The Serious Fraud Office (SFO) said on 3 May it had secured the conviction of former investment manager David Kennedy for his part in a £100m investment fraud in which hundreds of people lost their savings, following a re-trial at Southwark Crown Court.

Kennedy and his business partner Timothy Schools managed the Cayman Island registered company Axiom Legal Finance Fund for over two years. They promised investors a secure return, by offering loans to UK law firms that were pursuing no-win-no-fee cases and where there was purportedly a high chance of success.