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FSA takes legal action against iSOFT execs

Published on 6 Jan 2010 under category: legal

The Financial Services Authority (FSA) has launched legal proceedings against four executives who used to work at iSOFT Group.

Patrick Cryne, Stephen Graham, Timothy Whiston and John Whelan were employed as directors at the health information technology firm.

According to the regulator, they have breached clauses in the Financial Services and Markets Act 2000 and the Criminal Law Act 1977.

That means they have been accused of making misleading statements during their time at iSOFT, as per section 397 (1)(a) and (2) of the former legislation and section 1 of the latter.

"The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000," the watchdog said in statement.

"[These are] maintaining market confidence, promoting public understanding of the financial system, securing the appropriate degree of protection for consumers and fighting financial crime."

The four have been summoned to appear in court on January 29th.

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