The Solicitors Regulation Authority (SRA) has taken decisive action against two former employees of Axiom Ince following serious misconduct allegations.
The SRA has prohibited two former non-solicitor employees of Axiom Ince from engaging in any professional activities within the legal sector without prior approval. This decision followed an inquiry into financial misconduct linked to the firm.
Orders were issued under section 43 of the Solicitors Act 1974, which governs the professional conduct of non-solicitors. Although the orders were enacted nearly three weeks prior, their announcement was postponed at the behest of the Serious Fraud Office (SFO), which is currently conducting an investigation into Axiom Ince.
According to the SRA’s findings, between 5 May 2021 and 27 July 2023, Muhammed Ali was implicated in facilitating or failing to prevent improper financial transactions amounting to £54.5m from the company’s accounts. The SRA identified that he knowingly or negligently enabled these transfers, which were deemed improper, leading to misuse or misappropriation of funds.
Moreover, on 16 June 2023, Mr Ali, whose last known residence is in High Wycombe, Buckinghamshire, misled a third party into believing false information, a conduct highlighting severe breaches of trust.
Similarly, Jayesh Anjaria, residing in Edgware, Greater London, engaged in deceptive practices between 1 and 4 August 2023. During the SRA’s forensic examination, he manipulated Barclays bank statements, rendering them false and misleading. His actions were intended to deceive the SRA and any other parties reviewing the bank details.
The repercussions for the SRA come amidst criticism, with a report by the Legal Services Board asserting that the regulator overlooked critical measures prior to Axiom Ince’s failure. As a consequence, enforcement actions against the SRA are being contemplated.
The actions taken by the SRA against former Axiom Ince employees underscore the seriousness of their misconduct and the regulatory body’s commitment to upholding legal standards. These measures emerge as the SRA confronts scrutiny regarding its regulatory effectiveness.
