Watford have announced that executive chairman Raffaele Riva will step down from his post.
Both the English Football League (EFL) and the club launched investigations last month following allegations, reported in The Daily Telegraph, surrounding Gino Pozzo's sole takeover in 2014 and the alleged use of a forged banking letter.
The Premier League club have proclaimed their innocence in the light of the allegations.
The Hornets said they had now concluded their investigations and will send them to the EFL, adding that the club "is not guilty of any wrongdoing."
Riva has said he "fully refutes, and will protect vigorously my integrity against, any recent speculation.