A veteran solicitor who was embroiled in a Ponzi-style investment scheme has been struck off the roll. Robert Sedgwick, admitted in 1973, was found by the Solicitors Disciplinary Tribunal to have repeatedly backdated documents relevant to London Capital and Finance which collapsed in 2019 owing more than £379m.
Sedgwick was one of several individuals subject to legal proceedings from the LCF adminstrators in which Mr Justice Miles described how the solicitor received more than £500,000 from his involvement in the scheme. The judge said Sedgwick and others knowingly took part in fraudulent conduct and dishonestly assisted breaches of duty by company owners.
Sedgwick had spent his entire legal career with Kent firm Buss Murton Law and was a consultant until 2017, since when he has not held a practising certificate.
Between 2013 and 2018, LCF raised more than £237m from retail investors by selling ‘mini bonds’ to about 11,600 bondholders. LCF presented itself to investors as a commercial lender to the small and medium-sized sector in the UK, but in fact advanced the money it raised to a small number of connected companies associated with four individuals. Much of the monies lent proved irrecoverable.
The Solicitors Regulation Authority, prosecuting, said Sedgwick changed dates on loan agreements to give a misleading impression to auditors and regulators about when they were executed.
Sedgwick, who was not present at his tribunal hearing last month, had denied one allegation, saying he had little involvement with the preparation of certain documents and had no idea they would be backdated.
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