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Former KPMG Partner Derek Peter Faces Sanctions
December 22, 2012
Derek Peter, former partner with KPMG, has been received sanctions by the accountancy regulator in the United Kingdom. The trade body has said that Peter made a series of illegal payments to players in a local football club while overseeing their financial operations. The High Courts have found Peter guilty of violating regulations between 2004 and 2007. The nation’s leading accounting regulator said it was compelled to take appropriate disciplinary actions against Peter.
The regulator has barred him from acting as a company director for the next seven years. He has also been fined approximately £3,800 by the United Kingdom’s Football Association. Peter also faces a number of collateral repercussions for his conduct.
Peter now faces additional sanctions from the Institute of Chartered Accountants for England and Wales (ICAEW). The ICAEW said that Peter will no longer benefit from many of the privileges that he was eligible for as a trade partner. He cannot use his membership to acquire discounted memberships to many of the premier attractions throughout the Wales and United Kingdom.
The ICAEW said that Peter violated a number of financial regulations and merited the serious consequences they imposed. They have warned him not consider reapplying for membership until 2019.