A former chief financial officer of Redcentric has been found guilty of making false and misleading statements to the market.
Timothy Coleman, 57, who left the Aim-listed IT services provider in 2016, falsified key accounting records to inflate the cash position and used the false figures to assure key investors about Redcentric’s financial position, persuading them not to reduce their investment in the company, Southwark crown court was told.
Coleman conspired with Estelle Croft, 49, a former finance director at Redcentric, who has pleaded guilty to charges of making false statements and false accounting and of making false statements to PwC, Redcentric’s auditor.
Redcentric issued false and misleading unaudited interim results in November 2015 and full-year results in June 2016. The accounts overstated Redcentric’s cash
