In 2020 the Serious Fraud Office charged three men with multiple offences in connection with its investigation into the collapse of the Axiom Legal Financing Fund. Timothy Schools, David Kennedy and Richard Emmett were charged with carrying out a fraudulent scheme to divert money from the Axiom Legal Financing Fund for their own benefit.
Timothy Schools dishonestly funnelled nearly £20m of investors’ money from a legal financing fund into his own pocket to fund a luxury lifestyle has been jailed for 14 years.
The Axiom fund was purportedly set up to lend money to firms pursuing no-win no-fee claims but collapsed in October 2012, jurors were told, meaning investors ‘lost everything’ while Schools was ‘making money hand over fist’.
Timothy Schools, 61, was found guilty of three counts of fraudulent trading, one count of fraud and one count of transferring criminal property in relation to the Cayman Islands-registered Axiom Legal Financing Fund.
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