Brikenhead financial director jailed over £1.9m fraud, fueling gambling, lifestyle

• A man has pleaded guilty to fraud that cost a business close to £1.9m in the United Kingdom
• The case ties to a trusted financial director who embezzled money from the company and authorized "corporate entertainment" expenses
• At the time of his deeds, the business was facing financial hardship and needed to be backed by its board of directors financially

A former financial director of a Birkenhead-based business has received a jail sentence, following an extensive investigation and subsequent trial proving that the man committed fraud that cost the business close to £1.9m. He will now serve a 5-year and three months sentence

Identified as Allan Wood, the man appeared at Liverpool Crown Court on Tuesday, December 23, and pleaded guilty to fraud by abuse of position while he worked at Cammell Laird, a local company.

Man faces consequences of his actions - to serve a five-year sentence

The man is said to have run his scheme for years before a formal investigation began against him in January 2021. Led by the Economic Crime Team, the investigation traced back fraudulent transfers tied to the culprit going back to 2007 and 2008.

Wood is said to have misused company funds during this period, and specifically to have embezzled funds for personal expenses, lifestyle, and gambling. An estimated £1.5m was sent to personal accounts, investigators found out.

He also signed off on £315,000 of "corporate entertainment." The Cammell Laird and its Board of Directors were forced to inject additional money, the Board’s to keep the company afloat during the time of the crime, the media reported.

This was done to avoid layoffs and scaling down operations at a time when financial hardship buffeted Cammell Laird. Investigators argued that Wood’s behavior had caused significant distress and worry to employees at the time of his perceived crime.

"This impact was clearly lost on Wood, and he will now be left to consider the full consequences of his actions while he serves time in prison. Fraud can and does devastate individuals and businesses, and thankfully, Wood has now been prevented from causing any more harm," Detective Constable Laura Madden said, commenting on the case.

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