The investors – the majority of whom were American – fell victim to the Channel Islands’ most reported fraud involving a corrupt foreign currency trader and false audits of the trader’s performance.
The accountancy firm, then Touche Ross, and a subsidiary of UBS agreed to settle following seven years of litigation in which the plaintiffs accused Touche Ross, represented by partner Alfred Williams, of providing misleading information on the returns of the foreign exchange trader, Robert Young.
A spokesman for Deloitte & Touche in London said the firm had paid a ‘minor proportion’ of the settlement fee.
Young and Williams, formerly a tax adviser with Touche Ross’ Nottingham branch, were convicted of fraud and misrepresentation and imprisoned for four years and 18 months respectively in 1998. Investors said Williams claimed to have audited the trader’s results, but the firm argued he had not because he was not an accountant and was not approved to.
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