Watchdog accuses four ex-iSoft directors of misleading market

THE FSA has started criminal proceedings against four former directors of iSoft, the healthcare software firm.

iSoft founder Patrick Cryne is charged with making misleading statements to the stockmarket. Also charged are Tim Whiston, Stephen Graham and John Whelan.

The allegations relate to accounting irregularities uncovered by Deloitte while the company was working on the government’s £12.4bn programme to upgrade the NHS’ IT infrastructure. The charges come after a three-and-a-half year investigation by the FSA.

Cryne said in a statement: “I am surprised and disappointed at the position arrived at by the FSA. I am however absolutely satisfied that in due course my position will be completely vindicated.”