RegulationAccounting StandardsICAEW excludes Venson FD and deputy CEO

ICAEW excludes Venson FD and deputy CEO

Institute tribunal reprimands finance director and chief exec and fines them a combined total of £24,250

The ICAEW has excluded finance director Simon Frost and deputy chief
executive Simon Lawson-Smith, both from vehicle management company Venson, over
incorrect forecasting.

Frost and Lawson-Smith were both reprimanded in civil courts for causing ”
loss and damage to a third party of over £10m.” The case centered on a forecast
made by the FD and deputy CEO in October 1999.

The ICAEW reported that the forecast by Lawson-Smith gave the “impression
that the business was operating significantly better than it had been budgeted
to do when he knew that this was not true.”

The institute’s tribunal fined him £10,000, ordered him to pay £4,750 of
costs and have denied him readmission for membership for six years. He is
currently not a member.

The finance director, who reported himself to the ICAEW when the judge in
civil court made his findings, made a “significant” repayment to the third party
which had incurred losses following the judicial conclusion.

Frost was ordered by the ICAEW tribunal to pay costs of £9,500 and will not
be able to make an application of readmission for two years.

The judge in the civil proceedings said that Frost had “put forward the
October forecast recklessly, not caring whether it was true or false.”

Further reading:

Former
Vantis expert Bassett Cross excluded from ICAEW

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