ICAS bans Glasgow accountant over money-laundering breaches

A Glasgow accountant has been struck-off for breaking money-laundering rules during the multi-million-pound takeover of city bakery business Mortons Rolls.

The Institute of Chartered Accountants Scotland (ICAS) banned John Devlin, 53, who now owns 75 per cent of share in Mortons, a former family firm taken over in 2008.

The professional watchdog said its investigation, sparked by a complaint from police, had found him guilty of multiple ethical breaches and defective work, including his obligations under money-laundering regulations.



ICAS said Develin had been found guilty of both misconduct and incompetence under its Money Laundering Regulations 2007 and its code of Ethics section on “integrity” and “honesty” by providing misleading statements to a liquidator.

As well as being struck-off, Devlin was ordered to pay £8000 to cover the cost of the ICAS probe.

Police raided the Morton Rolls Glasgow factory in 2012 which resulted in Devlin facing allegations of criminality.

However, two years later prosecutors decided to take no further action against the men.

But in its own investigation, ICAS found Devlin had provided income details to a mortgage broker for the owners of one of the Morton Rolls companies “when he knew, or ought to have known” that the figures were incorrect.

ICAS’s disciplinary committee concluded: “With reference to the fundamental ethical principle of integrity, the committee determined that Mr Devlin had failed to be straightforward and honest in a professional relationship.”

Morton’s Rolls Limited, which trades as Mortons Rolls, is now owned by a firm called Allerdyce Holdings Limited, named after the Drumchapel street where the factory is based.

Last year it formally notified Companies House that Devlin was now the “person of significant control” in the firm.

The firm turned over more than £10.8m last year – up six-fold from £1.6m – but made a profit of just £44,000, according to accounts filed last month.

The full findings of ICAS’s investigation can be seen here.

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