PracticeAccounting FirmsAccountant struck off CIPFA for ?44m gamble

Accountant struck off CIPFA for ?44m gamble

An accountant has been struck off CIPFA for using more than ?44m of the local council’s funds to play the stockmarket

Andrew Pate, an accountant at Newcastle-under-Lyme council, has been struck
off the Chartered Institute
of Public Finance and Accountancy
(CIPFA) register for misconduct after he
was discovered having used more ?44m of the council’s funds in 2004 to play the
stockmarket, increasing its debts from £22.6m to £66.8m.

Pate took out loans in the council’s name and invested them through a
friend’s stockbroker business, the Daily Telegraph reports.

Pate’s misconduct hearing was told that, although he did not make any money
from his actions, he exposed the council to ‘unnecessary financial risk’, by
bringing their borrowing above the statutory allowed limit.

The CIPFA disciplinary committee said Pate had ‘deliberately disregarded’ his
professional responsibilities and found he committed a ‘very considerable breach
of trust’.

Further reading:

Read
the Daily Telegraph story

Related Articles

Productive accountancy firms lead the way

Accounting Firms Productive accountancy firms lead the way

3d Simon Adcock, HSBC
LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

Accounting Firms LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

4d Fergus Payne, Lewis Silkin
BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

1w Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

2w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

2w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

3w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

3w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

3w Emma Smith, Managing Editor