Kennedys partner sacked as police probe alleged £1m theft
A partner at Kennedys has been dismissed from the firm and is facing a police investigation following allegations that he stole close to £1m from a client.
Senior Partner, Nick Thomas
In April 2010 Kennedys discovered irregularities in relation to client funds and London-based commercial partner Peter Lloyd-Cooper, whose clients include a number of high-net-worth individuals, was suspended.
Kennedys said it immediately reimbursed the victim of the alleged theft, but could not comment on which client was affected or how much was allegedly stolen, although sources familiar with the incident said the figure is close to £1m.
Last month Kennedys was given the all-clear by the Solicitors Regulation Authority (SRA). Lloyd-Cooper is expected to be struck off the roll of solicitors and the matter is being dealt with by the police.
Senior partner Nick Thomas said: “In April 2010 irregularities with regard to client money came to light. Peter Lloyd-Cooper, a partner in our commercial department, was suspended and reported to the SRA. After an internal inquiry the client was made good and Mr Lloyd-Cooper expelled from the partnership.
“The SRA has conducted inquiries into both Mr Lloyd-Cooper and Kennedys as a firm. Last month we received a letter from the SRA saying there was no criticism of any individual but Mr Lloyd-Cooper, confirming that it had no criticisms of our systems. We understand that the SRA is proceeding against Mr Lloyd-Cooper and we will continue to cooperate with it and the police.”
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Readers' comments (11)
marx | 1-Aug-2011 11:06 am
Another one???? What's going on here? Lawyers were so scared during the downturn that they'd be left with no money that they had to resort to taking client money? Wonder how many more are out there.
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Boris Karloff | 1-Aug-2011 11:32 am
@marx Lots and Lots. Probably.
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Anonymous | 1-Aug-2011 12:07 pm
Pity. Such an elegant double-barrelled name.
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Anonymous | 1-Aug-2011 2:41 pm
.... Dig deeper.
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Anonymous | 1-Aug-2011 2:48 pm
People are basically the same...
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Anonymous | 1-Aug-2011 3:47 pm
Perhaps firms need to start carrying out financial checks/credit searches like banks do, so they are aware of individuals whose financial commitments may give rise to an incentive to dip fingers in the till...
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anon | 1-Aug-2011 4:22 pm
@ marx | 1-Aug-2011 11:06 am - If so then one wonders what tricks they will get up to during the coming economic meltdown, which will make 2008/09 look like a boom.
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Anonymous | 1-Aug-2011 6:58 pm
If this was a small 2 partner firm the SRA would be shutting it down and prosecuting the other innocent partner. Does anyone know why the SRA operate double standards towards smaller firms in cases like this and what the justification for this is?
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Anonymous | 2-Aug-2011 2:13 pm
may be he REALLY REALLY REALLY REALLY REALLY REALLY REALLY REALLY REALLY needed the money?
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Anon | 4-Aug-2011 9:51 am
How can it be possible to steal client money and yet a firm's systems and client fund monitoring be beyond reproach?
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