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CEO of Sydney ferries turns out to be a financial fairy

CEO of Sydney ferries turns out to be a financial fairy (Last Updated On: August 26, 2014)

The former CEO of Sydney Ferries Geoffrey Smith will be behind bars for a minimum of 18 months for stealing money from the government corporation. The distinguished man who was awarded an official Order of Australia with a number of military decorations stole more than $200,000 to fund his lavish lifestyle. His theft tactics were baffling however, choosing to steal $128,000 then pay back just short of $23 then steal another $111,649.

He pleaded guilty to the charge of cheating and defrauding Sydney Ferries and told the courts he had promised his wife a comfortable retirement. The truth being told he was living beyond his means and used the money to pay off a crippling mortgage, put in a swimming pool, pay for expensive holidays, lease two BMWs and buy his wife jewellery.

Mr Smith was using the company credit card to commit “serious major fraud” his imprisonment sentence is a maximum 2 years. It appeared that Mr Smith had “exemplary good character” but this was not the case. Businesses need to be cautious and aware of any foul play. Stealing in the workplace is against the law and policies need to be put in place to prohibit employees from stealing. The right to search employees and the implementation of processes to investigate theft or any wrong doings by staff is indispensable. If you would like to ensure that your business’s policies prohibit employee theft, contact Employsure today. We can provide the correct procedures to follow should you have any suspicious incidents within your workplace.

*Information sourced via the Sydney Morning Herald website.

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