D v Law Society

LORD JUSTICE ROSE (Vice President of the Court of Appeal, Criminal Division) MR JUSTICE MACKAY ____________________

Computer-Aided Transcript of the Stenograph Notes of Smith Bernal Wordwave Limited 190 Fleet Street London EC4A 2AG Tel No: 020 7404 1400 Fax No: 020 7831 8838 (Official Shorthand Writers to the Court)

MR ALAN NEWMAN QC (instructed by the Claimant Solicitor in Person) appeared on behalf of the CLAIMANT MR T DUTTON QC AND MISS C CARPENTER (instructed by Wright Son & Pepper Solicitors, London, WC1R 5JF ) appeared on behalf of the DEFENDANT Thursday 20�February�2002 ____________________

D also said that, where monies were received into his client account, there were no instances where his firm had caused any loss to his client. Indeed, his involvement had ensured that no monies which had passed through his account were lost. That was disputed by the OSS, particularly in relation to the CITCO transaction.

In paragraph�153 the Tribunal say that such advice as D gave was wholly inadequate, but, worse, gave potential investors encouragement to believe that the transactions were legitimate and capable of producing an incredible level of profit. At paragraph 154, the Tribunal held that D's letter to Moreno, saying that the Grosvenor scheme was "a good investment" could not be other than seriously misleading. The CITCO scheme was a fraud and had all the tell-tale signs of being so. In paragraph�155 the Tribunal said D�acknowledged that this letter was unwise and foolish, but, said the Tribunal: