Accountant jailed for 'skilful fraud'

As posted in The Journal . Ashamed accountant who played the stockmarket, using money he stole from his employer in an elaborate fraud, was jailed for three years yesterday.

Douglas Long gave a London-based stokebroker £150,000 of company money to invest in a shares portfolio on his behalf.

He also used more than £75,000 to pay off his mortgage, acquire a second property, carry out renovation work and buy a luxury BMW coupé and a Mazda convertible for himself and his wife.

He was dismissed from his job after an anonymous letter was sent to his bosses at Tyneside-based electrical wholesalers EGS.

Newcastle Crown Court heard the four-year fraud caused major cashflow problems for the company, which soon after ceased trading and was taken over by another firm.

Long began defrauding EGS two years after his appointment in 1993, diverting money into bogus businesses he had set up, stealing electrical goods and using company cheques to pay builders for work carried out on his behalf.

"This was a skilful fraud over a number of years and it was designed to do no more than feather his own nest, because he used the money he had obtained to invest in a stock portfolio and also to develop properties," said Glen Gatland, prosecuting.

"His express intention was he should be able to live off the interest."

Long, of Wealcroft, Leam Lane, Felling, Gateshead, admitted eight charges of deception and theft, and asked for 62 similar offences to be taken into consideration. He also pleaded guilty to possessing 22 Ecstasy tablets found at his home.

He was declared bankrupt last year, when a civil judgement was entered against him in the sum of £225,000.

The £150,000 shares portfolio - currently worth £78,000 - will be used along with the proceeds from the sale of Long's home to compensate the victim.

Passing sentence yesterday, Judge Michael Cartlidge told him: "You were involved in a four-year sustained fraud which, in my view, was the main reason for the company to, in effect, cease trading and be taken over by another."

Peter Schofield, defending, said Long was initially introduced by another to the fraud and had felt under a pressure to "become complicit" in that dishonesty.

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