Timothy Coleman, former chief financial officer for the IT service provider and AIM-listed company Redcentric, was found guilty on 11 February at Southwark Crown Court on four charges of making false and misleading statements and false accounting.

At an earlier stage in proceedings, a second defendant, Estelle Croft, a former finance director pleaded guilty to four charges of making false accounting and to seven counts of making false or misleading statements to Redcentric’s auditors PwC.

Croft was sentenced back in August 2021 to three years imprisonment and was ordered to pay £120,346.70 following confiscation proceedings.

The verdict decided that Coleman 'occupied a significantly higher position of responsibility' than Croft with Coleman set to be sentenced on 3 March. The offences by Coleman will lead to a fine and a possible prison sentence of up to seven years.