URGENT UPDATE: Allan Wood, the former finance director of Cammell Laird, has been sentenced to over five years in prison for stealing nearly £1.9 million from the company during a prolonged gambling addiction. This shocking case was revealed today at Liverpool Crown Court, highlighting the devastating impact of financial fraud on businesses and families.
The court heard that Wood, aged 59, exploited his position from December 2007 to March 2020, abusing the trust placed in him to manage the shipbuilder’s finances. He was first employed in 2006 and promoted to finance director in 2008, earning between £40,000 and £61,000 annually. Prosecutor Jonathan Rogers described how Wood’s gambling habit spiraled out of control, leading him to misappropriate funds for personal gain.
Key Findings: Discrepancies were flagged by Barclays in 2018, revealing unusual transactions linked to Wood’s credit card. These payments, amounting to £650,000, were disguised among legitimate company expenses, allowing him to continue his fraudulent activities unnoticed. Wood’s deception included billing the company for tickets to the Champions League final, later fabricating excuses about corporate hospitality and covert investigations.
In a dramatic turn, Wood was confronted by company officials but initially escaped consequences by offering false justifications. However, as evidence mounted, including further suspicious payments exceeding £200,000, he eventually admitted to the fraudulent transactions. His actions caused significant financial strain on Cammell Laird, jeopardizing jobs and stability for many employees.
Wood’s emotional turmoil was palpable during the sentencing, as his wife, Fiona Wood, sat in tears in the gallery. She was previously charged with possession of criminal property linked to her husband’s fraud but was found not guilty. The court acknowledged the profound impact of Wood’s actions, emphasizing the fear and distress experienced by employees and their families.
Judge Simon Medland KC condemned Wood’s betrayal of trust, stating, “You abused that position of very high trust to thieve from your company.” Wood was handed a prison sentence of five years and three months, reflecting the serious nature of his crimes. The judge highlighted the long-standing reputation of Cammell Laird, a key player in the local economy, underlining how Wood’s actions threatened its viability.
Merseyside Police’s Detective Constable Laura Madden expressed the seriousness of financial fraud, stating, “This fraud placed a business under significant financial pressure, causing distress and worry to all employees.” She emphasized that such offences will not be tolerated and that authorities are committed to bringing perpetrators to justice.
As Wood prepares for his prison term, he faces not only legal repercussions but also personal consequences, including the shame felt by his family and the community. His case serves as a crucial reminder of the devastating effects of gambling addictions and financial misconduct.
This case continues to develop, with broader implications for corporate governance and employee trust in financial management. Stay tuned for more updates as we track the fallout from this significant fraud case.
