The SFO has secured a £928,479 confiscation order against David Kennedy, the final defendant prosecuted in the “Operation Totem” investigation into the Axiom Legal Financing Fund fraud. Mr Kennedy was jailed for 8 years in 2024 for his role in a no-win-no-fee fraud in which hundreds of investors were defrauded of over £107m. In recent proceedings before the Southwark Crown Court, the Court ordered confiscation of his proceeds of crime including the value of a villa in Tenerife, savings in a Spanish bank account, a pension fund and several luxury vehicles. The money recovered will be paid back to the victims. If Mr Kennedy fails to repay, he will face an additional six and a half years in prison. Paul Raudnitz KC of QEB Hollis Whiteman acted for the SFO in the successful confiscation proceedings and he also appeared in earlier trials against both Mr Kennedy and his Co-defendant, Timothy Schools.
The SFO have released a press release on the case and this has also featured in legal press:
Paul Raudnitz KC