Axiom DWFM (to not be confused with authorized providers supplier Axiom Law) was a UK regulation agency on the rise. As its LinkedIn web page described the agency’s upward trajectory, “we are now becoming the preferred legal partner to many businesses within London, across the UK and internationally.” To additional gas that development, Axiom DWFM began buying different companies, particularly Plexus and Ince.
Why do the UK companies all sound like late-night infomercial merchandise?
The mixed agency, Axiom Ince, employed round 1400 individuals. It is decidedly not the popular authorized companion of many companies anymore. Let’s take a look at the web site:
Well, that’s not nice.
And it will get worse!
The Serious Fraud Office has arrested seven individuals in daybreak raids because it launches a prison investigation into the suspected theft of £66m of consumer cash from collapsed regulation agency Axiom Ince.
Early on Tuesday morning greater than 80 SFO investigators and Met law enforcement officials bashed doorways down at 9 areas throughout the south of England to seize their targets and perform searches.
The principle of the case is that the “£66m of client money” obtained diverted to fund the mergers and additional development, making this a kind of regulation agency Ponzi scheme.
And the allegations learn like one thing out of a Madoff documentary:
Modhwadia is accused of doctoring a letter from the State Bank of India so it falsely confirmed that it was holding a £57m sum lacking from the agency’s Barclays consumer account. He is alleged to have given the cast letter to Pinsent Masons, which he had instructed to symbolize Axiom Ince within the SRA investigation, and Pinsents dutifully handed the letter to the regulator.
According to RollOnFriday’s reporting, Axiom’s founder and sole shareholder Pragnesh Modhwadia was one way or the other NOT one of many of us arrested this week, despite the fact that his home was amongst these searched.
The ongoing liberty of Pragnesh Modhwadia, Axiom’s founder and sole shareholder, has left ROF commenters baffled after he admitted spending many of the lacking cash.
Yeah, that could be a stumper.
Seven arrested in Axiom Ince daybreak raids [RollOnFriday]
Axiom Ince: Dawn raids and arrests as Serious Fraud Office launches probe [LegalCheek]
Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to e mail any suggestions, questions, or feedback. Follow him on Twitter in the event you’re desirous about regulation, politics, and a wholesome dose of school sports activities information. Joe additionally serves as a Managing Director at RPN Executive Search.
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