On 21 August, the Law Society Gazette reported that the SFO had charged 2 former solicitors and a former financial adviser in connection with its investigation into the collapse of a scandal-hit legal financing fund. They have been charged with carrying out a fraudulent scheme to divert money from the Axiom Legal Financing Fund for their own benefit, and one with 3 counts of fraudulent trading, fraud, and transferring criminal property. The SFO investigation into the collapse of the Axiom Legal Financing Fund began in 2017, being a Cayman Islands fund that had been intended to pay for case disbursements. It was a £120 million fund which was created in September 2009, and had as its stated aim, providing security of capital and achieving consistent capital growth rates of 11% per annum net of all costs and charges to the fund. It was to provide short-term fixed interest loans to UK law firms who work on a no-win-no-fee basis with insurance said to have been set in place to cover every loan the fund makes ensuring that all loans made by the fund would be repaid even if the claim was lost at court. In 2014, the SFO opened a criminal investigation into the collapse.