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Former finance director jailed for stealing £1m from employer

Wednesday 6th March, 2019

A finance director who stole more than £1m from his employer to fund a luxury lifestyle and a gambling habit has been jailed for four years.

The fraud occurred between 2014 and 2017 when he worked for Norfolk based firm Premier Education Group a Global leader in Physical activity for Schools, Early Years and Families.

To avoid detection he transferred the company’s money into his own account, which was masquerading as a franchisee’s account. He also adjusted and fabricated entries on spreadsheets provided to the board of directors.

Even when the company undertook three audit of the accounts spending £30,000 on consultants the fraud was not uncovered.

He resigned when the fraud was uncovered and then admitted the spending to his former employers.

Judge Stephen Holt said  "These thefts were skillfully planned and executed so the loss to the company wasn't noticed and was passed by three separate audits."

He apparently spent £500,000 of the stolen money on gambling but the other half is effectively unaccounted for.

The stolen money was supposedly put into his personal savings account, an ISA’s for his children, moving to a larger house, paying off that mortgage and possibly another mortgage.

He has paid back £112,000 so far and more money will be recovered.