Financial think-tank boss accused of £600k theft

In a preliminary hearing at the Old Bailey in London, Charles Taylor, 54, was heard to have allegedly defrauded the International Centre for Financial Regulation out of £589,705.45 on 16 March 2011.

Mr Taylor, who was employed as chief operating officer and chief financial officer, was charged with fraud by abuse of position and false accounting.

The prosecution has claimed he tried to cover up the theft by falsifying a report to the board on 24 September 2012 to show that the ICFR held £594.235 as a cash asset.

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The ICFR was launched in 2009 with the backing of former prime minister Gordon Brown and received millions in government grants before it went bust in 2012.

It was also supported by funds from major banks including Goldman Sachs, the ‘big four’ auditing firms and the Corporation of London.

Mr Taylor did not enter a plea when he appeared at the Old Bailey for a preliminary hearing.

He will return for a plea and case management hearing on 14 May this year. Mr Taylor, of Berkshire, was granted bail.