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Wednesday, June 15, 2016

Gambling Addict Embezzled from Employer, Sentenced to 2 Years in Prison

Northampton bookkeeper with a gambling problem jailed for 2 years for £130k theft

By HeraldandPost  |  Posted: April 16, 2016

Ian McCabe was jailed this week at Luton Crown Court

A TRUSTED bookkeeper who stole almost £130,000 in a year to support his gambling addiction and mounting debts, has been jailed for two years.
Ian McCabe, 47, of Watermeadow Drive, Northampton was sentenced at Luton Crown Court on Friday after pleading guilty to the theft of £128,090 from Studio Music Co Ltd, between Nov 2014 and Nov 2015.
The couple who run the sheet music business in Luton felt completely betrayed by McCabe, who they had known for ten years and had trusted to manage their financial accounts since August 2014.
Daniel Siong, prosecuting said McCabe confessed to the company owners and police, but put the loss at between £60-70,000.
Investigations later revealed the true figure. The defendant admitted he had gambled large sums of money at casinos in Northampton and Milton Keynes.
Mr. Siong said McCabe was able to steal the money by moving the company's money into his own account, either by forging cheques or making internet transfers. He had been trusted with the comany's banking passwords and PINs.
He said a confiscation hearing will be held later, but nothing had been repaid yet.
Mr. Siong said the couple who run the business had expressed their complete shock at his betrayal.
Sophie Sharpe, defending, urged the Judge to suspend the sentence. She said McCabe had the offer of full time employment, earning a good salary, which would help him to make recompense.
"He is humiliated and will have to live with the guilt, shame and remorse."
She said he had previously had a 17 year distiguished career in the army, and was now addressing his gambling problems with counselling.
But Judge Philip Bartle QC told McCabe: "This was a high level breach of trust and you have not repaid a single penny. I cannot accept the submission that the sentence should be suspended. I accept you are genuinely remorseful."

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