Bent businessman who ran £107m fraud ordered to pay back less than ten per cent

An investment manager who enjoyed an ‘extremely lavish lifestyle’ on the proceeds of a £107m fraud was ordered to pay back £928,000. David Kennedy, 72, helped himself to more than £5.8m from the Cayman Islands-registered Axiom Legal Financing Fund. He bought a Swiss ski resort chalet, a villa in Tenerife and lavishly renovated his home in Hull. More than 500 people invested in the scheme, which claimed to insure lenders against unfinished cases or solicitors going bankrupt. But savers lost…