How can you not notice that you're a bit short of change until it gets to £27m?
One more beancounter given a spanking over Tech Data chicanery
A former financial controller for Tech Data faces a rap on the knuckles and the temporary exclusion from the Chartered Accountants golf club* after admitting his role in a costly number-crunching scandal. The distributor formerly known as Computer 2000 revealed in early 2013 that it had discovered accounting errors in the UK …
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Wednesday 20th December 2017 21:55 GMT paddy carroll 1
because:
Mitigating Factor
a. Mr Silverwood fully co-operated during the investigation of the Misconduct;
b. Mr Silverwood has a good compliance history and disciplinary record;
c. Mr Silverwood held a relatively junior position;
2
d. Mr Silverwood did not stand to gain any profit or benefit from the Misconduct (save for usual remuneration);
e. Mr Silverwood was subject to persistent and severe pressure in his role as Financial Management Controller;
f. Mr Silverwood’s health, mental wellbeing and clarity of thought were significantly affected by the persistent and severe pressure he endured;
g. Personal mitigating circumstances;
h. Mr Silverwood has demonstrated contrition for the Misconduct.
http://www.frc.org.uk/getattachment/d2c28dbb-0f16-44aa-9b13-3b4a800196ec/Settlement-agreement-K-Silverwood-Edited-for-publication.pdf
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Wednesday 20th December 2017 13:33 GMT alain williams
Why did he do it ?
Phil James presumably did it in the hope of some personal gain - make himself much richer. Yet the 2 fines were reduced so that it did not hurt him too much.
It is only if others see that they will be completely cleaned out that they will think twice at doing something similar. However: what has happened here tells them that if they get caught then consequences won't be that bad ... so probably worth a gamble.
What we are not told about are those who paid for this, people like share holders. Why should they suffer (and in similar cases to come) because the powers that be do not want Mr James to suffer too much?
If he had been caught stealing food from a supermarket - how would he have been dealt with ?
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Wednesday 20th December 2017 22:39 GMT Anonymous Coward
Re: Why did he do it ?
Yet the 2 fines were reduced so that it did not hurt him too much.
They were penalties by the "professional" body that he was a member of. Fines (as in statutory penalties imposed by the courts) are a separate matter. If he was guilty of a criminal offence he should have been separately brought before the courts, and this latest penalty should be icing on the cake. ICBA to check if there were any statutory penalties. But do a search on "Phil James" "Tech Data". Personally I can't see this bloke doing any serious account work again.
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Tuesday 27th September 2022 14:32 GMT M_J_N
Re: Why did he do it ?
Looking at the SEC filing, it seems that James and Silverwood, his financial controller, hid some bad debts and unexpected expenses on the balance sheet, hence overstating the pre-tax income. I don't know but suspect there was a lot of pressure and an expectation in HQ in the USA to hit a forecast commitment.
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Wednesday 20th December 2017 21:00 GMT FozzyBear
WTF
27M shortfall on their books and these guys get a slap on the wrist and a couple years in a time out corner. Reduced fines, etc due to mitigating circumstances. BULLSHIT !
There is more to this than just an incorrectly assigned code or account.
The beancounters here have been jacked up over a $2k difference on an account that has a value of $10M+ for the past 2 days. To not identify, or ignore, a 27M difference either points negligence or incompetence on a cosmic scale or criminal collusion that should see them locked up.
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Thursday 21st December 2017 16:55 GMT Anonymous Coward
One day...just one day....
people will read the bloody article.
1. This was a fine by his professional body, not a court. There may or may not be a court case related to this. Burden of proof may be lower in this case.
2. He has been effectively struck off and lost his career. He can still be an accountant (as can anyone), but not in any decent role.
Biting the hand that feeds IT
