Torex Retail bosses guilty of fraud

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The Independent Online

Two men have been found guilty of defrauding shareholders of the retail software company Torex Retail at Oxford Crown Court.

Edwin Dayan and Christopher Ford were both directors at XN Checkout Ltd, a subsidiary of Torex. The court was told that they created false invoices to give the impression in the parent company's accounts that Torex made an extra £1.65m in profits.

The Serious Fraud Office launched an investigation in 2007 after whistleblowers from the company came forward with information about alleged accounting irregularities.

The men will be sentenced on 18 February. The SFO said investigations continue into the wider collapse of Torex Retail, which is in liquidation.