Solicitors Regulation Authority (SRA) Way Too Slow to Respond to Financial Fraud at Law Firms, in Effect Helping Those Law Firms Defraud Many More People (Fleecing Clients)
SRA was supposed to regulate them, not cover up for them.
Just like Daniel Pocock showed in Switzerland, where the government helped cover up a pyramid scheme disguised as "legal insurance" (illegal, unauthorised scheme) until it could "bury the news" with a very large bank going under several years later
Fleecing people is easy when you say your time is worth 300-600 pounds per hour. The SRA, which is a miserable failure, probably sat on a growing problem for far too long.
Now, all over the news we see the consequences of many years of SRA inaction [1-4].
Who will hold the SRA accountable for this? The issue isn't that SRA shut down the criminal enterprise. The issue is that there was no proper audit and the shutdown took so long. So more victims lined up. To many victims, this was preventable. █
Related/contextual items from the news:
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'Potential fraud' investigated at closed law firm [Ed: And where was SRA until now? The victims will never get their money that was stolen.]
A law firm which left tens of thousands of people in limbo when it closed suddenly is being investigated by the regulator in connection with a potential fraud.
Sheffield-based PM Law shut on 2 February, leaving hundreds of employees out of work and many clients stranded mid-transaction, including in the middle of house sales.
The Solicitors Regulation Authority (SRA) estimated the closure of PM Law, which had 24 offices in Yorkshire, Derbyshire, Cumbria and Berkshire, had impacted tens of thousands of live cases.
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Collapsed law firm investigated on suspicion of stealing clients’ cash
Britain’s solicitors watchdog has launched a fraud investigation into a law firm after its sudden collapse put hundreds of jobs at risk.
The Solicitors Regulation Authority (SRA) is investigating potential fraud at PM Law and the possible misappropriation of client money.
PM Law unexpectedly closed this month, leaving thousands of its clients and more than 600 of its staff in limbo. The collapse led to the shuttering of 11 of its high street law firms across Britain, which PM Law had acquired over the past three decades.
The Sheffield-headquartered business owns firms in Yorkshire, Cumbria, Berkshire and Derbyshire including Butterworths Solicitors, Autonet Law and Proddow Mackay.
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SRA investigating potential fraud at collapsed PM Law
The background to the sudden closure of the law firm network PM Law is being treated as a potential fraud, the Solicitors Regulation Authority has revealed. The regulator said today it is looking at whether client funds have been misappropriated and investigating both the firm and more than one individual.
Information gathered is also being shared with the police and other law enforcement agencies.
The SRA intervened into PM Law and its network of affiliated firms on 4 February, two days after reports that the business had closed overnight and made all staff redundant.
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Industry regulators investigating potential fraud at collapsed Sheffield law firm
The Solicitors Regulation Authority (SRA) says it is investigating potential fraud including misappropriation of client money at a law firm in Sheffield which closed suddenly.
Bosses at PM Law, an umbrella company with more than a dozen brands operating practices across Yorkshire, Cumbria, Berkshire, Derbyshire and Kent, told employees not to attend work on Monday 2 February.
Industry regulators immediately launched an investigation into the company and took possession of all files and money held by the firm.