Called to account

Insight / Horse racing investors face multimillion insolvency losses

Members of a horse racing syndicate, Layezy Racing Owners Club, whose owner has been declared bankrupt face losing millions of pounds, because the insolvency means the horses are not able to run under the regulations of the racing industry’s ruling body

Insight / Fraudulent miners’ charity trustee ordered to repay over £200K

A former union official who was a trustee of a miners’ charity and used its funds to pay for private building works has been ordered to repay over £200,000 following a Charity Commission investigation, which highlighted concerns over risks that can arise from charities being closely linked to a non-charitable organisation

Insight / Investment director banned for £800K client fraud

The boss of an investment company has been banned as a director for 10 years, after misappropriating £800,000 from his only client

Insight / Restaurateur cooked the VAT books to pay school fees

The owner of a Surrey restaurant who used money from a VAT fraud to pay her children’s school fees has been jailed following an HMRC investigation

Insight / Ex-Autonomy CFO jailed and fined $4m

The former CFO of Autonomy, Sushovan Hussain, has been given a prison sentence and $4m (£3m) fine by a US court over claims of fraud relating to the £8.5bn sale of the UK software company to Hewlett-Packard (HP) in 2011

Insight / Bankruptcy restriction extended over £48k debt

A man who spent £48,000 on luxury items despite being insolvent, by allowing his bank account to be used fraudulently, has had his bankruptcy restrictions extended for eight years

Insight / Ex celebrity accountant jailed over £3.5m fraud

A former accountant to the stars has been given a jail sentence for defrauding celebrities, including singer Rita Ora, of at least £3.5m to fund a gambling addiction and luxury lifestyle

Insight / 14-year ban for boss of failed Brazilian social housing investment

The boss of a company that offered investment opportunities in Brazilian social housing, but which collapsed owing investors £21m, has been banned for 14 years after misleading his clients and failing to account for several millions of pounds of transactions

Insight / Luton coach boss banned for hiding fleet and assets

The director of a coach hire firm has been banned for nine years after intentionally hiding company assets, including three coaches worth almost £40,000, from the liquidator and failing to account for thousands of pounds of payments

Audit / FRC fines MSR Partners £825k over deficient Laura Ashley audit

The Financial Reporting Council (FRC) has fined MSR Partners (formerly Moore Stephens LLP) and Stephen Corrall, audit engagement partner, in relation to an audit of fashion and homeware retailer Laura Ashley, which the regulator said was  ‘deficient in numerous respects’

Tax / Ethical investment directors banned over tax scheme withdrawals

Three directors of a company offering so-called ethical Costa Rican plantation investments have been banned after withdrawing over £7m from a tax planning scheme when they knew it was being investigated by HMRC

Audit / FRC fines KPMG £5m over Co-Op Bank audit failings

The Financial Reporting Council (FRC) has fined KPMG £5m, severely reprimanded the firm and imposed additional requirements on its auditing of credit institutions for the next three years, for misconduct in its audit of the Co-operative Bank in 2009

Insight / Called to account: May 2019

In this month’s Called to Account, police accountant sentenced in £44k fraud, poker champ repays tax fraud and serial fraudster given four years

Insight / Director banned over £5.6m football stadium accounting failure

A property developer who received millions in council funding to redevelop a football stadium has been banned from running companies for 10 years, after an Insolvency Service investigation found it was not possible to determine the exact nature of more than £5.6m worth of payments made to various parties

Audit / KPMG fined £6m over Lloyds syndicate audit failures

Big Four firm KPMG has been fined £6m by the Financial Reporting Council (FRC) following a long running investigation by the regulator into misconduct in the firm’s auditing of a Lloyds syndicate
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