Peter Ross Lloyd-Cooper

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

The Respondent, a partner at Kennedys, misappropriated and utilised client funds over a nine-year period, causing a cash shortage on client account of approximately US $2.13 million (£1.45m) plus a further recalculated shortage of around £2.3-3.4 million. He used clients' funds for his own benefit (including a company, TP Ltd, in which he had a personal interest) and to cover shortfalls on other client matters via 'teeming and lading'. He admitted both allegations but denied dishonesty. The Tribunal found both allegations proved and made an express finding of dishonesty under the Twinsectra combined test. He was struck off the Roll. No exceptional circumstances (per Sharma) were found. Costs of £25,191.46 ordered, not to be enforced without leave given his bankruptcy.

Duties found breached:

• No conflict between current clients
• No improper use of client money

Aggravating factors:

• Misappropriation took place over a nine-year period
• Very substantial shortfall in client funds (millions)
• Use of 'teeming and lading' to disguise shortfalls
• Funds used for own benefit including a company in which he had a personal interest

Mitigating factors:

• Took responsibility for his actions and notified the firm he intended to rectify the shortfall
• Suffered from a depressive illness (per Dr Exworthy's report)
• Admitted the allegations
• Aged 65 and in poor health
• No previous disciplinary matters