Feeds

Net funds directors charged by SFO

Fraud allegations surround ISP and telco

  • alert
  • submit to reddit

Security for virtualized datacentres

The Serious Fraud Office (SFO) has charged four people with fraud over fundraising for an Internet start-up. The SFO yesterday charged the four in connection with two companies, Free Dot Net, an ISP, and Discount Telecom. Two other people were also embroiled in the Discount Telecom charges. The move was the first time the SFO had taken action against directors of a cyber company. Free Dot Net had raised £4 million since its 1996 launch in share placings under the Enterprise Investment Scheme, a government tax break. Last year the company recorded a pre-tax loss of £215,000 on sales of £791,000. Three directors, Jon Brody, Brian Atkins and Peter Henry, along with another man, Marios Nicolaides, were charged with conspiracy to induce investments through "misleading, false or deceptive" statements in prospectuses. The SFO also charged the four, plus Gerard Kavanagh and Katherine Diggins, with "dishonestly diverting sums of money" from Discount Telecom. Discount Telecom was set up in 1997 to sell cheap long distance phone calls and raised £800,000 from public subscribers. The charges were the result of a 17-month investigation by the SFO and the Metropolitan Police following a tip-off by the Department of Trade and Industry. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Big Content outs piracy hotbeds: São Paulo, Beijing ... TORONTO?
MPAA calls Canadians a bunch of bootlegging movie thieves
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
Hungary's internet tax cannot be allowed to set a precedent, says EC
More protests planned against giga-tariff for Tuesday evening
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
Verizon bankrolls tech news site, bans tech's biggest stories
No agenda here. Just don't ever mention Net neutrality or spying, ok?
prev story

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.
Website security in corporate America
Find out how you rank among other IT managers testing your website's vulnerabilities.