Offshore providers in the Cayman Islands, Isle of Man, and Switzerland face huge liabilities after allowing insiders to loot Axiom Legal Financing Fund of tens of millions of pounds.
Those most at risk from being sued by Axiom’s eventual liquidators appear to be DMS Group, JP Funds Group, BDO Cayman, and Ogier, all in the Cayman Islands; Turnstone Group, in the Isle of Man; and Portland Financial Management, of Switzerland.
HIGHLIGHTS
Investment manager kept 50% of all loans issued to British law firms as a “Facilitation Fee”
Insiders had “rape and pillage mentality”, says former
group employee
Portland Financial Management invoiced millions of pounds for work that was apparently never done
Insider Dr. Jason Corbett closed down investment manager’s Cayman office and flew off island with all computers and documentation
Axiom’s independent directors are still leading investors to believe the Fund is salvageable
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