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UK local government CFO Clark banned from accounting profession

( May 8, 2025, 08:40 GMT | Official Statement) -- MLex Summary: The former chief financial officer of a UK council has been banned from the accounting profession for five years, for overseeing a risky investment strategy totaling more than 1 billion pounds ($1.3 billion) — or six times the Council’s annual budget — that lost more than a quarter of its value. Sean Clark, the CFO of Thurrock Council, has also received a severe reprimand from the Financial Reporting Council, which said it was the first time it had imposed sanctions on anyone working in local government finance. Thurrock — a borough in the county of Essex, near London — was effectively declared bankrupt in 2022.Statement below and settlement agreement attached. ...

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