Mackay: accounting black holes and hands in the till

With a spate of accounting scandals blighting listed companies, Clare Mackay, associate at SA Law LLP considers ways to take action against a fraudulent director and the legal options from personal claims to s463 of the Financial Services and Markets Act 2000

The last couple of years have seen two High Street names at the centre of accounting scandals. There was the over-estimation of profits in published accounts at Tesco, with senior directors charged with fraud and false accounting, although the charges fell apart at a second trial.

More recently, the Patisserie Valerie chain discovered a £40m black hole in its accounts and its former finance director was arrested on suspicion of fraud.

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