Regulators File Disciplinary Action Against ICAEW Member
An executive counsel has filed a disciplinary formal complaint with the Accountancy and Actuarial Disciplinary Board (AADB) in relation to the conduct of a member of the ICAEW, over the establishment, listing and affairs of Langbar International Limited.
In June 2006 the AADB began an investigation into the conduct of Geoffrey Stuart Pearson.
The Formal 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 alleged 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.