LONDON, Dec. 18 -- The government of the United Kingdom issued the following news:
The Serious Fraud Office (SFO) has today secured a £928,479 confiscation order against David Kennedy, meaning this money will be returned to victims of his £100+million fraud.
SFO investigators exposed that Kennedy, a convicted fraudster,used his criminalproceedstofund a lifestyle that included the purchase ofproperties in Hull andavilla inTenerife,savings in aSpanish bank account,apension fund and severalluxuryvehicles.
At ahearingat Southwark Crown Court, the judge agreed that this money should go back to victims.
Kennedyis currently servingan eight-year prison sentencefor a fraudhe ranwith business partnerTimothy Schools.
The pairoperatedano-win no-fee legalscheme, Axiom Legal FinancingFund,that used investor moneyto fundthousands of high-risk cases that were not independently vetted and often failed at court.The SFO successfully prosecuted him for fraudulent trading in June 2024.
Thisresultfollowsasuccessful£1,083,000confiscation ordersecured by the SFOagainst Schoolsin January2025. Inaddition,theSFO'sfirst everunexplained wealth orderrecovered£1.1 millionfromSchools' ex-wife, following the sale of a propertyin September.
Kennedy hasthreemonths to pay the confiscation order orriskaddingup tosix and a halfyearsto his sentence.
Paul Napper, Head of the Proceeds of Crime, said:
David Kennedy funded a lavish lifestyle with other people's lifesavings and manylost everything when his scheme collapsed.
Today's orderis a significant step forward in addressingthe impact ofKennedy'scrime onvictims.
Press Office
Email news@sfo.gov.uk
Out of hours press office contact number +44 (0)7557 009842
Disclaimer: Curated by HT Syndication.
