Former Cammell Laird financial director jailed for defrauding Birkenhead business out of £1.9m
A former financial director has been jailed for defrauding a Birkenhead-based business out of nearly £1.9 million.
Allan Wood, 59, of Saltersgate in Ellesmere Port, appeared at Liverpool Crown Court today (Tuesday, December 23) after pleading guilty to four counts of fraud by abuse of position in relation to his role with longstanding ship building firm, Cammell Laird.
The allegations were first reported to Merseyside Police in January 2021. The force said that, during the course of the investigation, it “became clear that Wood grossly abused his position of trust” over a sustained period of time.
Between 2007 and 2008, Wood dishonestly diverted company funds for personal gain, transferring over £1.5 million into personal accounts held by himself, as well as settling personal credit card expenses.
In addition, he authorised just over £315,000 of ‘unauthorised corporate entertainment’ using company money for himself, friends and family. This fraudulent activity resulted in a total loss to the company of £1,870,243.
During this time, Cammell Laird were struggling financially and the board of directors had to inject a significant amount of their own money to keep the company going and there were risks of redundancies and strikes to staff.
Wood was jailed today for five years and three months.
Merseyside Police Detective Constable Laura Madden, who was the officer in charge of the case, said: “This fraud placed a business under significant financial pressure, causing distress and worry to all employees. Let’s not also forget the impact it would have had on their families as many feared for their jobs.
“This impact was clearly lost on Wood and he will now be left to consider the full consequences of his actions while he serves time in prison."
“Fraud can and does devastate individuals and businesses, and thankfully Wood has now been prevented from causing any more harm.
“I hope that Wood’s sentencing today sends a clear message about how seriously police and the courts take such offences. To anyone who would think that defrauding a company is acceptable: we will investigate you and bring you to justice.”
You can make reports to police by calling 101 or DM @MerpolCC on social media. You can also contact Report Fraud through their website here.