The Serious Fraud Office (SFO) secures first Unexplained Wealth Order following sale of Lake District property
The Serious Fraud Office (SFO) has secured £1.1 million from the sale of a Lake District house in an investigation involving its first use of an Unexplained Wealth Order (UWO).
Investigators traced criminal funds to a five-bedroom property called ‘Hope Springs House’ belonging to Claire Schools, ex-wife of convicted fraudster Timothy Schools.
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The house, which includes a two-bedroom lodge and views of Lakeland Fells, was purchased using money from School’s former husband’s multi-million-pound investment scheme fraud involving no win, no fee law firms.
The UWO was granted at the High Court in January this year, with Claire Schools selling the property in April.
Schools’ ex-husband, Timothy, was convicted in 2022 and sentenced to 14 years in prison for defrauding investors via a scheme that sold investment in legal cases.
Timothy Schools diverted funds from the scheme to himself, receiving over £19 million in benefits.
After Schools was convicted, he conceded he had transferred £1,083,067 in proceeds of crime to others, mainly family members.
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The SFO’s investigation into Timothy Schools’ assets is ongoing with the next hearing scheduled for 26th September at City of London Magistrates’ Court.
Nick Ephgrave QPM, Director of the Serious Fraud Office, said:
The Solicitor General Rt Hon Ellie Reeves MP said: