A High-Net-Worth Individual client from the Essex area instructed Samuel Okoronkwo Jr. to provide legal advice on a complex matter involving personal and corporate insolvency, alongside ongoing criminal proceedings. The client, formerly a dentist, transitioned into cryptocurrency trading and managed investments for private clients. Following a police investigation triggered by client complaints over devalued assets, the client refunded approximately £96,000 and is now under review by the CPS, with a decision expected in November 2024. The client’s bank accounts remain frozen, restricting financial activity.
The client faces multiple challenges including the inability to open a bank account due to the ongoing CPS investigation, potential civil claims from private investors seeking repayment and interest, unclear contractual terms and alleged termination of informal investment agreements, criminal charges filed by Leicestershire Police including fraud and concealment, and threats and harassment from involved parties which have been reported to authorities.
Samuel Jr. advised the client on the limitations of legal involvement in cross-border matters such as Power of Attorney under Cypriot law, recommending consultation with a Cypriot lawyer. On the insolvency front, counsel provided general advice regarding the implications of personal and corporate insolvency, including the importance of documenting financial transfers and maintaining evidence of repayment schedules. The client was advised to seek specialist criminal counsel regarding the CPS investigation and banking restrictions. Counsel remains instructed on retainer for ongoing advisory support.
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