The Serious Fraud Office secured its first unexplained wealth order Friday, winning custody over a £1.5 million luxury home in England's Lake District after linking the property to a £100 million investment fraud.
Records list the owner of the property as Claire Schools, ex-wife of Timothy Schools, a former financial services professional now serving 14 years in prison for stealing and laundering tens of millions of pounds from Axiom Legal Financing Fund, the Cayman Islands-based firm he co-founded.
Schools was ordered by the High Court in London on Friday to demonstrate a legitimate origin for the funds used to purchase the property within 28 days, or risk the SFO "bring[ing] a case to seize the house at a later date."
The National Crime Agency has obtained UWOs in five cases since Britain adopted the measure in 2017. Friday's order marks the first obtained by the SFO.
- Topics: Anti-Money Laundering and Countering the Finance of Terrorism, Fraud
- Source: United Kingdom
- Document Date: January 17, 2025
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