Mark Martin Reid

  • Application 11610-2017
  • Admitted 1993
  • Hearing 3 May 2017
  • Reasons 19 June 2017

The SDT ordered that the respondent should pay a fine of £7,500.

The matter was dealt with by way of the agreed outcome procedure.

While acting as the sole principal of Reid & Co, the respondent had: held funds on behalf of company A which were not related to an underlying transaction or the respondent’s normal regulated activities, and in doing so had used the firm’s client account as a banking facility, in breach of rule 14.5 of the SRA Accounts Rules 2011; held funds on behalf of company B which were not related to an underlying transaction or the respondent’s normal regulated activities, and in doing so had used the firm’s client account as a banking facility, in breach of rule 15(2) of the Solicitors Accounts Rules 1998 and rule 14.5 of the 2011 rules; and caused loans to be made from funds held in the firm’s client account to company C and D LLP, and in doing so had used the firm’s client account as a banking facility, in breach of rule 14.5 of the 2011 rules.

While the respondent had a significant degree of culpability the direct harm, if any, which had been caused was minimal.

The respondent’s conduct was at the top of the range of that which could be described as ‘moderately serious’. The proposed sanction of a fine of £7,500 was proportionate to reflect the seriousness of the misconduct and to protect the reputation of the profession. The respondent was ordered to pay costs of £20,000.