Fraud at Princess

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A quality piece of reporting there from the Plymouth Herald. Apparently Thompson, one of the men prosecuted, boasted an expensive wash and a nice car. It didn't embellish so I can only assume the attention was lavished on his barnet although I am aware of extravagant bathing rituals. Who knows?

They then went on to lift the lid on goings on behind the factory gates. Some clients flew in by helicopter, some were from Eastern Europe and a fence had been been built so that it wasn't necessary for visitors to pass MOD inspections every time they wanted to see how their new baby was coming on.

On the plus side the company did have some nice customers as well including one of the singers from Abba.

The company carefully protect their public image to the point where a derelict yacht was cleaned up and the job not posted on Youtube, Facebook or Twitter.

When people come to the factory to see how their expensive motor yacht is progressing they are occasionally treated to lunch.

If employees were given a bottle of wine they could keep it but if they were given a box of wine they would have to leave it in a public space. The article didn't elaborate as to whether that was because only cheap crappy wine comes in a box or not. Neither did it cover cases of wine which presumably would be distributed amongst 12 employees to get round the 1 bottle per head ruling :)

What was interesting though was to see that Princess had invested £10 million on deep water moorings for their larger craft. Clearly someone is taking a long term view.

Sentencing is to follow and the Herald suggested the only football team one of the men is likely to play for is a prison team.

Henry :)
You missed the MD saying "We are a frugal company. We like to keep an eye on every penny we spend
and the footballer, who played just once for Plymouth Argyle first team, and later played for the Argyle legends team, was always happy to give autographs:D I expect it was a short queue.
 
Excellent I hope they're banged up for a long time
 
You're right. Although not on the scale of Princess, my company suffered a systematic fraud by an employee a few years back which we only discovered by accident. That experience has made me far more paranoid about financial security now than I used to be. The kind of thing that happened to us and to Princess could happen to any company, big or small

I have experience of this too within a company I worked for in the past, he was a peer, nicest lad you could ever meet, would never have thought he'd do such a thing, he was actually grateful to have been caught as he could not handle the sleepless nights waiting for the knock on the door.. apparently

http://www.theregister.co.uk/2014/05/23/azzurri_former_project_manager_confiscation_order/
 
One thing that impressed me deeply some sixty years ago as an articled accountant was being taught that an employer should never, ever put employees in a situation where they might be tempted and if he did so and an employee succumbed they were both guilty.
 
I have experience of this too within a company I worked for in the past, he was a peer, nicest lad you could ever meet, would never have thought he'd do such a thing, he was actually grateful to have been caught as he could not handle the sleepless nights waiting for the knock on the door.. apparently

http://www.theregister.co.uk/2014/05/23/azzurri_former_project_manager_confiscation_order/
A former project manager at Azzurri Communications who stole £1.3m from the integrator has been ordered to pay back less than 10 per cent....and sentenced to four-and-a-half years in the clink.
"I hope this sends out the message that crime doesn't pay," he added.


So, he'll do about 2 years in a low category (maybe even open) prison and gets to keep just over £1.2M. I'm not sure that does send out that message. :rolleyes:

I wonder how much the Princess boys will have to give back?
 
One thing that impressed me deeply some sixty years ago as an articled accountant was being taught that an employer should never, ever put employees in a situation where they might be tempted and if he did so and an employee succumbed they were both guilty.

Easy to say, very hard to do. When a company gets beyond a certain size, even quite a small company, some staff will inevitably be in a position of being able to procure goods and services or make payments. Most companies cannot operate efficiently if the MD/owner micro manages all procurement and payments. There has to be a degree of trust in the key staff.
 
Easy to say, very hard to do.
Agreed. Not only hard, but also wrong imho, in more ways than one.
If there's anything an employer could be blamed for, if an employee is a fraudster, is in having made a wrong evaluation of the person before employing him/her.
 
If there's anything an employer could be blamed for, if an employee is a fraudster, is in having made a wrong evaluation of the person before employing him/her.
Yes that is absolutely correct
 
A former project manager at Azzurri Communications who stole £1.3m from the integrator has been ordered to pay back less than 10 per cent....and sentenced to four-and-a-half years in the clink.
"I hope this sends out the message that crime doesn't pay," he added.


So, he'll do about 2 years in a low category (maybe even open) prison and gets to keep just over £1.2M. I'm not sure that does send out that message. :rolleyes:

I wonder how much the Princess boys will have to give back?

I don't think he got to "keep" anything. My understanding was that all his assets were ordered to be surrendered and given to the company. The remaining money was presumably spent on a lavish lifestyle.

In this instance any money would presumably be paid to the insurers who covered the loss according to the article.

Henry :)
 
I don't think he got to "keep" anything. My understanding was that all his assets were ordered to be surrendered and given to the company. The remaining money was presumably spent on a lavish lifestyle.

In this instance any money would presumably be paid to the insurers who covered the loss according to the article.

Henry :)

Correct Henry, he had a rather demanding girlfriend who he was tempted to keep in a certain lifestyle to continue to attract her, nice cars, handbags, houses and the like.. he also told her he was rather more senior in the company hence being able to afford such things.. all hearsay but believable.

Also has to be said the £1.3m was the manufacturer value of the products he sold on, he would have got alot less than that from the company he shipped them out to, at least 50% less I'd say.. of course, the papers will always take the larger of the two numbers to publish
 
It also says "The Economic Crime Unit probed the allegations and found Young had benefited to a total of £1,361,721.52. They also discovered Young was trying to sell his house, and the sale was "swiftly restrained", said the ECU..."
If he'd managed to transfer the house into someome else's name he would have had no assets to recover. Easy to say the money is 'gone' but the fact is he had it. In cases like this crime does pay, especially as many don't ever get caught.
Anyway, maybe the Princess guys will actually get a proper sentence and proceeds of crime confiscation order.
 
Silly men.

What's all this about?

"He added that he was told to dismantle a disused and derelict yacht after a video was posted on Youtube.

Thompson said that Mr Gates told him to do the work so that nobody could film the demolition"
 
There's some quite bizarre statements from the 'defence'.

THE TRIAL lifted the lid on the glamorous life of luxury yacht buyers dropping in by helicopter to inspect their new purchases.

One defence barrister sought to paint a picture of unsavoury super-rich oligarchs jetting in to South Yard.

Tallon's barrister Nick Lewin said: "You sell yachts to some people who others might think are not appropriate, such as various Russian oligarchs."

Mr Gates said simply: "We sell to our distributors."
 
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