“Desperately difficult situation financially”
The lawyer of William Rollason, chief executive Farepak’s parent company during its collapse just before Christmas 2006 that left almost 120,000 customers out of pocket by a total of about £37m, on why his client could not afford a fine of £50,000 from the Financial Reporting Council (FRC). Despite owning property abroad worth more than £600,000.
Rollason admitted recklessness and misconduct and was given a severe reprimand, a £15,000 fine and asked to pay £50,000 in costs by an independent tribunal yesterday.
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