Following the guilty verdict back in February of the two former finance chiefs at a London-listed IT firm found to be misleading investors after they falsified the company’s accounts, Tim Coleman has now been sentenced to five and a half years imprisonment and disqualified from being a director for ten years.
In sentencing Mr Coleman, HHJ Beddoe remarked:
‘Your offending was persistent, significant and substantial, abusing an exceptional degree of trust. Your actions have damaged Redcentric plc and also public confidence in the City. A CFO of a public company – of any company – is expected to demonstrate the highest standards of integrity. It is the bedrock upon which a company, its directors and its shareholders are entirely dependent. When people such as you are found to have failed seriously they must expect severe punishment.’
The FCA will now pursue confiscation proceedings against Mr Coleman.