Skipton man Jason Lowe funneled greater than £500,000 from the corporate, the place he had been employed since 2016
A North Yorkshire web developer siphoned a firm’s funds into cryptocurrency to fuel a gambling addiction. Jason Lowe, liable for on-line advertising at a window manufacturing firm, funneled greater than £500,000 from the agency over the course of 11 months.
He transformed firm bank card transactions into cryptocurrency and used the digital foreign money to gamble on websites. The enterprise, structured as an employee-owned belief, the place workers owned shares and benefitted from revenue rewards, suffered not solely direct monetary losses but in addition a breakdown of belief amongst its workers.
His crimes got here to mild when the Lancashire-based firm’s finance division flagged an unusually great amount of funds to two companies named ‘Meteorbrand’ and “PPC Guru”, prompting an inside inquiry. A police investigation later linked the businesses to Lowe, who had been employed there since 2016.
As well as to the stolen funds, the corporate incurred almost £80,000 in oblique prices whereas investigating the fraud and making an attempt to uncover the total extent of the deception. The amount of cash flowing via Lowe’s private financial institution accounts raised purple flags along with his financial institution, significantly giant sums obtained through PayPal. When questioned, Lowe claimed the cash was from the sale of his enterprise, regardless of that transaction having occurred in 2021.
A consultant of the corporate described within the firm’s impression assertion how Lowe’s actions eroded inside belief, and brought on extreme stress amongst workers due to the severity of the scenario and due to Lowe’s “lies and false accusations.”
It additional highlighted how the stolen cash may have been invested in new equipment and progress initiatives. As a substitute, Lowe’s betrayal left a path of monetary injury and emotional misery. North Yorkshire Police’s Financial Crime Unit launched an investigation after receiving an Motion Fraud report in February 2024.
Lowe, aged 39, of Brougham Avenue, Skipton, pleaded responsible to fraud by abuse of place of belief, dedicated between March 2023 and February 2024. On 28 November, he was sentenced at Bradford Crown Courtroom to 33 months in jail. A Proceeds of Crime Act listening to is scheduled to observe, aiming to recuperate stolen belongings.
Following sentencing, the lead investigation officer Detective Constable Neil Brodhurst of North Yorkshire Police’s Financial Crime Unit, mentioned: “We’re happy with the custodial sentence handed down to Lowe, who shamelessly abused his place of belief to fund a gambling behavior. Regardless that the stolen funds have been transformed into cryptocurrency, we have been in a position to hint the transactions and show how he benefited.
“Fraud is rarely a victimless crime, and this case highlights the broader ripple impact of Lowe’s actions – undermining morale, belief, and monetary stability throughout the workforce. We hope that as we speak’s sentence sends a transparent message to anybody intent on committing such crimes: abuse of belief shall be uncovered and handled severely.”
In case you suspect you have been the sufferer of fraud or have details about a possible fraudster, contact the police and Motion Fraud. Go to our Advice about fraud web page for extra info.
