Phoenix Law Chambers’ licence revoked by BMA
Law firm Phoenix Law Chambers has had its corporate service business provider licence revoked by the Bermuda Monetary Authority.
The BMA said it had done this due to breaches of the Corporate Service Business Provider Act 2012 in three key areas. It said the sole proprietor of Phoenix Law Chambers, Gordon Ricky Woolridge Jr, who also acted as compliance officer and money laundering reporting officer of PLC, was declared bankrupt by the Supreme Court of Bermuda on May 1 last year.
The BMA also said the law firm had ceased to be registered with the Bermuda Bar Association as a legal practice and operated as a sole proprietorship, and that PLC had become non-compliant with the Act and incapable of delivering CSP support.
The Authority said it was taking this action to safeguard the interests of clients and potential clients of PLC. It said it viewed the breaches as serious because of their nature and extent, and because they demonstrated “systemic weaknesses of PLC’s internal controls in all relevant respects. Based upon the findings of its investigation, the Authority no longer had confidence in PLC’s ability to manage its affairs to the benefit of its clients and potential clients or to satisfy the minimum criteria as set forth in the CSPB Act Schedule 1”.
The BMA added: “The revocation of PLC’s licence highlights the importance of the Authority’s role in protecting the reputation of the jurisdiction and protecting the interests of clients of the Authority’s regulated entities”.