PracticePeople In PracticeE-district to sue suspended CE

E-district to sue suspended CE

Interactive website e-district.net has given its chief executive Steven Laitman notice after discovering financial irregularities in its financial results.

E-district began proceedings against Laitman, on February 23, suing him for damages. He was served with an injunction and his assets were frozen. The company said it was investigating the facts, but is not yet aware of a misappropriation of funds.

A spokesperson for e-district.net told Accountancy Age that the serious fraud office had not been called in.

‘What has happened is that the fraud squad of the metropolitan police rather than the SFO has been informed. Whether they are investigating is not clear yet,’ he said

The company said it expected the investigation to be wrapped up ‘before the end of the week’, and would be making an announcement shortly.

Laitman was suspended on February 19 after finding that figures for registered users, page impressions and revenues had been exaggerated for an unknown period, which may include all of 2000. Currently chairman Frank Lewis is the acting chief executive officer.

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