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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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As brief as possible. Sold my house in 2008. Banks unstable,

Customer Question

As brief as possible. Sold my house in 2008. Banks unstable, so where to put the cash before we bought again? Found an accountant with a fairly large practice in northern England who was starting a scheme to earn interest (non-existent in banks) through currency speculation. Had him checked out by someone I trusted who visited his offices. The deal was that I could get my money out at any time if it did not work. He was also a member of two official Accountancy trade bodies. No sooner was my money sent to him than the FSA closed the scheme since he had no licence to deal in this way. Around 18 months later we found my final loss was £150,000. Tried to claim off the Trade bodies who insured him against client claims like mine. They said they did not insure him to malpractice and therefore I had no claim.
Surely that IS what they insure him against? Do I have a claim?
There are many more stages to this story – and the Accountant Darrren Upton is currently in prison for fraud (see Google!)
I cannot afford a single penny to prosecute this case, but am happy to share the sum returned if the case is won by 50-50. Ie No win no fee with a prospect of c £75,000 each.
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts : Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : In short they refuse to claim against fraud. Does the person have any assets personally?
JACUSTOMER-8nzs2hkp- :

No. I believed he declared himself bankrupt (possibly put any assets in his wife's name) and was subsequently sent to prison for fraud. I need to know if the professional accountancy trade bodies can be claimed against since he must have had Personal Indemnity with them. The one that replied said they did not indemnify against malpractice. But I believe that is precisely what they should be indemnifying his clients against. Do you know of lawyers who would have expertise in this case and who might be interested in a no win no fee agreement

Alex Watts : This is a question and answer site and we can not be instructed, we can only advise what to do, is that ok?
JACUSTOMER-8nzs2hkp- :

OK. In that case do you think I have a case against the trade bodies that provided personal indemnity for the accountant concerned. And what is the best way to tackle them?

Alex Watts :

Do the trade bodies cover fraud claims please?