Serious Fraud Office Secures £928,000 Confiscation Order Against Convicted Fraudster
The Serious Fraud Office (SFO) has successfully obtained a confiscation order worth £928,479 against David Kennedy, a convicted fraudster currently serving an eight-year prison sentence. This amount will be returned to the victims of a fraud operation that exceeded £100 million.
Details of the Case
At Southwark Crown Court, the judge approved the confiscation order, ensuring that funds generated from Kennedy’s illegal activities would be redirected to those affected by his fraudulent scheme. Investigators discovered that Kennedy utilised his criminal gains to maintain a lavish lifestyle, which included purchasing properties in Hull and a villa in Tenerife, maintaining a Spanish bank account, establishing a pension fund, and acquiring multiple luxury vehicles.
Kennedy’s criminal activities were conducted in collaboration with his business partner, Timothy Schools. The duo operated Axiom Legal Financing Fund, a no-win no-fee legal scheme that drew on investor money to fund high-risk legal cases, many of which had not been independently assessed and frequently ended in failure. The SFO successfully prosecuted Kennedy for fraudulent trading in June 2024.
Consequences and Previous Actions
This confiscation order comes in the wake of a similar successful action taken against Schools, who was ordered to forfeit £1,083,000 in January 2025. Furthermore, the SFO’s first unexplained wealth order led to the recovery of £1.1 million from Schools’ ex-wife following the sale of a property last September.
Kennedy has a period of three months to comply with the confiscation order or face the potential addition of up to six and a half years to his current prison sentence.
Reactions from the SFO
Paul Napper, head of the Proceeds of Crime section at the SFO, remarked on the significance of this ruling, stating that Kennedy had exploited the life savings of others to support his extravagant lifestyle, leaving many victims devastated when his scheme collapsed. He noted that the confiscation order represents an important step in addressing the harm caused to the victims.
Background
This case underscores the ongoing issues surrounding fraud and financial crime in the UK. The SFO’s actions demonstrate a commitment to holding offenders accountable and ensuring that victims can receive some measure of restitution for their losses. The prominence of such high-profile cases serves as a crucial reminder of the importance of regulatory oversight in financial dealings.
Source: official statements, news agencies, and public reports.
https://www.gov.uk/government/news/sfo-to-secure-over-900000-fromfraudster-david-kennedy






























