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- Ex-QPR Director Kevin Steele Charged With Conpsiracy to Commit Fraud
Telegraph By Harry Wilson - 18 Jun 2010 - Ex-Mishcon de Reya partner hit with allegation of fraud
- A former partner at London law firm Mishcon de Reya was one of two men charged on Thursday by the Serious Fraud Office as part of an investigation into an alleged conspiracy to fraudulently obtain an £18m loan.
- Kevin Steele, 50, was charged yesterday along with Michael Shephard, a former property developer, with conspiring to persuade Swiss private bank EFG Bank to obtain the loan on the basis that they held a large deposit with the Jersey branch of another Swiss private bank, Bank Julius Baer.
- Mr Steele and Mr Shephard have each been charged with conspiracy to commit fraud and conspiracy to use false documents. Additionally, Mr Steele has been charged with abusing his position to steal £1.8m from an account held in the name of Mr Shephard.
- Both men were yesterday released on bail and have been ordered to appear at Southwark Crown Court on August 12 for a further hearing. No pleas were entered. Telegraph
The Times Jun 18, 2010 -Former Mishcon partner Steele charged over 'fraudulent' loan
- Kevin Steele, a former property partner at Mishcon de Reya, has been charged with conspiring to fraudulently obtain a €22 million loan.
Steele and former client, property developer Michael Shephard, were charged by the Serious Fraud Office (SFO) and released on conditional bail on Thursday.
According to Mishcon, Steele was “expelled” from the firm in September 2008. He and Shephard face charges of conspiracy to commit fraud and conspiracy to use false documents.
The SFO claims that in 2008 the pair fraudulently secured a €22 million loan from Zurich-based EFG Bank. Steele has also been charged with abuse of position relating to £1.8 million that went missing from a client account.
Mishcon said: "Kevin Steele was expelled from Mishcon de Reya in September 2008, nearly two years ago. The firm carried out a thorough internal investigation and brought in the police and the SRA.
“It has ensured that the interests of its clients have been fully protected. As the matter is in court, no further statements will be made."
The pair are due to appear before Southwark Crown Court on 12 August The Times
LEGAL WEEK Former Mishcons partner charged by SFO over alleged bank loan fraud - Author: Claire Ruckin
- Former Mishcon de Reya property partner Kevin Steele has been charged by the Serious Fraud Office (SFO) with conspiring to fraudulently obtain a €22m (£18.4m) loan.
- Steele and his former client, property developer Michael Shephard, were charged and released on conditional bail yesterday. They are due to appear before Southwark Crown Court later this summer (12 August) to face charges of conspiring to commit fraud and conspiracy to use false documents.
The pair are alleged to have persuaded Zurich-based EFG Bank in 2008 to provide a €22m (£18.4m) loan on the basis that Shephard had on deposit the sum of £76m at Bank Julius Baer in Guernsey, which was accepted as security for a loan.
In addition, Steele has been charged with abuse of position between October 2007 and September 2008 in relation to the procuring of an undertaking given to EFG in respect of the loan, the general mishandling of Shephard's client account and the theft of £1.8m from that account to settle an unrelated civil claim.
- Steele was removed from Mishcons in September 2008 when the City firm referred the matter to the police and the Solicitors Regulation Authority (SRA).
- A Mishcons spokesperson commented: "Kevin Steele was expelled from Mishcon de Reya in September 2008, nearly two years ago. The firm carried out a thorough internal investigation and brought in the police and the SRA. It has ensured that the interests of its clients have been fully protected. As the matter is in court, no further statements will be made." Legal Week
This is Money SFO charge two with £18m fraud Daily Mail
18 June 2010,
A former property partner at Princess Diana's divorce law firm, Mishcon de Reya, and a former property developer have been charged with conspiracy to defraud a bank out of £18.3m.
In a case brought by the Serious Fraud Office and Warwickshire Police, Michael Shephard and Kevin Steel, formerly of Mishcon de Reya, are alleged to have falsified documents to make it appear that Shephard had £76m on deposit at Bank Julius Baer in Guernsey.
This was allegedly accepted as security for a loan Shephard secured from EFG Bank in Zurich.
The SFO charges that the fraud occurred between July 1, 2008 and August 22, 2008.
Defendants found guilty of conspiracy to defraud can potentially be sent to jail for up to seven years, although it is thought any sentence would be a good deal shorter than that.
Both defendants have been released on conditional bail.
The next hearing will be on August 12 at Southwark Crown Court.
Lawyers for Shephard said: 'Mr Shephard looks forward to seeing the evidence relied upon to support these charges and to defending himself in court.'
Steele's lawyer could not be reached last night. This is Money
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