Corporate crime boutique Peters & Peters has been left nearly £200,000 out of pocket after one of its former clients paid the firm from a bank account that is being targeted by the authorities.

The incident emerged last week as part of a petition by the Serious Fraud Office (SFO) to seize assets from Peters & Peters’ former client, Carl Cushnie, who was convicted of conspiracy to defraud in 2004 after the collapse of Versailles Group.