The SRA has imposed the biggest fine ever issued against any firm or individual working in the profession.
Nurul Miah, manager of the defunct consolidator firm Kingly Solicitors, must pay almost £4m and £41,670 in costs after overseeing hundreds of payments out of client accounts.
SRA investigators found evidence of 310 improper transfers to companies linked to Miah that were used for loan repayments and to buy assets unrelated to the business. The regulator also discovered forged statements attempting to conceal these unauthorised transactions.
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