FCA Initiates Criminal Proceedings Against Four Individuals with Fraud Offences

The UK Financial Conduct Authority (FCA) has commenced criminal proceedings against four individuals for conspiracy to commit false accounting, with three of them also facing charges of fraud.

Defendants Terry Dodd, John Riley, and Brian Flanagan have been accused of fraudulently abusing their positions as directors of the Dial-A-Cab Credit Union for personal gain. 

Defendant Terry MacPherson has been charged with conspiring with the individuals, using his position as an auditor to submit false returns to the FCA and the Prudential Regulation Authority (PRA), which masked the true financial state of the credit union and the fraud taking place.

The FCA alleges that the 4 individuals transferred funds from the credit union to benefit themselves and their families.

The alleged offences occurred over a six-year period from 1 September 2012 to 4 September 2018.

On 20 November 2024, the defendants were granted conditional bail at Westminster Magistrates Court. The case has been transferred to Southwark Crown Court, with the next hearing scheduled for 18 December 2024.