Ban and £1.3k fine for law firm's financial head
Jonathon Bostock, who worked at Sheffield-based PM Law, is also ordered to pay £1,350.
Following the firm's sudden closure on 2 February, dozens of clients got in touch with the BBC, saying they had been left stranded in the middle of house sales and were facing worrying financial implications such as double mortgage payments and lost deposits.
In April, the SRA, which intervened after the closure, said more than £21m of claims had been made to its compensation fund.
According to the watchdog, Bostock exercised senior managerial control and financial authority across the firm, including oversight of its financial controls.
He led the firm's accounts team and reported to Donald Mackay, solicitor, owner and chairman of the firm.
The SRA found Bostock had breached his duties by permitting improper client account withdrawals resulting in shortages and failed to report serious financial difficulties.
He had also provided the SRA with false or misleading information and fabricated account balances to misrepresent the firm's financial position.
The SRA said Bostock could no longer work for SRA-regulated law firms as a head of legal practice, head of finance and administration, manager or employee.
