Accountant gets ICAEW ban for £1.5m fraud
An accountant who paid himself £1.5m in cheques from his employer's bank accounts has been excluded from the ICAEW for 10 years.
Paul Malcolm Davis, of Frogmore, in St Albans, Hertfordshire, paid 36 cheques to himself worth £1.53m from his employer’s bank accounts when he knew he wasn’t entitled to the money.
The fraud, which went on for 20 years, was apparently to fund a gambling addiction, an ICAEW disciplinary tribunal heard.
Davis also incorrectly completed his personal payroll records resulting in three over-payments to him totalling £60,000 when he knew he shouldn't have.
He also arranged payment of three dividends due to his employer from a third party totalling £35,000 when he knew he wasn’t entitled to.
In April 2013, a Crown Court sentenced Davis to three years in prison and disqualified him as a company director for six years.
The ICAEW excluded Davis for bringing "discredit upon himself, the institute or the profession of accountancy."
No application for costs was made due to his current financial situation and likely financial position in the future.