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Pair guilty of Torex shareholder fraud

Two men have been found guilty of defrauding shareholders out of £1.65m after a Serious Fraud Office inquiry.

Edwin Dayan and Christopher Ford, directors at XN Checkout Ltd, defrauded shareholders of parent firm Torex Retail Plc, a retail software company.

They made false invoices to give the impression in Torex's public accounts the firm made an extra £1.65m profit.

At Oxford Crown Court Dayan, of Dorset, and Ford, of Buckinghamshire, were convicted of conspiracy to defraud.

Whistle-blowers

Managing director Dayan, 58, of Priory Quay, Christchurch, and finance director Ford, 47, of Sillswood, Olney, will be sentenced on 18 February.

The Serious Fraud Office (SFO) began an investigation in 2007 after whistle-blowers came forward with information about alleged accounting irregularities.

It said investigations were continuing into the wider collapse of Torex Retail Plc, which is in liquidation.

SFO director Richard Alderman said: "I welcome today's verdicts and the part played by whistle-blowers in helping to uncover this crime. It's a victory for honesty and fair dealing in business life".

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