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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 69784
Experience:  Over 5 years in practice
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Stole 40K over 3 years period to my company from the petty

Resolved Question:

stole 40K over 3 years period to my company from the petty cash.
I was the accountant but the company debit card was not on my name. The bank statements were not issued on my name and the accounts were reviewed every month from my finance director.
the company is FCA regulated. what are the charges that I can face and what are the charges that the company can face if they sue me?
Thanks
Submitted: 1 year ago.
Category: Law
Expert:  Jo C. replied 1 year ago.
Hi.
Thank you for your question. My name is ***** ***** I will try to help with this.
do they know about it?
Customer: replied 1 year ago.
yes
Customer: replied 1 year ago.
thanks Jo
Customer: replied 1 year ago.
our conversation here is not going to be showed online right?
Expert:  Jo C. replied 1 year ago.
No, this is a public site and your posts are visible.
You are anonymous though.
Customer: replied 1 year ago.
ok
Expert:  Jo C. replied 1 year ago.
Is that ok?
Customer: replied 1 year ago.
yes that's fine. can you help in answering my questions?
Expert:  Jo C. replied 1 year ago.
Yes, what was your position in the company?
Customer: replied 1 year ago.
Accountant. But I'm not qualified
Expert:  Jo C. replied 1 year ago.
Yes, but that means different things.
Were you the only accountant?
Customer: replied 1 year ago.
In the finance dep there were me and the finance director. I reported to him and the accounts were reviewed by him every month. I didnt produce false documents just misallocated cash by creating false payments. The accounts were audited in another country and the one in the UK was only a branch. The issue never came out during the audits.
Expert:  Jo C. replied 1 year ago.
Ok.
I wouldn't worry about whether or not they can sue you. The answer to that is that they can but there are bigger issues.
This is either theft or fraud depending upon how this was achieved. There is not much difference in the two charges. This is money taken from an employer in circumstances of breach of trust and so I'm afraid much more serious than otherwise. It is also a large sum of money, carried on over a long period of time and you had a large amount of trust reposed in you. In fairness, at least you were not the only person in the finance department which does reduce the amount of trust.
I'm afraid though that this would almost certainly lead to custody. The only question is over how long.
I'm very sorry but that is your position and I have to give you truthful information.
Can I clarify anything for you?
Jo
Customer: replied 1 year ago.
What could be the minumum and maximum custody?
Would the company be fined or get any charge for lack of control?
Expert:  Jo C. replied 1 year ago.
As a very rough guess two to six years.
No, the company will not be fined. In fact it is an aggravating feature that you took advantage of their lack of control. A company relies on it's accountant to exercise control.
I'm very sorry.
Customer: replied 1 year ago.
Even if the company operates in the Financial services and it's required to create proper internal controls?
Can you indicate what are going to be the steps once they report to the police? Thanks
Expert:  Jo C. replied 1 year ago.
Yes, I'm afraid so.
Lack of control is an aggravating feature of the offence not a mitigating one.
Jo C., Barrister
Category: Law
Satisfied Customers: 69784
Experience: Over 5 years in practice
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