Former Ince & Co partner Andrew Iyer is under investigation by Scotland Yard over £3m of client money that he allegedly moved into accounts under his name.
The firm suspended its former energy practice chief last July over what it called “irregular financial behaviour” (30 July 2010).
Ince & Co said it had referred the matter upon discovery to the SRA, which is currently conducting an investigation, and to the Metropolitan Police.
In a statement the firm said: “As reported in our July 2010 statement, Nathan Andrew Iyer was suspended on 22 July 2010 and subsequently resigned as a consequence of his irregular financial behaviour. No other members of staff were involved.
“We reported the issue to the police and the SRA at the time of discovery. We immediately took steps to ensure no clients would suffer any loss. The matter since then has been in the hands of the police and the SRA.”
It comes just weeks after Hogan Lovells dismissed long-standing litigation partner Christopher Grierson after discovering he claimed more than £1m in false expenses over a four-year period (17 May 2011).
The firm reported the matter to the SRA but is yet to inform police. Chief executive David Harris explained: “Once you go to the police there are limitations on what you can say. We put a huge emphasis on openness and didn’t want people to learn about this from elsewhere.” (23 May 2011)