Archive for the 'client accounts' Category

Solicitor jailed for £250,000 fraud – The Independent

“A solicitor was jailed for five years today after pleading guilty to fraud offences, which benefited him to the tune of almost £250,000, police said.”

Full story

The Independent, 22nd October 2010

Source: www.independent.co.uk

Woman jailed for stealing £1.7 million from employer – The Independent

“A cashier at a firm of solicitors who stole £1.7 million over seven years to finance a luxurious lifestyle for herself and her husband was today jailed for five years.”

Full story

The Independent, 15th October 2010

Source: www.independent.co.uk

Lehman Brothers International (Europe) (in administration) v CRC Credit Fund Ltd and others – WLR Daily

Lehman Brothers International (Europe) (in administration) v CRC Credit Fund Ltd and others [2009] EWHC 3228 (Ch); [2009] WLR (D) 371

“The statutory trust created by Chap 7 of the Clients Assets Sourcebook (‘CASS 7’) issued by the Financial Services Authority (‘FSA’) took effect upon the receipt, rather than upon the segregation, of client money. Pending segregation of client money, a firm was obliged to take reasonable steps to ensure that, in relation to client money mixed in its house account with the firm’s own money, clients’ rights in relation to that client money were not put at risk, and the client money was not used for the firm’s own purposes. Client money outside the firm’s segregated accounts did not form part of the client money pool (‘CMP’).”

WLR Daily, 17th December 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Moriarty and another v Atkinson and others – WLR Daily

Moriarty and another v Atkinson and others; [2008] WLR (D) 395

Although a company had been in breach of trust in paying clients’ money into a current account when it had agreed to hold the money in a client account, that breach of trust had occurred before the money could become part of a trust fund so that the clients had no proprietary claim in respect of it.”

WLR Daily, 18th December 2008

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.


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