Man jailed for £2 million theft - Wokingham

06/03/2015

A man appeared at Reading Crown Court today, Friday, 06 March 2015, and was jailed for five years for stealing almost £2 million from his employers.

Julian Kremer, aged 49, of Eggbuckland Road, Higher Compton, Plymouth, had pleaded guilty at an earlier hearing to one count of theft by employee which amounted to £1,981,916.

Over a four and a half year period between July 2008-January 2013, when employed as a book keeper by Richard Worth Ltd, Richard Worth Residential Lettings Ltd and Richard Worth Holdings Ltd, based in Wokingham, he transferred money from five company accounts to his own, before using the money to fund his lavish lifestyle and an online gambling habit.

On 31 January 2013, other employees realised they had not been paid and after identifying there was insufficient funds in the accounts to pay the wages, the theft was discovered.  When Kremer was challenged he admitted to spending the company funds on internet gambling.

Kremer used his position of trust and friendship to conceal the offending from colleagues and friends.  Over and above the loss of funds, the business also suffered a loss of jobs and had to sell off part of the business to a competitor.

Recorder Mr M Heslop QC acknowledged Kremer's gambling addiction, but described the crime "as bad a case as one could imagine," calling it a "professional, sophisticated and at times extremely clever and deliberate theft involving fraud, forgery and misrepresentation."