Legal News
ICFR bankruptcy results in fraud charges for chief operations officer (9 January 2014)
Date: 09/01/2014
The former chief operating officer of the International Centre for Financial Regulation (ICFR), Charles Taylor, has been charged with defrauding the regulatory trade body of nearly £600,000.
Taylor, 54, from Berkshire was charged on Wednesday (08/01/14) with fraud by abuse of position and false accounting, said City of London Police.
The ICFR went bankrupt in December 2012 and at the time it became clear that a significant amount of money had “gone missing” from the organisation’s bank accounts without authority having been given for the withdrawals.
The organisation was established in 2008 by the Treasury and the ICFR board included senior executives of leading banks and financial institutions.
The ICFR’s remit was to research and advise on international trade policy and regulation. Many of the ICFR’s senior executives were said to be baffled by the disappearance of funds from the organisation’s bank accounts, however.
The ICFR’s board took the decision to put the company into administration when it became clear that sums missing from the organisation’s bank accounts were substantial enough that further trading might have been illegal.
City of London Police issued a statement after Mr Taylor was charged, which read:
“Taylor is due to appear at City of London Magistrates' Court on January 21.”
Mr Taylor was reported as not immediately contactable after the charges were announced.
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