Bookkeeper jailed for theft of £130k - Luton

15/04/2016

A trusted bookkeeper, who stole almost £130,000 in a year to support his gambling addiction and mounting debts, has today, Friday, 15 April 2016, been jailed for two years.

The couple, who run the sheet music business in Luton, felt completely betrayed by Ian McCabe, who they had known for ten years and had trusted to manage their financial accounts since August 2014.

McCabe, aged 47, of Watermeadow Drive, Northampton was sentenced at Luton Crown Court after pleading guilty to the theft of £128,090 from Studio Music Co Ltd, between November 2014 and November 2015.

Daniel Siong, prosecuting for Thames and Chiltern Crown Prosecution Service (CPS) said McCabe confessed to the company owners and police, but put the loss at between £60-70,000. Investigations later revealed the true figure. McCabe admitted he had gambled large sums of money at casinos in Northampton and Milton Keynes.

Mr Siong said McCabe was able to steal the money by moving the company's money into his own account, either by forging cheques or making internet transfers. He had been trusted with the company's banking passwords and PINs. He said a confiscation hearing will be held later, but nothing had been repaid yet.

Sophie Sharpe, defending, urged the Judge to suspend the sentence. She said McCabe had the offer of full time employment, earning a good salary, which would help him to make recompense. She said: "He is humiliated and will have to live with the guilt, shame and remorse." She said he had previously had a 17-year distiguished career in the Army, and was now addressing his gambling problems with counselling.

But Judge Philip Bartle QC told McCabe: "This was a high level breach of trust and you have not repaid a single penny. I cannot accept the submission that the sentence should be suspended, but accept you are genuinely remorseful."

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