FSA starts criminal proceedings against former iSOFT directors

The FSA said this morning that it has begun criminal proceedings against four former directors of iSOFT Group Plc for the offence of conspiracy to make misleading statements, contrary to  the Financial Services and Markets Act 2000 and the Criminal Law Act 1977.

The individuals Patrick Cryne, Stephen Graham, Timothy Whiston and John Whelan have been summonsed to appear at City of Westminster Magistrates Court on 29 January 2010.

iSoft was – and still is – a major supplier to the National Programme for IT [NPfIT].


In a separate announcement, Isoft said today that it welcomes the FSA’s decision to discontinue its investigation into the company.

Australian company IBA Group, which renamed itself iSoft Limited, acquired the UK-based iSoft Group plc in October 2007, after the events that were the subject matter of the FSA investigation.

iSoft said it has “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”.

It added: “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.”

FSA announcement