FCA launches criminal proceedings against three former Redcentric employees

Maria Nikolova

Fraser Fisher, Timothy Coleman, and Estelle Croft have each been charged with two counts of making a false or misleading statement.

The UK Financial Conduct Authority (FCA) has commenced criminal proceedings against three former employees of IT services provider Redcentric Plc: Fraser Fisher, former Chief Executive; Timothy Coleman, former Chief Financial Officer; and Estelle Croft, a former finance director.

Mr Fisher, Mr Coleman and Ms Croft have each been charged with two counts of making a false or misleading statement, contrary to Section 89(1) of the Financial Services Act 2012.

Mr Coleman has further been charged with four counts of false accounting, contrary to Section 17(1)(a) of the Theft Act 1968; one count of making a false or misleading statement to an auditor contrary to Section 501 of the Companies Act 2006; and one count of fraud by false representation, contrary to Sections 1 and 2 of the Fraud Act 2006.

Ms Croft has also been charged with seven counts of making a false or misleading statement to an auditor contrary to Section 501 of the Companies Act 2006, and four counts of false accounting, contrary to Section 17(1)(a) of the Theft Act 1968.

The alleged offending took place between 1 May 2015 and 31 October 2016.

Mr Fisher, Mr Coleman, and Ms Croft appeared at Westminster Magistrates’ Court on 23 September 2020.

The regulator explains that making a false or misleading statement is a criminal offence punishable, on conviction, by a fine and/or up to 7 years of imprisonment.

As FinanceFeeds reported, in June 2020, the FCA issued a public censure to IT service provider Redcentric PLC for committing market abuse between November 9, 2015 and November 7, 2016.

Redcentric issued unaudited interim results and audited final year results which materially misstated its net debt position and overstated its true asset position in circumstances where it knew, or ought to have known that the information was false and misleading. As a result, investors were misled and paid more when purchasing shares than they would have done had they known the true position.

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