The Financial Conduct Authority (FCA) has charged four individuals with conspiracy to commit false accounting, with three facing further charges for fraud.

Terry Dodd, 75, John Riley, 72 and Brian Flanagan, 61, have been charged for fraudulently abusing their positions as directors of the Dial-A-Cab Credit Union for their own personal gain.

Terry MacPherson, 53, has been charged for conspiring with the individuals, using his position as an auditor to submit false returns to the FCA and the Prudential Regulation Authority.

The FCA has alleged that the four individuals transferred funds out of the credit union for the benefit of themselves and their families across a six-year period between September 2012 and September 2018, when Dial-A-Cab Credit Union entered administration.

Fraud by abuse of position is an offence under the Fraud Act 2006, and conspiracy to commit false accounting is a criminal offence under the Criminal Law Act 1977.

The defendants were granted conditional bail at Westminster Magistrates Court yesterday (20 November), and the case has been sent to Southwark Crown Court, with the next hearing tabled for 18 December 2024.

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