The Solicitors Regulation Authority (SRA) revealed that a shortfall in Axiom Ince’s client account was identified three months prior to the firm’s shutdown in October. The discrepancy was discovered on July 26 during a visit to the firm following its acquisitions of the Ince Group in April and Plexus Law in July. Currently, the UK’s Serious Fraud Office has arrested seven individuals in connection with a criminal investigation into Axiom Ince.
Much more information can be found in the original Law.com article. It is, however, restricted behind a paywall and hence a complete summary could not be provided.