Mr Graham has been a joint owner of the Vale Royal Abbey Golf Club in Cheshire. He collects classic cars and has taken part in the Pirelli International Rally Nike Vapormax Black And White in Carlisle.
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If found guilty, they face a jail sentence of up to seven years and heavy fines if found to have benefited financially.
He collected million in June 2005 when he sold two million shares at 425p.
trustee last Sunday. The school says he has stepped down he is able to clear his name statement paid tribute to Mr Graham efforts, saying he played a vital role in the recent development of facilities including a new junior school building, New Nike Uptempo Shoes
Carlisle school trustee steps down to fight criminal charge
Isoft auditor, Deloitte, found irregularities in the 2004 and 2005 accounts that had the effect of inflating the firm profits.
science building and computer suites.
They are due to appear before City of Westminster Magistrates on January 29.
The business was sold to IBA Health of Australia in October 2007 for IBA later renamed itself Isoft.
Mr Graham was one of Isoft founders in 1994.
The share price later plummeted amid mounting losses and concerns over contracts and accounts.
Tiplady, chairman of the trustees, said: am very sad that Mr Graham has decided to resign from the board of Austin Friars St Monica School. However, I understand his reasoning for this. Graham was suspended from Isoft in 2006 and removed as a director a year later. He is charged alongside three other former directors Patrick Cryne, Tim Whiston and John Whelan.
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