Chatham CA loses licence
Posted By BOB BOUGHNER, THE DAILY NEWS
Posted 1 day ago
A Chatham chartered accountant has been expelled from the Institute of Chartered Accountants of Ontario.
The action taken against Jack Allen Lambe of Pine Crest Road for breach of trust and misappropriation of money includes a fine of $25,000 and costs of $10,000.
Lambe has been ordered to surrender his certificate of membership in the institute.
Lambe, who received his designation as a chartered accountant in 1971, pleaded not guilty to four charges. He represented himself at the hearing and called no witnesses.
Attempts to reach Lambe yesterday for comment were unsuccessful.
Perry Jensen, a spokesman for the institute, said yesterday "it's very serious to be expelled from the organization.''
He said there were only two expulsions in all of 2007/08.
Lambe was charged with failing to conduct himself in a manner which would maintain the good reputation of the profession and its ability to serve the public interest.
The charges also involved misappropriation of funds from RW Products, C. G. P. Buses Ltd. and P. B. Sales Ltd.
The institute issued a 12-page summary of its findings and decision. The panel concluded there were no unusual circumstances in the case which would warrant withholding Lambe's name from publication.
"Indeed, as a matter of deterrence, as well as a matter of notice to the public, it was important that Lambe's name be published,'' wrote A. D. Nichols, deputy chair of the discipline committee.
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