A law firm that had solicitors practices across the UK was shut down after more than £11 million went missing from client funds.

Around £11.24 million of the funds at Kingly Solicitors Limited cannot be found, and its 15 branches were shut by the Solicitors Regulation Authority (SRA).

This includes Hancock Quins in Watford, which was based in Station Road.

The firm was owned by Nural Miah, 35, and the High Court heard that Mr Miah spent more than £350,000 from the funds on a Ferrari 812 Superfast and a second-hand Aston Martin.

Funds were also said to have been spent on loans and buying properties, alongside other costs.

Kingly Solicitors was ordered to shut on August 11 and other practices under the firm were shut a few days later.

The SRA, an independent regulatory arm of the Law Society, suspected that Mr Miah was dishonest and that the firm had “not complied with one or more of the terms of its license”.

Law360 reported that the law firm was claimed to be funding a “pyramid scheme” under the company Kash2 Ltd – the money was allegedly for a bond, but it’s claimed it was used for other investments.

The report says the Law Society won a court order earlier this month (September 4) to keep the company assets frozen and prevent further money belong to clients being spent on “improper uses”.

The company is also required to hand over records to the SRA investigations into possible professional misconduct by Kingly Solicitors.

Mr Miah is said to have given the SRA details of £7.1 million of the money given to Kash2, but it is believed only about £3 million can be recovered.

He was also asked to pay back £291,000 which was spent on the sports cars.

Hancock Quins clients who had matters that needed work would have been contacted by the SRA since the closure.

The SRA will further investigate the issues raised that led to the intervention to see if any additional action is necessary, but there is no time scale on how long the intervention could take.

Further action against solicitors could either be a sanction carried out by the SRA and could be as severe as a reprimand or a £2,000. If it is decided that a stiffer punishment is required, the SRA will prosecute the matter at the independent Solicitors Disciplinary Tribunal (SDT).