REDS boss Patrick Cryne could face disciplinary action over his conduct as an accountant despite being told last month that a seven-year-long effort to bring a criminal prosecution against him had failed.
Mr Cryne, the multi-millionaire co-founder of scandal-hit NHS software group iSoft, made £41million from selling shares in the firm between 2001 and 2005.
The 62-year-old owner of Barnsley FC had been the main target for prosecutors at the Financial Conduct Authority.
But the regulator last month ditched its case against Cryne and three other former iSoft executives after a trial at Southwark Crown Court collapsed amid serious procedural failings in the prosecution case.
Now the Financial Reporting Council - the accountancy watchdog with powers to fine and strike off accountants - has said it's considering reopening its investigation into the iSoft accounting scandal.
The financial watchdog can only pursue disciplinary actions against accountants, such as Cryne, who are members of certain accredited professional bodies, including the Institute of Chartered Accountants in England and Wales.
A spokesman for the Financial Reporting Council said: "In view of the outcome of the criminal proceedings we will need to review this case generally, and in particular in respect of our investigation of the members who were the subject of the criminal proceedings."
