BBC News | Collapsed law firm at centre of £39.5m fraud investigation
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A Sheffield‑based law firm, PM Law Ltd, abruptly collapsed on 2 February, leaving hundreds of staff jobless and tens of thousands of client cases in limbo, and is now the focus of a £39.5 million “sophisticated suspected fraud” investigation by the Solicitors Regulation Authority (SRA). The SRA, which intervened after the firm entered voluntary liquidation on 3 March, says the alleged fraud involves the improper removal and misuse of client funds and has required an unprecedented response involving thousands of emails, letters and inquiries. So far the regulator’s compensation fund has paid out over £9 million to 92 former clients, while an additional £6.8 million has been recovered from the firm’s remaining assets; about 9,300 client files have been returned. The collapse has severely disrupted clients in the midst of property transactions and other legal matters, and the SRA continues to work to reunite them with their money and files while supporting affected staff.
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#PMLaw #SRA #ProddowMackay #CityPolice
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