Trial begins over collapsed £120m legal financing fund

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Axiom founder sentenced to 14 years in prison over £100m ‘no win, no fee’ investment fraud

Timothy Schools, the founder of Cayman Islands-based Axiom Legal Financing Fund, has been jailed for 14 years for using millions in investors’ cash to finance his own extravagant spending habits. The former lawyer used a network of offshore trusts and bank accounts to siphon off millions invested in his litigation fund to buy £262,543 worth of luxury cars, a £78,000 motor boat, and a £5m shooting and fishing estate in the Lake District.

In the News

Axiom fund set up to fill legal aid ‘black hole’, court hears

A solicitor accused of dishonestly funnelling nearly £20m of investors’ money from a legal financing fund into his own pocket has told jurors the fund was set up to fill ‘the big black hole in the market’ after access to legal aid was reduced. Timothy Schools is said to have received ‘just over £19.5m’ from the Cayman Islands-registered Axiom Legal Financing Fund before it collapsed in 2012. He allegedly used some of the money to pay for an estate in Cumbria, a personal trainer and football season tickets.

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