Gambling Addiction Pushes Manager to Steal £240K in Stock

A former general manager at a solar PV products business in the UK that was part of a larger company from Australia, was recently sentenced after stealing some £240,000 ($308,700) worth of company stock to fuel a gambling addiction. The case involved the former manager of PGK Distribution UK, a 48-year-old man identified with the initials C.W.

The man admitted to his crime, revealing that he was pushed into it by a gambling habit that had gone out of control. Although the unlawful conduct dates back to 2016 and 2018, the 48-year-old was sentenced this Thursday.

Judge Mark Watson handed down the sentence which included two years of jail time, suspended for two years, as well as additional conditions. For the theft of the funds and cover-up actions, the 48-year-old was also sentenced to 200 hours of unpaid work.

The man was banned from gambling activities for a period of 12 months. He was also ordered by Judge Watson to undergo treatment for alcohol addiction.

Anna Haynes, the detective constable who led the investigation against the former general manager, commented on the topic. She revealed that the 48-year-old man abused his role so frequently that he wasn’t able to remember how many times he sold fraudulently his employer’s stock.

Haynes acknowledged the man’s crippling gambling addiction, saying that he admitted to spending most of the funds obtained through fraud for online gambling activities. The court did not disclose details on which outlets the 48-year-old had spent the money and whether or not any of the iGaming operators have imposed restrictions on his account.

“He did express remorse throughout the investigation and I hope this case serves as a reminder to people of how gambling can get out of control and ruin lives.“

Detective Constable Anna Haynes

The Crime Resulted in the Loss of Five Jobs

Shockingly, the actions of the former general manager crippled PGK Distribution permanently. As a result of the actions of the 48-year-old, the UK arm of the Australian business discontinued its operations. What’s even more concerning is that five people lost their jobs as a result of the actions of the former manager.

“Since C.W. did not have the strength to seek help for his spiraling addiction before it was too late, a successful business had to close and five staff lost their jobs,“

added Haynes

Although the attempt to cover up the fraud was somewhat elaborate, this was not the case for the crime itself. The former manager was able to steal thousands of pounds from the business by selling the company’s stock but not registering the actual sales.

The 48-year-old would deliver the products himself and then return to the business with empty boxes. He would return the empty boxes to the available stock, claiming that the client in question rejected the order.

Oftentimes the former general manager would lure the clients with reduced prices to make sales. However, he would later redirect the money to his personal bank account through fake invoices.

Suspicion arose after the business’ stock didn’t match the amount the company had noted in its system. A further investigation uncovered that the unlawful activity was completed between June 2016 and July 2018. Ultimately, the 48-year-old admitted to the crime via a text message and later on, turned himself in to the police to confess his crimes.