The FCA has started criminal proceedings against 4 individuals for conspiracy to commit false accounting, with 3 of them facing further charges for fraud.
Terry Dodd, John Riley and Brian Flanagan have been charged for fraudulently abusing their positions as directors of the Dial-A-Cab Credit Union for their own personal gain.
The FCA alleges that the 4 individuals transferred funds out of the credit union for the benefit of themselves and their families.
Terry MacPherson has been charged for conspiring with the individuals, using his position as an auditor to submit false returns to the FCA and PRA, which masked the true position of the credit union and the fraud taking place.
The alleged offending took place over a 6-year period between 1 September 2012 and 4 September 2018.
The defendants were granted conditional bail at Westminster Magistrates Court on 20 November 2024, and the case has been sent to Southwark Crown Court, with the next hearing on 18 December 2024.
Notes to editors
- Terry Dodd was born 19 January 1949
- John Riley was born on 26 May 1952
- Brian Flanagan was born on 6 February 1963
- Terry MacPherson was born on 8 January 1971
- Fraud by abuse of position is an offence under sections 1(1) and 4 of the Fraud Act 2006 (4 offences)
- Conspiracy to commit false accounting is a criminal offence under section 1(1) of the Criminal Law Act 1977
- Dial-A-Cab Credit Union was regulated by the FCA for conduct matters and authorised by the PRA for prudential matters from 1 April 2013 until 4 September 2018 when it entered administration[2].
- Find out more information about the FCA[3].