Head of finance excluded after stealing £3m
A finance chief who belonged to the ICAEW was excluded and incurred costs of £3,900 this month over two counts of fraud.
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A quick google gives quite a bit of background on the case. £10k of clothes still with the labels still on at his house, other expensive purchases like cars and jewellery, high stress job and first management position at a major financial company - looks like he found therapy in shopping at the sort of places that make you feel good. Sad but no excuse.
There are no winners here. Sad for Mr Olver, sad for his family, sad for his former colleagues, sad for the employer, sad for ICAEW. The surprising thing here is how quickly this got to court.
David
https://www.cityoflondon.police.uk/news/city-of-london/news/2020/templat...
If he had pleaded not guilty the case would have taken much longer to get to court. I expect that Mr Olver fully co-operated with the prosecution to bring this to a rapid conclusion.
I think you are right. I am currently dealing with an alleged theft from employer, which has some similarities, which was discovered in 2015 and is expected to get to court next year.
David
David's link shows that the bank that received the two large and suspect payments into Olver's personal account notified the bank that employed him. Would Olver's personal bank have reacted in the same way if Olver's employer had not been another bank?
I would have expected both banks to have software in July 2019 to recognise inconsistencies between a recipient's alleged name and the account's sort code and number at the receiving bank. I recently tried to use a bank transfer to renew my three year subscription to "The Economist" and my own bank objected that the account details I had given corresponded to "The Economist Newspaper Ltd".