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
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