In a first for the legal profession, a solicitor has been handed a 9 month prison sentence, suspended for 18 months, for “tipping off” a client about a Serious Fraud Office (SFO) investigation into the funding of a property purchase.
William Osmond, co-founder of Osmond and Osmond Solicitors Ltd, is the first solicitor to be convicted having disclosed confidential details about the SFO investigation to his client James Redding Ramsay. Ramsay had contributed £4m to the purchase of a property in Mayfair in 2018. On being alerted to the investigation Osmond contacted Ramsay, with the SFO identifying further meetings over the course of 5 months with associated notes and forged documents in an attempt to mislead the investigation, including a fake letter of engagement.
Following a five day trial at the Old Bailey, Mr. Osmond was convicted of tipping off under the Proceeds of Crime Act 2002 (“POCA”), and also on one charge of forgery. The maximum sentence for forgery is up to 10 years and the most for tipping someone off under investigation is five years.
Commenting Judge Trawler said:
“Instances of tipping off that cause damage to an investigation leads to maximum sentence. The seriousness of this is that you were warned not to three times, and as money laundering officer of your firm at the time I reject the offence was made out of naivety. As a lawyer you knew exactly that this was a criminal offence.”
As the firm’s Money Laundering Reporting Officer (MLRO) Osmand was responsible for the firm’s money laundering policy and liable for any criminal activity.
The Solicitors’ Regulation Authority (SRA) confirmed that they will “collect all relevant information before deciding on next steps” having been awaiting the outcome of the trial.
Matthew Wagstaff, joint head of fraud, bribery and corruption at the SFO, said:
“This solicitor abused his trusted, professional status to knowingly break the law. No one is above the law, and we will pursue anyone who attempts to obstruct our investigations.”
Osmond was also ordered to complete 100 hours of unpaid work and pay £5000 toward the SFO’s costs.
