Abraham Verghese

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

Nathan Andrew Iyer, a partner at Ince & Co specialising in shipping and energy law, devised and operated a fraudulent scheme over many years, creating over 400 fictitious invoices through non-existent entities to misappropriate money from the firm and its clients totalling £2,812,700.31. He admitted all allegations, including dishonesty. The Tribunal found all allegations proved, made an express finding of dishonesty under the Twinsectra test, and struck him off the Roll, ordering costs of £11,671.32 (enforceable despite his bankruptcy).

Duties found breached:

• Honesty
• Act in the client's best interests
• Prompt accounting and return of money
• Good faith and courtesy to colleagues

Aggravating factors:

• Carefully devised, systematic and deliberate fraudulent scheme
• Fraud took place over many years (first fraudulent invoice in 1995)
• Very substantial sums involved (total losses £2,812,700.31)
• Serious breach of trust of clients and partners
• Fraud continued while receiving substantial partnership income
• Described by Tribunal as as bad a case of fraud as it had seen

Mitigating factors:

• Full cooperation with the investigation
• Repaid a large proportion of misappropriated funds and handed over control of assets
• Wrote apology letters to clients and firm accepting sole blame
• No previous disciplinary appearances
• Admitted all allegations