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Head of accounting jailed for £200k fraud

Thursday 13th July, 2017

A company accountant at the world’s premier industrial metals exchange has been jailed for 32 months for a £200,000 fraud.

Despite not having a professional qualification she worked her way up to become head of the accounting department at the London Metal Exchange (LME).

She used seven LME credit cards and withdrawing cash to pay for a luxury lifestyle that included, expensive holidays, dental work and home improvements along with other luxury items.

In 1997 she joined the LME and was promoted to head accountant during 2011, earning £72,000 a year plus bonuses. At the time of the offences her annual salary was around £103,000.

The fraud took place between December 2012 and July 2015 and amounted to £204,405. She was dismissed in October 2015 when the fraud was uncovered. The prosecutor in the case suggested that ‘chaotic’ and ‘extremely lax’ accounting policies had meant it took a while for the losses to come to light.

In a statement, LME said: “The LME has reviewed all its internal accounting processes and has put in place additional robust procedures to ensure the utmost security in financial administration.”

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