£100m collective investment scam ends in striking off – James Ramsden KC secures dismissal of appeal
Today judgment was handed down in the appeal by Margaret & Patrick Hetherington against their striking off the Roll of Solicitors after a finding of dishonesty by the Solicitors Disciplinary Tribunal in August 2021. The appeal was dismissed on all grounds. This important decision brings to an end one of the most complex investigations and prosecutions by the SRA involving an unregulated collective investment scheme that saw over £100m pass through the Appellants’ client account and in which nearly 7000 clients were affected. Many of those clients lost their pension funds and savings in a scheme that promised lavish returns on investments in airport parking facilities and self-storage units. In upholding the Tribunal’s finding of dishonesty against both former solicitors, those who lost their (in many cases modest) savings and pensions have a chance of compensation.
James Ramsden KC of Astraea Group acted for the SRA both before the Solicitors Disciplinary Tribunal and on appeal to the High Court. He commented on the outcome:
It is always with mixed feelings that you reflect on a successful prosecution of this kind. On the one hand, it is a matter of regret that these events occurred at all, but on the other it is an example of the legal profession policing and regulating itself effectively. The case serves to emphasise the importance of lawyers acting as a ‘sense check’ for their clients, especially those with little or no experience of investing their savings or SIPPs.
The judgment can be viewed here.
The information provided in this article is of a general nature and does not constitute, nor should be relied on, as legal or professional advice.
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