Company Directors Convicted of Defrauding Shareholders

The UK Serious Fraud Office (SFO) has announced that Torex Retail Plc (Torex) subsidiary XN Checkout Ltd directors Edwin Dayan and Christopher Ford have been convicted of defrauding shareholders and “[causing] over £1.65 million in fictitious profits to be recognized within the published accounts of Torex”. The findings follow an investigation carried out by the SFO after whistleblowers from Torex brought the company’s alleged accounting irregularities to attention. The defendants will be sentenced on 18 February 2011
SFO’s media release (19 January 2011)
(Source: SFO)