Outcome:
Prosecution
Outcome date: 28
May
2010
Published date: 6
December
2010
Firm details
Firm or organisation at date of publication and
at time of matters giving rise to outcome
Name: Regency Solicitors
Address(es):
First Floor, 270 Kilburn High Road, London NW6 2BY
Firm ID: 382041
Outcome details
This outcome was reached
by SRA decision.
Reasons/basis
This notification relates to a Decision to prosecute before the Solicitors Disciplinary Tribunal. This is an independent Tribunal which will reach its own decision after considering all the evidence, including any evidence put forward by the Solicitor. The Tribunal has certified that there is a case to answer in respect of allegations which are or include:
- He failed to disclose material information to lender clients.
- He failed to act in the best interests of his lender clients.
- He involved himself in transactions bearing the hallmarks of money laundering and mortgage fraud and/or failed to follow the guidance contained in the blue and/or green Warning Cards.
- He failed and/or delayed in complying with an undertaking given in a Certificate of Title dated 19th December 2007.
- He acted when his own interests conflicted with those of a client.
- He failed to advise a client(s) to obtain independent legal advice and/or entered into a loan agreement with a client knowing that the client had not obtained independent legal advice.
- He failed to keep accounts properly written up.
The allegations are subject to a Hearing before the Solicitors Disciplinary Tribunal and are as yet unproven.
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Outcome:
Control
Outcome date: 22
July
2010
Published date: 27
August
2010
Firm details
Firm or organisation at date of publication and
at time of matters giving rise to outcome
Name: Regency Solicitors
Address(es):
First Floor, 270 Kilburn High Road, London, NW6 2BY
Firm ID: 382041
Outcome details
This outcome was reached
by SRA decision.
Decision details
To impose immediate conditions on Mr Babatunde Adetona Osibodu’s practising certificate for the time being in force (2009/2010), that; (1) within 3 months from the date of the letter notifying him of this decision, Mr Osibodu and his partner Mr Kolawole Atolagbe may not act for both lender and borrower clients in relation to the same property transaction, although, subject to there being no conflict of interests otherwise, the firm may act for either party to any transaction; and (2) Mr Osibodu undertakes courses on “Money Laundering” and “Mortgage Fraud” approved by the Solicitors Regulation Authority within 4 months of the date of notification of this decision and provides confirmation of his attendance (in the form of a certificate or letter of attendance) within one month thereafter.
Reasons/basis
In light of the serious issues that have been identified in the Forensic Investigation Report into the firm of Regency Solicitors dated 5 October 2009, the SRA is satisfied that that it is necessary, reasonable and proportionate in the interests of the public, to impose the above conditions.
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Outcome:
Condition
Outcome date: 16
March
2011
Published date: 13
May
2011
Firm details
Firm or organisation at date of publication and
at time of matters giving rise to outcome
Name: Regency Solicitors
Address(es):
First Floor, 270 Kilburn High Road, London, NW6 2BY
Firm ID: 382041
Outcome details
This outcome was reached
by SRA decision.
Decision details
I DECIDE to grant Babatunde Adetona Osibodu a practising certificate for the practice year 2010/2011 subject to the following condition:
1.1 Mr Osibodu may not act for both lender and borrower clients in relation to the same property transaction, although, subject to there being no conflict of interests otherwise, the firm may act for either party to any transaction
Reasons/basis
In reaching this decision I have noted that a Forensic Investigation Report into the firm of Regency Solicitors dated 5 October 2009 identified serious issues that are expected to form the basis of a prosecution at the Solicitors Disciplinary Tribunal. The Tribunal will consider allegations of serious breaches of the Solicitors Accounts Rules 1998 and the Solicitors Code of Conduct 2007 regarding Mr Osibodu and his partner Mr Atolagbe's conduct regarding several property transactions, and acting where there was a potential conflict of interest.
I have also noted that a condition was imposed on Mr Osibodu's practising certificate for 2009/2010 requiring him to undertake courses on money laundering and mortgage fraud. Mr Osibodu has provided evidence that they have undertaken such courses, in light of which I am satisfied that they have complied with this condition.
I am of the opinion that pending determination of disciplinary proceedings it is not appropriate for Mr Osibodu to be engaged on matters where there is a disproportionately high risk of a conflict of interests, particularly of the sort that can arise between lenders and borrowers.
Whilst these allegations are yet to be tested before the Solicitors' Disciplinary Tribunal, and no conclusions can be drawn at this time about the likely outcome, I consider that the above condition is necessary and proportionate to protect the public interest, pending the outcome of the Tribunal.
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Outcome:
Referral to Solicitors Disciplinary Tribunal
Outcome date: 11
August
2011
Published date: 25
January
2012
Firm details
Firm or organisation at time of matters giving
rise to outcome
Name: Regency Solicitors
Address(es):
First Floor, 270 Kilburn High Road, London NW6
Firm ID: 382041
Outcome details
This outcome was reached
by SRA decision.
Reasons/basis
This notification relates to a Decision to prosecute before the Solicitors Disciplinary Tribunal. This is an independent Tribunal which will reach its own decision after considering all the evidence, including any evidence put forward by the Solicitor. The Tribunal has certified that there is a case to answer in respect of allegations which are or include that he :-
- Failed to pay the premium due for Indemnity Insurance for the Indemnity Years 2009/2010 and 2010/2011 within the prescribed payment period and is thereby in policy default.
The allegations are subject to a Hearing before the Solicitors Disciplinary Tribunal and are as yet unproven.
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