In Australia, Perth's financially strapped pinball giant Timezone lost almost $250,000 at the hands of its top staff member. Former Timezone chief executive Vincent Andrew Ilarda, 46, was jailed for two years in the District Court in Perth last week for stealing $244,255 between February 2000 and July 2003.
He pleaded guilty to five counts of stealing, amounting to $184,919.05 and a further $59,336.52, as a servant. The court was told Ilarda abused his senior position to order bogus directors' payments and then put the money into his own personal bank accounts.
State prosecutor Simon Formby said the offender also passed off personal household bills as company expenses and, on one occasion, cashed a pre-signed cheque for his own benefit. He said that in the end Ilarda handed himself into authorities after another office worker discovered anomalies in the company accounts.
The company was already suffering severe financial difficulties and his actions amounted to a gross breach of trust. "His employers feel a substantial sense of betrayal," Mr Formby said.
Defence lawyer Mark Trowell QC said his client had already repaid $128,830 of the stolen money and was in a position to pay the remaining amount. He also planned to pay extra restitution to allow for expenses.
He said Ilarda had previously led a blameless life and has since lost his job, his social position and his family. Judge Antoinette Kennedy said his sentence took into account the fact he was able to pay restitution. She made him eligible for parole.
SOURCE: The West Australian.
