A FINANCIAL controller was today starting a two-and-a-half-year jail term after stealing more than £135,000 of his bosses' cash.
Father-of-two Geoffrey Smith, 45, worked at Lipe Clutches, York Avenue, Helmshore, lived beyond his means and paid company cheques into his own bank account to cover his debts.
The defendant had substantial credit card debts and told police he had spent the money on "bits and pieces", but it included a £9,000 new car for his wife, Burnley Crown Court heard.
Smith, who had no previous convictions and had been employed at Lipe for 13 years, was told he had "systematically defrauded" the firm while in a position of trust.
The judge added the offences, over nearly three years, were carefully planned and protracted.
Smith, of St Annes Drive, Fence, had earlier admitted four theft charges and asked for 20 similar offences to also be considered.
Arthur Stuttard, prosecuting, told the court cheques issued by Smith, who started working at Lipe in about June 1990, had to be signed by others in the company but he was trusted in relation to that.
He said that in about March 2000 the defendant opened a bank account in his own name, but trading as TM Solutions.
Smith then issued 24 cheques to TM Solutions and between April 2000 and the end of last year, the defendant helped himself to £135,553.
The offences came to light around February when it was discovered Smith had been dipping into the petty cash. Almost £3,000 was found to have gone missing, but was paid back by the defendant.
On further investigation, the cash turned out to be the "tip of the iceberg," Mr Stuttard said.
Mr Stuttard said Smith was arrested in May and when his home was searched, paperwork relating to TM Solutions was found. The defendant was questioned and it was put to him that more than £100,000 was missing from Lipe.
Smith admitted to police he had done wrong and intended to pay the cash back.
The prosecutor said there was no evidence of high living by the defendant, but taking the money made his lifestyle a little bit more lavish than than it might otherwise have been. Richard Taylor, defending, said Smith knew he would be going to jail.
He added Smith had never been in court before and was unlikely to appear again.
He said the defendant was relieved to have been caught as the stealing had been hard to give up. He wanted to pay the money back, the family home had been sold and his share of the equity was £30,000. He said proceedings had been started against Smith in a district registry of the High Court and his assets had been frozen.
He said Smith, who was sacked when the offences came to light, was particularly ashamed of the effect his conduct had had on his wife of 23 years and two teenage children who were now going to have to live in rented accommodation.
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