Stephen Peter David Murrell

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

The Respondent, a solicitor practising as Staple Inn Partnership, acted for and was a director/shareholder of Hamilton Bentley & Partners Ltd, which operated an unauthorised collective investment (land banking) scheme. Despite repeated FSA correspondence and two Counsel opinions indicating the scheme was an unauthorised CIS, he continued to act, failed to disclose his personal interest to investors, breached undertakings and assurances to retain funds in client account, and paid away investor money (with liabilities of around £350,000+). He also committed multiple Solicitors Accounts Rules breaches (overdrawn client account, unauthorised inter-ledger transfers, inadequate books, and providing banking facilities). The Tribunal found all eight allegations proved. It found gross recklessness (not express dishonesty). He was struck off the Roll and ordered to pay costs of £42,180.95, not to be enforced without leave of the Tribunal.

Duties found breached:

• No conflict between current clients
• No improper use of client money
• Accounting records, reconciliation and reports
• No baseless or threatened misconduct report

Aggravating factors:

• Gross recklessness in ignoring FSA warnings and two Counsel opinions that scheme required regulation
• Conduct pursued in pursuit of profit
• Central role in a scheme causing substantial losses to members of the public
• Failure to advise investors of their rights
• Severe damage to reputation of the profession

Mitigating factors:

• No previous disciplinary matters