Disciplinary decisions 2016

Disciplinary Decisions 2016

• Mr James Lacey - Determination of the Disciplinary Tribunal - 22 November 2016

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  20/12/2016 12:23:00

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  Findings and orders

  On the 22nd day of November 2016 a Formal Allegation of misconduct was found proven in relation to Mr James Lacey, a member of the Institute, with an address at Co. Dublin on the basis that he was disqualified from acting as a director of a company in accordance with Section 160 of the Companies Act, 1990 for a period of 4 years and 6 months from 7 June 2011;

  The Disciplinary Tribunal noted Mr Lacey’s acceptance of the terms of the Formal Allegation and accordingly found the Formal Allegation proven against Mr Lacey.

  The Disciplinary Tribunal orders that Mr. James Lacey be reprimanded.

  This Order takes effect from the 22nd day of November 2016.

  Background and outline of disciplinary matter

  This Disciplinary matter was concluded in accordance with the settlement provisions set out in Chartered Accountants Ireland’s Disciplinary Regulations.

  The member was the Chief Executive Officer and a director of National Irish Bank Limited (NIB) from 1988 to 1994 and remained as a non-executive director from 1994 to 1997. In 1998 the High Court appointed Inspectors to NIB and National Irish Bank Financial Services Limited (NIBFS) who, among other matters, looked into the issues of bogus non-resident accounts, incorrectly or fictitiously named accounts, certain insurance policies, special savings accounts and improper charging of interest and fees.

  The Director of Corporate Enforcement initiated disqualification proceedings in July 2005 against several former managers and/or directors of NIB including the member. In June 2011 the High Court determined that the member should be disqualified from acting as a director for 9 years. The member appealed this High Court Judgement to the Supreme Court in July 2011. In December 2015 the Supreme Court ordered that the original disqualification period of 9 years be replaced by a period of 4 years and 6 months beginning on 7 June 2011 and this order was consented to by the member. The disqualification period is therefore at an end.

  Disqualification as a director constitutes proof of Misconduct in accordance with Chartered Accountants Ireland’s Disciplinary Bye-Laws unless the contrary is established.

  Identification of appropriate orders

  The Disciplinary Tribunal considers the findings and orders made as appropriate having regard to Chartered Accountants Ireland’s Guidance in relation to Sanctions and Orders.

  Reference: Graham Bloomfield, Gibney Communications
  T: +353 1 661 0402

  Mr James Lacey - Determination of the Disciplinary Tribunal - 22 November 2016

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• Ms Teresa Townsley - Determination of the Disciplinary Tribunal - 3 October 2016

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  19/10/2016 15:48:00

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  Findings and orders

  On the 3rd day of October 2016 a Disciplinary Tribunal of the Chartered Accountants Regulatory Board ("CARB") found that Ms. Teresa Townsley, a Member of the Institute with an address in Barcelona, Spain did act in breach of;

  1. The institute's Ethical Guide for Members (1998): Fundamental Principles: (1) Integrity and (2) Objectivity in that she failed to disclose her interest in a finder's fee paid by a company in which she was a director;
  2. The institute's Code of Ethics for Members (2011): Fundamental Principle: (e) Professional Behaviour in that she provided a disqualification undertaking by which she will not be a director of a company, act as a receiver of a company's property or in any way, whether directly or indirectly, be concerned or take part in the promotion, formation or management of a company without the permission of the High Court or act as an insolvency practitioner for a period of 9 years from 29 November 2012.

  The Disciplinary Tribunal ordered as follows, that Ms. Townsley be severely reprimanded and that she pay a sum of €4,500 towards the costs of CARB.

  This order takes effect from the 11th day of October 2016.

  Background and outline of disciplinary matter

  This Disciplinary matter was concluded in accordance with the settlement provisions set out in CARB's Disciplinary Regulations.

