PM Law: Collapsed Sheffield law firm under investigation over alleged "sophisticated fraud"
The Sheffield-based firm suddenly shut down earlier this year
A former Sheffield law firm which suddenly closed down earlier this year is being investigated over allegations of "sophisticated suspected fraud", it's been revealed.
The Solicitors Regulation Authority (SRA) says it suspects around £39.5m of client funds at PM Law has been misused.
The company was based out of an office in Tinsley, Sheffield, but also operated various offshoots at 25 different offices across the country.
Clients and staff were left surprised when the company abruptly shuttered without explanation in February.
The SRA says its investigation into PM Law is one of the 'largest and most complex' its ever undertaken.
A compensation fund set up for clients since the closure of the firm has since paid out £9.31m.
£6.8m worth of client funds have been returned.
Paul Hastings, SRA Director of Client Protection said: "We are continuing to do all we can to support former clients of PM Law, including by reuniting them with their money or files."
"Some of those affected were in the process of buying or selling a home, facing the risk of collapsed moves, or losing their deposits. Others were dealing with delayed probate matters, often while managing bereavement and outstanding estate administration.
"Many of the former clients faced significant upheaval at a stressful time, so we have been determined to provide as much support as possible."
PM Law has no commented on the situation since its collapse earlier this year.