Christopher Yiannakas; Nicholas George Kephalas; YVA Solicitors LLP
Allegation / charges
Code of Conduct for Firms 2019, Solicitors Accounts Rules 2019, SRA Principles 2019
Findings — machine-extracted (anthropic-batch:claude-opus-4-8); verify against the decision
On an agreed outcome dealt with on the papers, the Tribunal found that YVA Solicitors LLP (with partners Mr Yiannakas, the Firm's COLP/COFA, and Mr Kephalas) breached Rule 2.5 of the SRA Accounts Rules 2019 by retaining £12,800,000 of commercial property sale proceeds in the client account between August 2021 and September 2022 when there was no longer any proper reason to do so, plus related Code for Firms and Principles breaches. Allegations under Rule 3.3 and relating to a £355,000 refinance payment were withdrawn. The Tribunal rejected the proposed reprimand for the individuals as insufficient and instead imposed fines. No dishonesty was alleged or found; breaches were inadvertent and no loss or harm to clients resulted.
Duties found breached:
Codes & rules applied
Duties engaged
- Full disclosure on ex parte applications
- Professional independence
- No bribery or improper gifts
- Personal probity and fitness to practise
- Uphold public trust in the profession
- Advise objectively, not a mere conduit
- No conflict between current clients
- No improper use of client money
- Prompt accounting and return of money
- Firm governance, systems and compliance