UK man defrauds business out of £500K, uses it for gambling

• A lengthy investigation into the actions of one UK man resulted in a prison sentence
• The 45-year-old man faced charges and was found guilty of fraud and false accounting after stealing more than £500,000 to fund his gambling habit
• To cover up his tracks, the man used false company names and forged documents

A man from Normanton-on-Soar, Loughborough, UK, who abused his position in a family business to steal hundreds of thousands of pounds and use them to fund his gambling habit, was recently sentenced to prison.

The fraudster was sentenced to 6.5 years in prison

Leicestershire Police recently released a report regarding the criminal case.

The 45-year-old man faced two charges of fraud by abuse of position, as well as two counts of false accounting.

The charges followed an investigation into his actions, which revealed he stole more than £500,000 from a family business where he was employed.

It was back in June when the 45-year-old was found guilty on all charges.

Last week, the Leicestershire Police confirmed that the man was sentenced to six years and six months in prison for his crimes.

Nicole McIntyre, one of the investigators on the case and part of the force's Economic Crime Unit, commented, Casino Guru News learned from a press release.

She explained that the investigation took a long time as the man carefully covered his tracks.

"He has no qualms about what he was doing over a sustained period and potentially may have continued if he hadn’t been found out," McIntyre said.

Moreover, she pointed out: "He used his position within the family business for his own gain. He was trusted member of the team, and he betrayed that trust showing no remorse."

McIntyre thanked all the victims for their collaboration during the investigation and acknowledged that while this was a difficult decision, it is pleasing to see the 45-year-old receive a guilty verdict on all counts.

Finally, the investigator said: "Our work on this case doesn’t end here though as confiscations proceedings are now underway under the Proceeds of Crime Act (POCA), which will allow us to seize assets that have been purchased as a result of his criminality. If he fails to comply, he could face an increased prison sentence."

Forgery of documents enabled the man to run the scheme for a couple of years

According to police, the 45-year-old fraudulently obtained large sums of money between 2014 and 2017.

At the time, the man was employed by his family business called Fox Sports Surfacing Ltd.

One office manager reviewed credit card statements, which were received via mail in 2017. This is when the fraudster's actions were first discovered.

Per those statements, the man had fraudulently transferred more than £500,000 to his personal bank account.

Moreover, £50,000 was transferred from the company's bank account to the bank account of another family member.

The man used the money to fund a gambling habit. Law enforcement did not disclose if the man was identified as a problem gambler and if any of the stolen money was left.

The fraudulent scheme has gone undetected for several years because the 45-year-old man forged documents and different statements.

Per the investigation, he used false company names and other information to cover up the tracks. Instead of paying legitimate businesses, he transferred funds belonging to his company to his own account.

Image credit: Pixabay.com