Former Vantis personal finance specialist Ronald Bassett Cross has been found
guilty today by an
ICAEW
tribunal for selling properties out of a trust without telling the
beneficiaries he was a long-time acquaintance of the buyer.
Ronald Bassett Cross had faced a number of claims from the disciplinary
panel, including receiving payments from the trust he was not entitled to, and
failing to realise assets in the trust and distribute them.
He was found guilty of both charges heard against him: That “in the course of
carrying out professional work or otherwise he has committed any act or default
likely to bring discredit on himself, the institute or the profession of
accountancy.
And “performed his professional work or the duties of his employment, or
conducted his practice, inefficiently or incompetently to such an extent, or on
such a number of occasions, as to bring discredit on himself, the institute or
the profession of accountancy.”
He was fined £30,000, ordered to pay costs of £20,000, and excluded from
membership for a period of up to two years.