The directors of Axiom Ince face serious fraud charges following the firm’s collapse, impacting thousands of clients and employees.
London: So, here’s the scoop. The directors of Axiom Ince, a law firm that went belly up in a £60 million mess, are in hot water. They’ve been charged with fraud, forgery, and even trying to hide important documents.
This firm had offices all over the UK, from London to Liverpool, and served clients globally. But it all came crashing down in October 2023 when the Solicitors Regulation Authority stepped in after hearing about the misuse of client funds.
Fast forward to Friday, and the Serious Fraud Office (SFO) dropped the news about criminal charges against five top dogs at Axiom Ince. The CEO, Pragnesh Modhwadia, along with co-director Shyam Mistry and CFO Muhammad Ali, are facing two counts of fraud for allegedly misusing client money.
But wait, there’s more! Modhwadia and Mistry are also in trouble with the chief tech officer and the IT vice president for supposedly conspiring to destroy evidence related to the SRA investigation.
All five of them are accused of trying to mislead the SRA with fake documents. They’re set to appear in court on January 15 for a preliminary hearing.
Nick Ephgrave, the SFO director, made it clear that the collapse of Axiom Ince left many clients in a tough spot and hundreds without jobs. He’s determined to hold those responsible accountable, and this charging is a big step in that direction.
Interestingly, Axiom Ince was formed just in May 2023 when Axiom DWFM took over the struggling Ince Group, which has a long history dating back to 1870, especially known for maritime law.
At its peak in 2021, the Ince Group had over 700 employees worldwide. Quite a fall from grace, huh?