He faces 15 criminal charges in the US including fraud in relation to the sale of the software company Autonomy to technology giant HP.
The US charged Chamberlain alongside the company’s former CEO Mike Lynch with fraud over the $10.3bn acquisition of Autonomy by HP.
They were accused of, among other things, artificially inflating revenues; improperly recording revenue in accordance with IFRS; and make false and misleading statements that Autonomy was a “pure software” company while concealing loss-making resales of hardware.
If convicted Chamberlain could face up to 20 years in prison.
Alongside the order of stay announced today, Chamberlain, who is a chartered accountant, has consented to an order that suspends his membership of the ICAEW until the formal complaint by the FRC can be heard – both the stay and suspension have been dated the 4 April.
In May last year, the FRC opened a disciplinary tribunal hearing against Big Four Firm Deloitte and two of its partners – Richard Knights and Nigel Mercer – alleging that the firm failed to properly audit the UK software company.
This case will remain unaffected by the stay or suspension of Chamberlain.