At a hearing of the Disciplinary Tribunal of the Institute of Chartered Accountants of New Zealand on the 1st day of August 2001, the Tribunal had before it Richard John Foran, of North Shore, who had over a 3 year period in his role as trustee and accountant of a trust, without authorisation or knowledge of the other trustee, withdrawn funds in the vicinity of $200,000.00 for his own purposes.
Richard John Foran is still practising as an accountant under the name of Foran & Associates of Browns Bay (formerly of Whangaparaoa).
The Tribunal resolved unanimously, pursuant to Rule 21.20 of the Rules of the Institute of Chartered Accountants of New Zealand issued under the Institute of Chartered Accountants of New Zealand Act 1996, to suspend Richard John Foran from membership on the following terms:
(a) The Tribunal is satisfied that it is necessary and desirable, having regard to the interest of the public, that Richard John Foran be and is hereby suspended from membership of the Institute of Chartered Accountants of New Zealand pending the further order of the Tribunal.
(b) That following the expiration of 14 days from the giving of notice of this decision to Richard John Foran, notice of the suspension be published in the New Zealand Herald, the New Zealand Gazette and the Chartered Accountants Journal of New Zealand.
Dated this 31st day of August 2001.
MARK SHENNAN, Secretary, Disciplinary Tribunal.