Timothy Coleman, former chief financial officer of Redcentric Plc, was convicted in February 2022 of false accounting and making misleading statements to the market – resulting in a five-and-a-half-year prison sentence being imposed. Southwark Crown Court has now imposed a confiscation order of £355,369 against him and ordered him to pay £119,630 of prosecution costs.
The Financial Conduct Authority said Mr Coleman had inflated the cash position that was presented to the Redcentric Board and had used the same false figures to assure key investors about Redcentric’s financial position, persuading them not to sell down their investment in the company. As a result of the false statements, the share price of Redcentric shares was inflated, meaning investors paid more for shares than they were worth.