The Multi-millionaire co-founder of Carphone Warehouse (LON:CPW), David Ross gave up his chairman position at National Express today after his resignation as co-chairman of the giant phone retailer on Monday. The move came after he was accused of using personal share holders to borrow millions of pounds.

David Ross also has given up his role on the organizing committee for the 2012 Olympics. Ross emailed Boris Johnson with his resignation, although Boris has said he is sad to see him go.

The Carphone Warehouse co-founder is accused of using £162 million worth of shares to secure against his personal loans. This is a huge break of stock exchange rules as he should have notified the directors as to his actions, the FSA are now investigating David Ross which is reportedly the UK’s 87th richest person.

Source: Guardian