Christopher Hale

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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.

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.