Institute bans FD over share disclosure
A former top 100 finance director ha been excluded from the ICAEW and ordered to pay costs of £20,000 for not declaring 200,000 shares to his wife at the time of their divorce.
The Institute's January disciplinary report documents proceedings brought against Simon Charles Kingdon from Slough, for acting dishonestly in failing to disclose to the court and his then wife that he acquired 200,000 shares in Money Partner Holdings (MPH) in July 2004.
A consent order was made in April 2005 in Worcester County Court, prompting the disciplinary hearing.
The FD will not be able to reapply for ICAEW membership for the next two years.
Kingdon, a former FD for Kensington Group who enjoyed "considerable success" in his career, was ordered to repay his wife £481,000 when she discovered after their divorce that he had shares and had disposed of them in 2006 for £1,633,000.