Fraud claims: Wandisco founder David Richards stepped down in April
Wandisco’s founder raked in £840,000 last year – even as a potential fraud was committed at the software company.
David Richards, co-founder and former chief executive, stepped down in April this year after the firm was forced to suspend trading of its shares and tear up its 2022 results due to ‘significant, sophisticated and potentially fraudulent irregularities’.
An independent probe later found that a senior employee was responsible for the errors at the British tech firm, which meant more than £88million of false bookings were on its books.
Wandisco actually made £7.4million in revenue last year instead of the £18million recorded in January, while its bookings totalled £8.7million rather than the previously declared £97million.
Although Richards and finance boss Erik Miller have both stepped down, the business has said their departures were unrelated to the scandal.
Richards earned over £3.2million over his final five years at the helm, including a bonus of £450,000 last year on top of a base salary of £383,100.
