As anyone who has invested in the stock market knows, it can be a risky business. The long and sorry saga of Redcentric, a share that has been widely tipped in the financial press for almost a decade, now takes another twist. The FCA has begun criminal proceedings against three former employees of 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.
Making a false or misleading statement is a criminal offence punishable, on conviction, by a fine and/or up to 7 years’ imprisonment.