Versailles pair handed six year jail terms
Frederick Clough the former finance director of trade finance house Versailles along with former chairman and chief executive Carl Cushnie have each received prison sentences of six years.
Clough had already pleaded guilty to fraud while Cushnie was convicted of ‘conspiracy to defraud wealthy individuals’ last month.
Following an investigation by the Accountant’s Joint Disciplinary Scheme’s accountancy firm Nunn Hayward was severely reprimanded and ordered to pay £125,000 for failing to behave with integrity over its audit in the late-nineties of the insolvent finance company.
Versailles went into receivership in February 2000 after it collapsed with debts of £100m.
The company floated on the Alternative Investment Market in 1995 and had grown to market value of £630m when its shares were suspended in December 1999 after accounting irregularities were discovered.