iSOFT founder reacts to FSA charge

iSOFT founder Patrick Cryne said he is “surprised and disappointed” that the Financial Services Authority has launched legal proceedings against him.

The owner of Barnsley Football Club is one of four former executives of the Manchester software developer to face charges by the City watchdog after a three year investigation into the company’s affairs.

Mr Cryne and former colleagues Tim Whiston, Steve Graham and John Whelan could all face prison if they are found guilty of  “conspiracy to make misleading financial statements”.

The quartet will appear at City of Westminster Magistrates Count on January 29.
In a statement, Mr Cryne, iSOFT’s former chief executive and chairman said:

“Since the FSA commenced its investigation into the affairs of iSOFT Group Plc it has had my full and complete co-operation.

“I am surprised and disappointed at the position arrived at by the FSA. I am however absolutely satisfied that in due course my position will be completely vindicated.”

Deloitte, the company’s auditors, uncovered alleged accounting irregularities in the 2004 and 2005 financial years.