Seven solicitors from same firm banned

4 September 2014

Seven former members of a conveyancing firm have been disqualified for fraudulent trading following an investigation by the Insolvency Service…

The investigation into the members who used to work at conveyancing firm, Wolstenholmes LLP, which traded as a solicitors’, found that they were trading fraudulently and failing to keep proper books and records.

The latest punishments include Mr Waseem Saddique and Mr Mario Cardinali, who were both disqualified by court for over for 15 years on the

10^th June this year.

Mr Nasir Ilyas, who was given an undertaking to not be involved in the management of a limited company for the duration of his ban on the 6^th June 2014, has had his case adjourned to be heard at some point in October 2014.

Bans are as follows:

Waseem Saddique, was latterly of Sutton Coldfied, D.O.B- 9 August 1977 – disqualified by court order on 10 June 2014 for 15 years;
Mario Cardinali is reportedly now in Brazil and D.O.B- 11 June 1959 - disqualified by court order on 10 June 2014 for 15 years;
Bilal Khawaja is of Greater Manchester, D.O.B- 16 May 1979 - undertaking accepted for 6 years on 13 June 2013;
Imran Hussain is of Manchester, D.O.B- 12 January 1973, undertaking accepted for 9 years on 4 June 2013;
Bobby Naghman Shabbir is of Manchester, D.O.B- 1 June 1974 - undertaking accepted for 5 years on 24 January 2013;
Helen Murgatroyd is of Oldham D.O.B- 31 July 1976 – undertaking accepted for 5 years on 24 February 2012;
Mr Nasir Ilyas of Greater Manchester– undertaking accepted for 15 years on 6 June 2014;

The investigation by the Insolvency Service was initiated after complaints were made about the conveyancing department of the firm from clients, where it found or it was not disputed that Mr Saddique and Mr Cardinali had acted inappropriately with a “degree of control and influence over its affairs to the ultimate detriment of the SRA and the practice’s clients.” It also brought to light that the firm traded fraudulently and/or with insufficient financial controls to prevent fraud. It was also uncovered that the practice’s failure to maintain the accounts resulted in the SRA failing to find out when about the £8 million was accumulated in the client’s account, or the location of the embezzlement.

An intervention following the investigation led to the company being forced into administration in February 2010, which resulted in the Solicitors Compensation Fund forking out more than £13 million to more than 2,500 former clients.

HHJ Bird commented on the sentencing of Mr Saddique and Mr Cardinali, stating: “The defendants involved themselves in a business in which members of the public are entitled to place absolute trust. That trust was abused at great cost to members of the public and at great cost to the Solicitors Regulation Authority and to the Solicitors Compensation Fund.

“Fraud of the kind which was rife under their management in my judgment justifies a disqualification period of the maximum that the law allows, that is the period of 15 years.”

David Middleton, Executive Director, Legal at the Solicitors Regulation Authority, also added: “The Tribunal recorded the fact that this was perhaps the most serious case it had ever dealt with and that there had been significant harm to the profession, to an extent mitigated by the prompt action of the SRA, the Compensation Fund and the intervention agents.

“The Tribunal heard from clients who had suffered significant hurt by what had happened. It was to the credit of the Compensation Fund that the losses had been made good.”

Keywords: disqualified, members, conveyancing, firm, solicitor, law, fraudulent, trading, investigation, Insolvency Service, Wolstenholmes LLP, Mr Waseem Saddique

Source: Bridging & Commercial — https://bridgingandcommercial.co.uk/seven-solicitors-from-same-firm-banned