  The member was formerly a director of a company ("X"). In December 2005 following a formal complaint by Invest N.I. the Department of Enterprise Trade and Investment (DETI) appointed Company Inspectors. The Company Inspectors reported in November 2009 and highlighted a range of issues. Some issues related to the Member and accordingly in May 2010 the matter was referred to CARB by the Department of Finance and Personnel. The complaint referred to CARB related to the payment of a "finder's fee" by X, in which the member was a director at the relevant time, in relation to the acquisition of property. There ia no evidence that the member ever disclosed to the Board of X in her interest in the disbursement of the "finder's fee".

  The DETI instigated disqualification proceedings against the Member and on 8th November 2012 accepted a disqualification undertaking from the Member who has been disqualified from acting as a director for 9 years from 29 November 2012 based on certain allegations of unfit conduct which, solely for the purposes of the disqualification procedure, were not disputed.

  Identification of appropriate orders

  In accordance with CARB's Sanctions Guidance the Disciplinary Tribunal of CARB considers the findings and orders made as appropriate having regard to the extensive investigation of the complaint by CARB's Executive and the Head of Professional Conduct and having regard to the submissions made on behalf of the Member.

  Reference: Graham Bloomfield, Gibney Communications
  T: +353 1 661 0402

  Ms Teresa Townsley - Determination of the Disciplinary Tribunal - 3 October 2016

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• Mr Michael Townsley - Determination of the Disciplinary Tribunal - 3 October 2016

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  19/10/2016 15:32:00

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  Findings and orders

  On the 3rd day of October 2016 a Disciplinary Tribunal of the Chartered Accountants Regulatory Board ("CARB") found that Mr. Michael Townsley, a Member of the Institute with an address in Barcelona, Spain did act in breach of;

  1. "the institute's Ethical Guide for Members (1998): Fundamental Principles: (1) Integrity and (2) Objectivity in failing to disclose his interest in a finder's fee paid by a client company of his firm."

  The Disciplinary Tribunal ordered as follows, that Mr. Townsley be severely reprimanded and that he pay a sum of €3,000 towards the costs of CARB.

  This Order takes effect from the 11th day of October 2016.

  Background and outline of disciplinary matter

  This Disciplinary matter was concluded in accordance with the settlement provisions set out in CARB's Disciplinary Regulations.

  The complaint referred to CARB in respect of the Member, Mr Michael Townsley, related to the payment of a "finders fee" by X a Northern Ireland Company, in relation to the acquisition of a property. Company Inspectors who were appointed by the Department of Enterprise Trade and Investment (DETI) of Northern Ireland were concerned that the Member did not disclose to X that part of a "finders fee" was paid to him in circumstances where X was a client of his firm.

  Identification of appropriate orders

  In accordance with CARB's Sanctions Guidance the Disciplinary Tribunal of CARB considers the findings and orders made as appropriate having regard to the extensive investigation of the complaint by CARB's Executive and the Head of Professional Conduct and having regard to the submissions made on behalf of the Member.

  Reference: Graham Bloomfield, Gibney Communications
  T: +353 1 661 0402

  Mr Michael Townsley - Determination of the Disciplinary Tribunal - 3 October 2016

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• Mr Nicholas O'Connor - Determination of the Disciplinary Tribunal - 29 April 2016

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  31/05/2016 09:35:00

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  Findings and orders

  A Formal Allegation against Mr. Nicholas O'Connor, a member of the Institute, practising as Reddy O'Connor & Co., with an address at Troon Lodge, Ballycrane, Castlebridge, Co. Wexford was heard at a hearing before a Disciplinary Tribunal on 29 April 2016.  The following findings and Orders were made by the Disciplinary Tribunal;

  The Disciplinary Tribunal found that Mr. O'Connor did on 19 May 2015, before Wexford Circuit Criminal Court, plead guilty to, and was convicted of, four charges of theft and by doing so is thereby liable to disciplinary action in accordance with the Institute's Disciplinary Bye-Laws and Regulations.

  The Disciplinary Tribunal made an Order the Mr. O'Connor be severely reprimanded and fined €2,500. The Disciplinary Tribunal also made an Order that Mr. O'Connor pay €10,172 towards the costs of CARB.

  Reference: Graham Bloomfield, Gibney Communications
  T: +353 1 661 0402

  Mr Nicholas O'Connor - Determination of the Disciplinary Tribunal - 29 April 2016

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