Peter Anthony Dixon & Another

Findings — machine-extracted (anthropic-batch:claude-opus-4-8); verify against the decision

Two-partner firm Dixon Raven & Marsdens had a minimum client account shortage of £726,399.26. The First Respondent, Peter Anthony Dixon, who managed the accounts, made improper transfers and overpayments and misappropriated client funds, including paying a broker's fee to a connected company. The Tribunal applied the Twinsectra test and made an express finding of dishonesty, striking him off. The Second Respondent, who was ill and had relied on his partner, admitted breaches on a strict-liability basis; no dishonesty was found against him and he was fined £5,000. Costs of £9,995.54 were apportioned 80% to the First Respondent and 20% to the Second Respondent.

Duties found breached:

• Honesty
• No improper use of client money
• Diligence and timeliness
• Not misrepresent regulated status

Aggravating factors:

• Minimum cash shortage on client account of £726,399.26
• Payment of a broker's fee from client account to a company connected with the First Respondent
• Shortfall far exceeded two years of the firm's business expenses, inconsistent with explanation given
• First Respondent lied to his partner and pressured the cashier to withhold information

Mitigating factors:

• First Respondent: full cooperation with investigation, no previous disciplinary findings, loss of practice/income/standing, financial hardship and ill health, genuine remorse
• Second Respondent: admitted allegations on basis of strict/absolute liability, ill health and intended retirement, misplaced trust in partner of 22 years, no prior disciplinary history (35 years), had reminded partner monthly that deficiency needed correcting