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Collapsed Sheffield law firm at centre of £39.5m fraud probe
The regulator says 92 claims worth £9.31 million have been paid, while it works to return funds and files to former clients.
- The Solicitors Regulation Authority is investigating the collapse of Sheffield-based PM Law, which shut down on February 2 amid allegations of a "sophisticated suspected fraud" involving the "improper removal and misuse" of £39.5 million in client funds.
- PM Law operated 11 companies and over 30 trading names, including Butterworths Solicitors, with 25 offices across the UK and employed over 600 staff before its sudden closure left hundreds jobless.
- As of April 17, the SRA has paid 92 claims worth £9.31 million from its compensation fund to former clients, while returning £6.8 million in recovered firm assets and 9,300 files to affected individuals.
- The SRA processed 25,000 emails and 17,000 inquiries during what it described as one of its most complex interventions; Paul Hastings, the SRA's director of client protection, said: "We are continuing to do all we can to support former clients."
- South Yorkshire Police is reviewing information from Report Fraud, a service run by City of London Police, regarding the allegations as authorities work "to determine next steps and the most appropriate agency to take this forward.
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PM Law: SRA confirms it is investigating £39.5m suspected fraud
The Solicitors Regulation Authority (SRA) has said that its investigation into the sudden closure of PM Law involves a “sophisticated suspected fraud, involving the improper removal and misuse of £39.5m of client funds”.
·Leeds, United Kingdom
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East Midlands Business Link
East Midlands Business LinkSRA investigation finds sophisticated suspected fraud at PM Law with misuse of £39.5m of client funds
The Solicitors Regulation Authority (SRA) has revealed that its ongoing investigation into Sheffield firm PM Law Ltd involves a sophisticated suspected fraud, with the improper removal and misuse of around £39.5m of client funds.
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