A court in Lincolnshire has sentenced the boss of a UK construction firm to two years and four months in prison for stealing over £700,000 ($890,310) from failing companies to fund his casino account.
According to the BBC on Monday, Wesley Grainger-Smith, 66, transferred £702,050 ($892,954) from four firms into his gambling account between 2014 and 2017.
The Insolvency Service, a UK body that dispenses compulsory liquidations and investigates corporate claims of fraud revealed Grainger-Smith had admitted five counts of “fraudulently removing company property” at a prior hearing.
wiped out their bankroll
Grainger-Smith’s actions resulted in all the firms his business was consulting for ceasing trading after he wiped out their bankroll.
The Insolvency Service, however, said it found that around £570,000 ($724,623) in cash deposits were paid back to the duped firms, which investigators believe may jibe with the felon’s “claim he later repaid most of the amount from his winnings.”
The Insolvency Service’s Chief Investigator Mark Stephens stated the culprit “cannot have thought he was entitled to recklessly gamble with company money, or that he was acting in the best interests of the four companies.”