The Solicitors Regulation Authority (SRA) has barred two former employees of Axiom Ince from the legal profession pending permission.
- This decision follows serious financial misconduct and document falsification charges against the individuals.
- The Serious Fraud Office is currently investigating the circumstances surrounding Axiom Ince’s financial dealings.
- The findings have led to a temporary halt on certain regulatory actions by the SRA.
- A report has criticised the SRA for its oversight before the collapse of Axiom Ince.
The Solicitors Regulation Authority (SRA) has enacted bans under section 43 of the Solicitors Act 1974, disallowing two former employees of Axiom Ince from future legal practice without its consent. This action, although taken nearly three weeks prior, was published after a delay requested by the Serious Fraud Office (SFO), which is investigating the activities surrounding Axiom Ince.
Muhammed Ali, one of the individuals banned, is accused of permitting or facilitating improper payments totalling £54.5 million from Axiom Ince’s bank account from May 2021 to July 2023, despite knowing these transactions were illicit. Ali is also charged with allowing the misuse or misappropriation of funds during the same period. Furthermore, on 16 June 2023, Ali allegedly misled a third party into believing falsehoods, which he knew or had no grounds to believe were true. His last known residence is in High Wycombe, Buckinghamshire.
The conduct of Jayesh Anjaria, whose last known address is Edgware, Greater London, involved altering Barclays bank statements from 1 to 4 August 2023 with false information. These alterations were intended to mislead the SRA and others reviewing the documents. This misconduct was uncovered during the SRA’s forensic investigation of Axiom Ince.
In light of these findings, the SRA has decided to pause certain regulatory actions while the SFO investigation proceeds. This includes a potential referral of Axiom Ince-related cases to the Solicitors Disciplinary Tribunal, potentially as soon as mid-2025. Paul Philip, the SRA’s chief executive, highlighted this strategic pause as necessary during the ongoing SFO probe.
The publication of these orders follows a challenging week for the SRA. A report by the Legal Services Board criticised the regulator for failing to take necessary preemptive measures ahead of Axiom Ince’s downfall. As a consequence, the board plans to enact enforcement measures against the SRA.
The SRA’s actions reflect a complex interplay between regulatory oversight and ongoing investigations.
