Enforcement: UK's FSA prosecutes directors of iSOFT Group Plc
The UK's Financial Services Authority has brought criminal proceedings against four former directors of iSOFT Group, Plc, and discontinues its investigation against the company.
Patrick Cryne, Stephen Graham, Timothy Whiston and John Whelan have been summonsed to appear at City of Westminster Magistrates Court on 29 January 2010 on charges of conspiracy to make misleading statements, contrary to section 397 (1)(a) and (2) of the Financial Services and Markets Act 2000 and section 1 of the Criminal Law Act 1977.
The FSA has discontinued its investigation against iSOFT Group Plc. Australian listed iSOFT Group Limited (formerly IBA Group Limited) took over UK-based iSOFT Group plc in October 2007 after the events that were the subject matter of the investigation.
iSOFT Group Limited cooperated fully with the FSA throughout the investigation, which involved former management of iSOFT Group plc and had no bearing on any of the current management or employees of iSOFT Group Limited.
None of the former iSOFT Group plc directors that were investigated are employed by iSOFT Group Limited or any subsidiary of the company.
“The FSA result brings to a conclusion one of the remaining legacies of the former iSOFT which we acquired in 2007,” said Gary Cohen, iSOFT Group Limited Executive Chairman & CEO. “We cooperated fully with the investigation and welcome the FSA’s decision.”
iSOFT Group Limited describes itself as "Australia's largest listed health information technology company."
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