Hearing Begins Over ICAEW Member’s Alleged Negligence
The Accountancy and Actuarial Board (AADB) has bared the outcome of the investigation undertaken in relation to the establishment, listing and affairs of Langbar International Limited.
In June 2006 the AADB began an investigation into the conduct of Geoffrey Stuart Pearson, a Member of the ICAEW, in relation to the establishment, listing and affairs of Langbar International Limited.
Following the conclusion of the investigation, the Executive Counsel has filed a disciplinary formal complaint with the AADB in relation to Mr Pearson’s conduct.
The complaint relates to the conduct of Mr Pearson in respect of various announcements made to the market during 2005 and his conduct in promoting Langbar International Limited to investors.
In particular, the formal complaint alleges that Mr Pearson failed to act with due skill, care and diligence, that he made certain announcements being reckless as to the truth/falsity of the announcements and that he recklessly misled the investing public as to the true financial position of the company.
An independent Disciplinary Tribunal will be appointed to hear the formal complaint.