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I wonder how much you need to take ...
... for a lifetime ban.
3 years in prison (18 months with good behaviour) doesn't seem long either.
Size isn't everything!
It is interesting to compare the 3 year prison sentence which Mr Davis received for frauds involving £1.6m and the 4 year prison sentence which Mr Ernest received for frauds involving just over £48,000 - see my money laundering & crime discussion group article.
David
Past it?
So in 10 years time he will become a member again.
Wow!!
By then he will be in his early 70s.
David
Background
From the 2013 accounts of Safeland PLC:-
Nature and effect of misappropriated monies
In October and November 2012, the Company announced the discovery of a series of fraudulent transactions. The aggregate amount of the sums lost to the Company through fraudulent transactions was approximately £1.525m. Of that sum, approximately £1.2m related to the financial year ended 31 March 2012 with the balance relating to the financial year ended 31 March 2013.
The Company has to date recovered £1.3m and the Board is continuing to pursue outstanding monies.
The losses discovered are significant and the Board concluded that the financial statements as originally issued for the year ended 31 March 2012 were subject to material error. Accordingly the Group's financial statements for the year ended 31 March 2013 comparative figures have been restated to reflect the loss of funds. Details of the restatements are set out in note 2. Funds misappropriated, funds recovered and applicable legal fees are treated as a net income of £809,000 in the current financial period.
In October 2012, the previous auditors resigned as a result of an unmanageable conflict of interest. They were replaced with Grant Thornton UK LLP in November 2012.
David