CFO caught stealing more than £ 47,000 from hygiene company his parents ran
A man stole more than Â£ 47,000 from a business his parents were helping run.
Hywel Davies, 35, of Paxton Close, Caerphilly, appeared at Cardiff Crown Court on Tuesday 8 December.
He pleaded guilty to theft of money belonging to Andrew Jenkins of Javen Products Limited.
The court heard that the company had been in business for 16 years and that until July 2018 Davies’ father and mother were partners in the business.
Continuing, Ms Sophie Kenny told the court that the defendant started at the company as an engineer and then took over the role of CFO from her mother when she retired.
Ms Kenny said: “She retired and the accused returned to her role in 2018.”
The court heard that Davies was responsible for banking matters, but by the end of 2019 suspicions began to arise that something was wrong.
An external audit was carried out and later revealed that between August 2018 and December 2019 fraudulent transactions had been carried out totaling around Â£ 47,935.
Although most of this may have been covered by the company’s insurance later, the court heard that the owner of the company, Andrew Jenkins, felt “betrayed”.
It was said that Mr Jenkins had since put in place “stricter measures” to prevent such situations from happening again.
A victim impact statement read on behalf of Mr. Jenkins said: “I feel betrayed.
“The manager is the son of my former business partner who I am close to.”
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Defending Davies, Mr. Kevin Seal said the crime was committed by Davies following a relationship breakdown, and described the accused’s actions as “immature”.
Mr Seal told the court: “He started taking money and it was easy for him.
âThere were no feeders in place on the finances placed above him, and it was easy to do.
“It’s not fancy because what he did was put money in his account so by the time someone was appointed outside the company it was easy to see where was going. money. “
Mr Seal said that over time the theft became “difficult to hide” but said the accused pleaded guilty at the earliest opportunity.
He added: “The embarrassment in this matter is for his father and mother.”
The court heard that Davies was recently living with his mother and has since worked for another company doing continental shifts.
Conviction Davies Recorder John Benson QC said he had no choice but to order jail time.
He told the defendant: âYou entered the business as an engineer and you were introduced by your father who for many years until July 2018 was associated with the owner of the business. “
Speaking of Davies’ role in the finance department, he added: âIt is in this capacity that you have regularly stolen substantial sums of money.
âI have no doubt that your parents are feeling very disappointed and embarrassed.
âYou spent the money on vacations, clothes and alcohol.
“These are luxuries, Mr. Davies – they are not necessities of life.”
Davies was sentenced to nine months in prison and was also ordered to pay a victim fine surcharge of Â£ 140.
He was told he would have to serve at least half of his sentence before being released on bail.