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.

Read more: https://www.bbc.com/news/articles/c0q9x04k42qo?at_medium=RSS&at_campaign=rss

#PMLaw #SRA #ProddowMackay #CityPolice

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BBC News | Collapsed law firm at centre of £39.5m fraud probe

AI generated summary, Read the full article for complete information.

A Sheffield‑based law firm, PM Law Ltd, which operated 25 offices across Yorkshire, Cumbria, Berkshire, Derbyshire and London and employed over 600 staff, suddenly collapsed on 2 February and entered voluntary liquidation on 3 March, prompting a major investigation by the Solicitors Regulation Authority (SRA). The regulator says the firm is at the centre of a “sophisticated suspected fraud” involving the improper removal and misuse of £39.5 million of client funds, with more than £21 million in claims already made to the SRA’s compensation fund. As of 17 April, the SRA had paid £9.31 million to 92 former clients and returned £6.8 million held by the firm, while 9,300 client files were restored. The SRA is working to reunite clients with their money or files and to support those affected by the firm’s abrupt closure, which left hundreds of staff jobless and disrupted many personal‑injury, will and conveyancing matters, including property transactions.

Read more: https://www.bbc.com/news/articles/c0q9x04k42qo?at_medium=RSS&at_campaign=rss

#PMLaw #SRA #Sheffield

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