Cullen and Dykman LLP’s Post

A timely reminder on Accounts Rules and Client Account Breaches below. I am doing some training with a client on this subject tomorrow and the SRA seem very keen to remind us that breaches need to be rectified immediately by the owners of the firm, even to the extent of obtaining a loan to do so! Whilst this isn't any real change from the revised rules introduced in 2019 there does seem to be much more emphasis on the promptness and the fact that solicitors shouldn't continue to receive funds into or to settle their costs from an affected or deficient client account. If your team needs further training on account rules and dealing with breaches give the HiveRisk team a call. #lawfirms #accountsrules #breaches

Please see my recent blog on the consequences of alleging fraud and the possibility of an Indemnity Basis Costs award, as a result https://lnkd.in/e3byiHrD

Driving home and wondering about indemnity costs? Have a listen to our new episode on our “For the Love of Costs” podcast on Spotify where Helen Appleby and Joanne Chase discuss all things indemnity costs (link below)👇🏽

Knowing receipt is a type of civil fraud claim where a person receives or continues to hold trust property in the knowledge that it is in breach of trust or breach of fiduciary duty. A claim for knowing receipt is often pursued in the context of wider fraudulent or wrongful behaviour. Our article explains who the typical claimant of knowing receipt might be, how liability is established, and the remedies. Click below to read the article. #CivilFraud #KnowingReceipt #CommercialDisputes https://lnkd.in/e_HXWyBF

How have Matthew Quigley (Matthew Q.) and his company Zenith Partners, managed to pass the fraud and anti-money laundering background checks undertaken by solicitors? Did those solicitors continue to enable the fraud? Could their actions have avoided new victims? We look at how HCR Law continued to act for Zenith Partners and Matthew Quigley, despite them failing to produce documents Dr Saverio Salandra asked for in March 2024. We also reveal how top law firm Anthony Gold Solicitors warned HCR Law that what Matthew Quigley was doing was "untrue", "fraudulent" and in the case of a bank statement "falsified", in June 2024 - yet HCR Law continued to act as recently as September 2024. We also look at how Michael Wistow of McCarthy Denning boasted about representing Matthew Quigley and Zenith and his hopes of being "fund counsel" - despite there being no fund whatsoever. It is clear that businesses affected are entitled to pursue these firms for negligence. The question of course is whether it's negligence or recklessness - or both? #Solicitors #MatthewQuigley #ZenithPartners #Fraud #McCarthyDenning #HCRLaw #Negligence #Misconduct https://lnkd.in/eCaGR8Ts

With 3rd party vendor management in the spotlight, it's crucial to remember the regulatory obligations faced by entities serving consumer financial sectors. The CFPB's recent enforcement action against a service provider linked to credit repair firms underscores the significance of understanding obligations under federal consumer financial laws. Explore more about service provider liability under the Consumer Financial Protection Act here: [Link to the article] #CFPB #ConsumerProtection #FinancialServices

You may know that Defendant T could not come up with financial backing to satisfy the original bond set by the judge who found a mound of relevant and credible evidence supporting T as a persistent fraudster in business. The judge dropped the original much higher bond to 175M, required to be paid before Defendant T can appeal the ruling, and Supposedly Defendant T found some suckers who would underwrite. But, watch out! The court has NOT been able to validate the information provided by Defendant T’s supposed bond provider. Just who are the supposed underwriters? The judge is NOT impressed. Now, the man who lies has until Monday, April 15, to prove the bond proposed is actually valid or to make certain a properly issued bond exists. In this circumstance, a bond is required when a defendant who owes damages aka money— based on the trial court verdict— wants to appeal. Posting bond ensures that if or when the defendant does NOT prevail, the money to pay the plaintiff(s) has already been set aside. Defendant T has already been getting special treatment. Hopefully, we’ll see these judges try their best to treat him like any other person accused. So long as he is afforded due process, that is expected. He should not expect nor receive due process deluxe. #truth

If you do business with the government, this is an important read!

The onus is on law firms to establish robust processes to safeguard client money. Take a look at our top tips to enhance your control environment 🔐💼 #internalcontrols #buzzacott

Recent legal battles in the financial industry include Ponzi schemes, questionable recruiting and pandemic relief fraud. Read more in our roundup. #finance #wealthmanagement #investing #financialplanning