Called to account

Accounting / Internal accounting failure drives GM to $1m penalty

Automotive giant General Motors has agreed a $1m (£810,000) penalty with US regulator, the Securities and Exchange Commission (SEC), to settle charges that failures in its internal accounting controls meant the company did not properly assess the potential impact on its financial statements of a defective ignition switch found in some vehicles

Insight / Pension fraud triples in a year

The number of pension scams has increased threefold over the past year and nearly one in three pension schemes has been affected by fraud, according to research by RSM which suggests problems have escalated since the introduction of new pension freedoms

Insight / Wilkins Kennedy seeks permission to appeal $11.6m Harlequin ruling

Wilkins Kennedy has confirmed it has applied for permission to appeal a High Court order to pay hotel and property developer Harlequin $11.6m (£9.2m) in damages

Insight / Rolls-Royce to pay £671m over bribery charges

FTSE 100 engineering group Rolls-Royce is to pay £671m to settle a string of bribery charges, including a £497m deferred prosecution agreement (DPA) with the Serious Fraud Office (SFO), which is due to be approved in court today

Insight / Ex-Logica employees sentenced over insider dealing

A former member of the finance team at Logica and his neighbour have been given suspended prison sentences after pleading guilty to charges of insider trading, as part of the Financial Conduct Authority’s (FCA’s) investigation at the technology company which has also seen its former group reporting and financial planning manager jailed

Insight / Reported fraud hits £2bn five-year high

The total value of reported fraud in 2016 hit a five-year high, up 31.5% to £2bn, meanwhile reported fraud in financial services has fallen, according to analysis by BDO

Insight / Ex-ICAEW committee member sentenced for £45k VAT fraud

Keith Liddiard, a former member of ICAEW’s commercial advisory committee, has been given a suspended prison sentence for a £45,000 VAT fraud discovered following an HMRC investigation

Insight / Director banned for seven years for failing to provide ‘clean’ accounts

David Perfect, the director of a Cheshire-based cleaning company, has been disqualified for seven years for failing to keep adequate accounting records or pay some £144,000 due to HMRC, following an Insolvency Service investigation

Insight / Film fugitive’s £500k tax flight grounded

The owner of a London video conferencing company, who fled the country after faking documents and making up figures on his tax returns in a £500,000 fraud, has been jailed for 45 months

Insight / Accounting failures see livestock couple shorn of directorships

A couple who were the directors of an animal husbandry and livestock business in Lancaster have been disqualified from acting as company directors for six years over accounting failures, following an investigation by the Insolvency Service

Insight / Jail term for accountant over £110K unpaid VAT

An ICAEW-qualified accountant from Northamptonshire has been jailed for14 months for failing to pay £110,000 in VAT he charged on his services, following an HMRC investigation

Insight / Disqualification on menu for curry restaurant director

The director of a Brick Lane Indian restaurant, in London’s curry hotspot, has been disqualified from acting as a company director for eight years for failing to provide proper accounting records for his company or pay some £200,000 in taxes, following an Insolvency Service investigation

Insight / Founder misappropriated £420K from dog rescue charity

The founder of a charity dedicated to rescuing abandoned or mistreated dogs misappropriated two legacy donations totalling more than £420,000 by paying the monies into a private bank account, according to an inquiry by the Charity Commission 

Insight / Called to account: the best of 2016

Accountancy brings you a selection of cases involving members of the accounting profession – and a few others – who did not escape the long arm of the law during 2016

Tax / HMRC pays £460k for information on tax evaders

This year HMRC has paid £460,000 to individuals that have provided information to the tax authority on tax evaders, according to law firm RPC
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