Four cleared of plot to defraud investors in iSoft
Tuesday 23 July 2013
Three former directors at the technology group iSoft were yesterday cleared of defrauding the company’s investors.
The former chief executive Tim Whiston, finance director John Whelan and chief operating officer Steve Graham had been accused of plotting to create “huge discrepancies” in iSoft’s accounts between October 2003 and July 2006.
Former iSoft chairman Patrick Cryne was also charged but did not stand trial due to ill health. The case against him has also been dropped.
The trial against the three directors ended in a hung jury last August, and the case was thrown out following a retrial at Southwark Crown Court earlier this month. Formal not guilty verdicts were recorded yesterday and the defendants were also awarded an order for their defence costs to be paid, which is likely to run to millions of pounds.
The City regulator, which had spearheaded the action against the men, said the outcome was “disappointing” but that it “would not be in the public interest for a second retrial to be pursued”.
Martin Wheatley, the chief executive of the Financial Conduct Authority, said: “This decision not to seek a second retrial does not undermine our determination to bring and prosecute difficult cases. The FCA will continue to use our enforcement powers as one of the ways that we bring about a change in the culture of firms that operate in the UK markets.”
iSoft specialises in IT which is used across the healthcare industry.
Anthony Barnfather, a partner at the law firm Pannone, who represented Mr Whelan, said: “John has spent the last seven years with these allegations hanging over him, causing immense stress and anxiety. He has been unable to work, has suffered great financial loss, and his reputation left in tatters. He has also had to endure two four-month trials.
“John has always strenuously denied the allegations and is delighted he can now finally begin to rebuild his life. This is the second time the jury has been discharged in this case, which has cost the public purse millions of pounds. We are delighted the prosecution has at last discontinued the matter.”
Board creates magnetic field to achieve lift
Follow the latest events from this Champions League fixture
Like Madonna, Sister Cristina Scuccia's video is also set in Venice
Singer says the track was 'force-fed down people's throats'
techThe original free dating app will remain the same, developers say
- 3 Drink alcohol and eat meat to improve male fertility - but cut down on coffee, studies suggest
Ukraine crisis: Donetsk 'tactical missile' explosion at factory sends blast wave across rebel-held city
Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
Oscar de la Renta dead: Legendary US fashion designer dies after long cancer battle aged 82
Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
Super-sized ships arrive in Britain: How big can they get?
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
Lord Freud hangs on as MPs of all parties 'call for his head' over disability comments
iJobs Money & Business
£23000 - £26000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...
£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...
£18 - 23k + Benefits: Guru Careers: We are seeking a Customer Service Executiv...
£60 - 65k + Benefits: Guru Careers: We are seeking a ASP.NET Web Developer / ....