Izodia director jailed for eight years over false accounting
Gerald Smith heads for the slammer after misappropriating £34m
Gerald Smith heads for the slammer after misappropriating £34m
The Cambridge Crown Court has sentenced former Izodia director Gerald Smith
to eight years in jail for false accounting and misappropriating £34m of the IT
company’s funds.
Smith, who was also suspended from acting as company director for 15 years,
pleaded guilty in April this year.
Izodia traded as a software company during the dot-com boom, the SFO said
today, but become a cash shell when the dot-com bubble burst. In 2002 Smith, 51,
used his Jersey-based property business to buy a substantial stake in Izodia and
exert control over the business.
He proceeded to use his influence to transfer Izodia’s main cash asset from a
Royal Bank of Scotland account in reading to Jersey, where he proceeded to steal
it.
The Thames Valley Police and The SFO began an investigation of the case in
2002 and charged Smith in February 2005.
Proceedings were also commenced against two other defendants, Jarlath Vahey
and Peter Catto, ex-directors of Izodia.
Smith pleaded guilty to ten counts of theft and to one count of false
accounting.
The numbers you crunch tell a story. Your expertis...
18yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article