whether an investment opportunity is legitimate is to skip to the 'conflicts of interest' page of an offering memorandum. If it's not blank, don't invest.Conflicts are a clear sign that a scheme exists

Seventh British attorney struck off over Axiom Legal Financing Fund fraud

November 1, 2016

Paul Stott has become the seventh British solicitor to be struck off due to involvement in the Cayman Islands-based Axiom Legal Financing Fund, which defrauded investors of more than £100 million before collapsing in 2012 after being exposed by OffshoreAlert.

Gable Insurance forced into administration in Liechtenstein

October 13, 2016

Cayman Islands-owned Gable Insurance AG, which provided apparently sham insurance for at least three fraudulent offshore investment schemes, has been taken over by its local regulator in Liechtenstein.

Offshore insurer Gable Insurance ordered to stop writing new business

October 3, 2016

Liechtenstein insurer Gable Insurance, whose Cayman Islands parent is listed on the London Stock Exchange's AIM and which has provided apparently sham insurance for at least three investment schemes that swindled investors out of more than £200 million, has been ordered to stop writing new business by its local regulator.

British attorney Mark Lorrell suspended for misconduct

September 27, 2016

A British attorney - Mark Lorrell - has been suspended for misconduct while representing clients who, inter alia, were previously involved in a failed take-over of the fraudulently-operated Cayman Islands-domiciled Axiom Legal Financing Fund.

Solicitors Regulation Authority v. Mark Lorrell: Judgment

September 13, 2016

Judgment in Solicitors Regulation Authority v. Mark Lorrell at the Solicitors Disciplinary Tribunal.

Sixth British solicitor struck off over Axiom Legal Financing Fund fraud

August 8, 2016

Christopher Hale has become the sixth British solicitor to be struck off due to involvement in the Cayman Islands-based Axiom Legal Financing Fund, which defrauded investors of more than £100 million before collapsing in 2012 after being exposed by OffshoreAlert.

Axiom Fraud: Solicitors Regulation Authority v. Christopher Hale: Judgment

July 20, 2016

Judgment in Solicitors Regulation Authority v. Christopher Hale at the Solicitors Disciplinary Tribunal.

Axiom Fraud: Solicitors Regulation Authority v. Duncan Gibbins et al: Judgment

July 7, 2016

Judgment in Solicitors Regulation Authority v. Duncan Neil Gibbins, Matthew Roy Edmund Dean, and Nicola Klimkowski at the Solicitors Disciplinary Tribunal.

Axiom Fraud: Solicitors Regulation Authority v. David Fenton Wingate et al: Judgment

March 31, 2016

Judgment in Solicitors Regulation Authority v. David Fenton Wingate and Steven Edward Evans by the Solicitors Disciplinary Tribunal.

Axiom Fraud: Solicitors Regulation Authority v. Richard Barnett et al: Judgment

December 22, 2015

Judgment in Solicitors Regulation Authority v. Richard Anthony Barnett and Anthony Augustine Swift at the Solicitors Disciplinary Tribunal.

Tangerine Investment Management Ltd.: Assignment Order

May 20, 2015

Order authorizing the liquidators of Tangerine Management Limited (in Official Liquidation) to assign various causes of action against Timothy Schools, Dawn Cummings and DMS Offshore Investment Services Limited to Steven Jeremy Goodman at the Grand Court of the Cayman Islands.

Axiom Legal Financing Fund: Offer to Purchase Shares

May 20, 2015

Offer by Robert Merriman to Purchase Shares in Axiom Legal Financing Fund.

British swindler Tim Schools settles £108M Axiom Legal Financing Fund fraud complaint

March 6, 2015

British fraudster Timothy Schools has settled a fraud complaint that was filed at the High Court in London by the Receivers of Cayman Islands-domiciled Axiom Legal Financing Fund on behalf of investors who were swindled out of £108 million.