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Tech firm accountant convicted

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20th Jun 2013
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The former group financial accountant of technology company Torex was found guilty of conspiracy to defraud shareholders and false accounting.

Mark Woodbridge, 42, was convicted of the charges at Oxford Crown Court after a 14-week trial, reported the Witney Gazette

Torex Retail, a cash register software provider, went into administration in 2007 and a Serious Fraud Office (SFO) investigation was launched the same year.

The firm was acquired in October 2012 by hospitality software provider Micros Systems.

The investigation initially focused on Torex finance director Christopher Ford and Edwin Dayan, chief technology officer of its subsidiary Xn Checkout Ltd, who were charged with conspiracy to defraud, false accounting and misleading an auditor between March and July 2006.

The SFO brought two further prosecutions against former executive chairman Chris Moore and chairman Rob Loosemore, who were convicted of conspiracy to defraud in January 2013.

Woodbridge, a lower level accountant withing the group was charged with two counts of conspiracy to defraud between May 2006 and January 2007, and one count of false accounting between May and August 2006.

According to the prosecution, he falsified the firm’s interim statement in 2006 by adding £2m that should not have been there.

The former accountant was also found guilty, along with Moore and Loosemore, of adding another £6.5m to the interim statement to inflate the company’s value.

Despite also drafting two sham agreements to conceal his wrongdoing, Woodbridge denied responsibility and claimed his bosses were at fault.

He still faces two further false accounting charges, alleged to have taken place in the same period.

Legal director Nigel Horn is also being tried and faces a charge of conspiracy to defraud. 

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