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FSA Enforcement Lawyer Faces Law Society Investigation

by Open-Publishing - Friday 3 March 2006

Justice Trade-Exchange Rates UK

’Complinet’ article merely grazes fraudulent IEQ lawyers

LONDON, ENGLAND — (OfficialWire) — 03/03/06 — In an article written by Caroline Atkinson and published by Complinet—a solutions provider to the international financial services industry—an unnamed ’spokesperson’ representing London law firm Marriott Harrison said: "This is the latest in a series of complaints against Adrian Murtagh and others involved in the lawsuit against IEQ, none of which have been upheld."

Greg Lloyd Smith, a former IEQ director said: "Perhaps that’s part of the problem. IEQ was the plaintiff. There was no lawsuit ’against IEQ’. I guess Marriott Harrison couldn’t decide which side they were on."

After reading Atkinson’s piece it’s easy to understand why fraud and financial abuse is permitted. "Complinet’s journalist, despite numerous emails and telephone conversations with me on the subject was painfully unprepared to write what she wrote, never mind question a number of fraudsters over their involvement in the raping of a public company", said Smith.

"When I asked her why she didn’t question Tony Morris about the nonsense attributed to Marriott Harrison’s spokesperson, she wrote back: ’So who were IEQ suing?’, continued Smith."

Fortunately, the record speaks for itself. According to Catherine Adams, a caseworker with the Conduct Assessment and Investigation Unit of The Law Society in the United Kingdom, Miss Jane Angela Jales, a former partner with the City law firm Marriott Harrison, acted in breach of Principle 15.04 of The Guide to the Professional Conduct of Solicitors 1999 (8th Edition) in that Ms Jales acted in a transaction where her interests conflicted with her those of her client.

Marriott Harrison, Jales and Adrian Murtagh represented the directors and shareholders of IEQ PLC, formerly Intermediate Equity plc (now in liquidation) in a series of lawsuits filed against the former directors of IEQ PLC.

The first case involved significant breaches of fiduciary duty by each of the former directors that resulted in the loss of more than £3 million in shareholder funds.

The second case involved the very basis upon which IEQ obtained its certificate of trading and admission to AIM and included the company’s former solicitors, Memery Crystal as defendants. In the second claim, the Company sought to recover £49,998, plus 4 years’ interest and costs.

— IEQ PLC v. Sir Richard Needham, others, Case No. HC02-C00065
— IEQ PLC v. John Shaw, others, Case No. HC03-C01527

The full list of defendants is:

* Sir Richard Needham
* Anthony Caplin
* John MacKay
* John Shaw (two lawsuits)
* Christopher Foster
* Seymour Pierce Private Equity Limited
* Jonathan Wright
* EMCEE Nominees Limited
* Memery Crystal Solicitors

As a direct result of Jales’ negligence and the clear conflict of interest, more than 1,650 shareholders of IEQ were unable to pursue the above litigation effectively.

Murtagh was the solicitor in charge of IEQ’s litigation. He was responsible for the day-to-day care and maintenance of that company’s claims and it was Murtagh who conspired with Jales to cover-up the fact that Marriott Harrison was also representing Anthony Caplin (through his chairmanship of Durlacher Corporation plc now Panmure Gordon & Co. plc.). Just 30 days after IEQ’s first lawsuit was filed, Caplin and Sir Richard Needham paid a mere £55,000 into Court against a claim of more than £550,000 and it was Murtagh who covered up Jales’ efforts to clear that debt when she signed off on the claim as full and final settlement. It was more than 14 months before either of the solicitors would admit what they had done.

So the Financial Services Authority has a fraudster and a liar in its legal department and they’re not going to do anything about it. So, what else is new?

Stay tuned. It ain’t over until the fat bitch sings. According to the Law Society Jales is not currently practicing law, which is probably a good thing. But she’ll have to come out of her hole eventually.

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