Thursday 3rd September, 2020
A former finance director has been jailed for stealing more than £800,000 from his employer, a manufacturer and supplier of concrete products, to pay off his debts.
He had also spent almost £40,000 on the company’s credit card to invest in the foreign exchange market.
At the time, he had been under investigation for an identical fraud where he defrauded Diamond Shortbreak Holidays out of nearly £700,000.
The certified chartered accountant hid that he was under investigation when he was appointed financial director of CPP Building Products in October 2017. At the time CPP Building Products was in a period of growth employing over 85 staff.
The company was alerted to suspicious activity when transactions had been made into his personal account. According to the court hearing they had been made and timed to look like payment of VAT and aggregate levy - a UK tax on the commercial exploitation of rock, sand and gravel.
The first payment into his own account was made in December 2017 followed by another in March 2018 - both for £500. Between May and October 2018 he made five further payments of over £100,000 with the reference VA HMRC.
He was ordered to repay £470,336 to CPP Building Products under the Proceeds of Crime Act.