The directors of one of the first subscription-free internet service providers were this week charged with fraud, the first time a UK-based internet company has had such an allegation leveled at it. Four people from Free Dot Net Plc, including its two directors, were accused, following a Serious Fraud Office investigation, of conspiracy to make misleading, false or deceptive statements in the company’s prospectus when it was looking for its first round of funding. The company raised 4m pounds ($6.4m) in this share offering. These four men, plus two others, were also charged with dishonestly diverting some of the 800,000 pound ($1.3m) investment made in sister company Discount Telecom Plc.
