I have to date reported four companies to the Financial Reporting Council asking it to investigate accounts which I believe to be fraudulent and or misleading. So where am I with these four and what is the common thread?
The first to be dobbed in was Quindell. The FRC publicly acknowledged that it widened the scope of its enquiries as a result of my letter and Quindell was found guilty on all sorts of counts. Expect disciplinary action AFTER the Serious Fraud Office has made its arrests.
The next three are Eden Research (EDEN),Servision (SEV) and Avanti Communications (AVN) which all stand accused (by me) of unacceptable revenue recognition policies.