For second limb Barnes v Addy liability, 'dishonest and fraudulent design' requires actual dishonesty — a transgression of ordinary standards of honest behaviour — and is not satisfied merely by a breach of fiduciary duty that is more serious than trivial or incapable of statutory excuse. The Bell formulation, which diluted this requirement, should not be followed. A plaintiff suing an accessory need not prove the accessory's knowledge of the absence of informed consent by the principal; it is sufficient to prove the accessory's knowledge of the essential facts constituting what is prima facie a dishonest breach of duty. The Almad markup (20% broker fee) was an appropriate measure of equitable compensation where the fiduciary could have supplied the services directly without the intermediary.
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