We aim to make this site as accessible as possible and therefore have provided the settings below to use if you are finding it difficult to view this website. See the SFO Accessibility Statement for more information.

Where it is appropriate to provide a Welsh translation, you can switch to Cymraeg. See the Welsh Language Commissioner website for more information.

Use the settings button in the bottom right corner of the page to access these settings again.

Change to normal text size A Change to medium text size A Change to large text size A Adjust Text Size

We would like to use Analytics Cookies on our website. 

Turn these on below if you are happy with us collecting information on how our site is used, in order for us to improve the overall experience of our website. 

All other cookies are necessary and therefore by continuing to browse this website, you are agreeing to the usage of these cookies.

 See the SFO Privacy Policy for more information. 

Analytics Cookies

Three individuals charged in Axiom Fund investigation

21 August, 2020 | Case Updates

The Serious Fraud Office has 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 are charged with carrying out a fraudulent scheme to divert money from the Axiom Legal Financing Fund for their own benefit.

The case will be listed at Westminster Magistrates’ Court on Wednesday, 30 September 2020.

Notes to editors:

  1. Timothy Schools  (DOB 19.03.1961), a former solicitor, has been charged with three counts of fraudulent trading, contrary to Section 993(1) of the Companies Act 2006, one count of fraud, contrary to Section 1 of the Fraud Act 2006, and one count of transferring criminal property, contrary to Section 327(1)(d) of the Proceeds of Crime Act 2002.
  2. David Kennedy (DOB 07.01.1953), a former independent financial adviser, has been charged with one count of fraudulent trading, contrary to Section 993(1) of the Companies Act 2006.
  3. Richard Emmett (DOB 02.07.1973), a former solicitor, has been charged with one count of fraudulent trading, contrary to Section 993(1) of the Companies Act 2006, and one count of being concerned in an arrangement which facilitates the acquisition, retention, use or control of criminal property by another, contrary to Section 328(1) of the Proceeds of Crime Act 2002.
  4. The SFO announced its investigation on 16 May 2017.
  5. As these are live criminal proceedings, the SFO cannot comment further. The strict liability rule of the Contempt of Court Act applies.

Related Cases