Disgraced former finance director of air conditioning specialist Worthington Nicholls Group plc, Timothy James Hunt, has been kicked out of the ICAEW for six years and ordered to pay £50,000 in costs.

The details of the penalty were published today following a long-running investigation by the Accountancy & Actuarial Disciplinary Board (AADB), part of the Financial Reporting Council (FRC).

The FRC said Hunt had admitted that he was not straightforward and honest in four key areas in connection with the preparation and approval of the interim financial statements of Worthington Nicholls Group plc for the six months ended 31 March 2007.

The case centred on Worthington Nicholls, an airconditioning company, which floated on AIM in June 2006, and shares reached 195p in April 2007. But in June 2007 the company reported an unexpected interim loss and then said that it had given incorrect information on its business prospects. The company ceased trading later that year.

The AADB investigation determined that there was evidence of misconduct.

An independent tribunal heard Hunt confess to associating himself with a statement to the market which he knew to be misleading; by associating himself with the release of a share placement letter in a shareholder circular which he knew contained misleading information; by failing to disclose at an EGM and board meeting that he believed the public statements made regarding WNG's trading position were false and misleading; and by preparing interim financial statements for the period ending 31 March 2007 which were materially false and misleading.

The tribunal found against Hunt in all four areas and excluded him from the ICAEW for a minimum period of six years with immediate effect. He was also ordered to pay £50,000 towards the costs of investigating the case.