The UK's Serious Fraud Office has announced that Stuart Pearson, former chief executive of AIM-listed investment services company Crown Corporation Limited, which was later re-named Langbar International, has been found guilty of making misleading statements about the company. The statements, which were made through official London stock market announcements in 2005 were intended to make the company appealing to potential investors.
Mr Pearson claimed, amongst other things, that the company had an asset value of nearly £357 million when in reality it had no money and its shares had no real value. Mr Pearson has been sentenced to 12 months in jail and disqualified from acting as a director of a company for five years. A confiscation hearing has been adjourned until 1 August.