Following their surrender today at Charing Cross Police Station, Carlton Cushnie, Frederick Clough were charged with Fraudulent Trading. Lorraine Jones was charged with aiding and abetting Fraudulent Trading.
Background:
Pursuant to a joint investigation, by the SFO and the Metropolitan Police Fraud Squad, Carlton Cushnie, the former Chairman and Chief Executive of Versailles and Frederick Clough, the former Finance Director, were today charged with Fraudulent Trading contrary to Section 458 of the Companies Act 1985. Frederick Clough's personal assistant, Lorraine Jones, has been charged with aiding and abetting, counselling and procuring Carlton Cushnie and Frederick Clough to commit Fraudulent Trading.
Notes for editors
- The case was referred to the SFO by the DTI on 16 November 1999 and accepted by the Director on 22 December 1999.
- The London Stock Exchange suspended trading in shares in Versailles Group on 8 December 1999.
- The Defendants are released on unconditional bail until Friday, 3 August 2001 when they will appear at Bow Street Magistrates Court.
- This is a joint investigation with by SFO and the Metropolitan Police Fraud Squad.
- SFO Press Office: 0171 239 7000/7190 (out-of-hours mobile 0781
807 6688)
Fax: 0207 837 1173
Email: press.office@sfo.gsi.gov.uk
