White-Collar Crime

Ex-Mishcon de Reya Partner Convicted in $28M Loan Scheme

A former partner of a well-known British law firm was found guilty by a jury today in a $28 million loan scheme involving a former client.

Kevin James Steele, 51, will be sentenced in January following his conviction in Southwark Crown Court on forgery and fraud counts, according to the FT Adviser and Legal Week.

His former Mishcon de Reya client, developer Michael Andrew Shephard, 50, and a 38-year-old employee of Shephard’s pleaded guilty prior to trial.

The three worked together to falsely represent to a potential lender that Shephard could secure loans with money in a Guernsey bank account. The loans totalled 22 million euros, or roughly $28 million in U.S. dollars.

Additional coverage:

ABAJournal.com: “Ex-Mishcon Partner on Trial for His Alleged Role in Helping Perpetrate $28M Fraud on Swiss Bank”

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