Regulator launches probe into 'potential fraud' at closed Sheffield law firm
PM Law closed down suddenly at the start of the month
A fraud investigation has been launched into collapsed South Yorkshire legal firm PM Law.
The Sheffield-based company abruptly closed at the start of the month leaving dozens of staff out of work and clients, including people trying to move house, facing uncertainty.
The Solicitors Regulation Authority (SRA) says it's investigating the possible 'misappropriation' of money.
Jonathan Peddie, Executive Director of Legal and Enforcement at the SRA said: "We are investigating a potential fraud, including the misappropriation of client money."
"We recognise that there is a strong public interest in this case, given the significant impact on clients.
"Alongside doing everything we can to protect and support clients, we are moving as quickly as we can with our investigation. It is a complex picture, and we are still establishing the core facts.
"We are focused on establishing what occurred, how it happened, and who was responsible. We will take appropriate action to protect the public, including enforcement action against anyone who has been involved in misconduct.
"We have also shared information with the appropriate law enforcement agencies.'
"The live nature of the investigation means that we will not provide further comment on this case at this stage."
A fund has also been launched by the SRA for clients of PM Law to recover missing money.