Shashi Patel

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

Mr Patel, a sole practitioner and COLP/COFA/MLRO at Patel & Co, faced six allegations following a forensic investigation. The Tribunal found all allegations proved, including that he dishonestly provided misleading information on PII proposal forms by failing to disclose prior and ongoing SRA investigations. He caused client account cash shortages, failed to carry out proper reconciliations (none signed off since 2017), failed to return residual client balances (685 matters, oldest dating to 1999), failed to produce an accountant's report, and lacked a documented firm-wide risk assessment. He had a prior 2016 Tribunal sanction for similar misconduct. The hearing proceeded in his absence. The Tribunal found dishonesty and no exceptional circumstances, striking him off the Roll and ordering costs of £45,337.00.

Duties found breached:

• Disclose material information to client
• No improper use of client money
• Prompt accounting and return of money
• Accounting records, reconciliation and reports
• Firm governance, systems and compliance

Aggravating factors:

• Proven dishonesty
• Misconduct repeated over a long period
• Previous appearance before Tribunal in 2016 for very similar misconduct
• Blamed misconduct on others including employees and third parties
• Knew he was acting in breach of obligations, as proven by previous Tribunal appearance

Mitigating factors:

• Poor health (medical evidence considered, though not relied upon by Mr Patel as reason for misconduct)