Accountant who stole more than £1 million from Bermudan Government must return funds

|News, Fraud and economic crime

An accountant who stole more than £1.35 million to live out a lavish lifestyle has been ordered to pay hundreds of thousands in compensation to the Bermudan Government.

Lawyers from the Specialist Fraud Division of the CPS found that the accountant had laundered more than 2,452,135 Bermudan dollars from the Government over two years - meaning he had benefited to the sum of £1,742,044.

Bevan lived a lavish lifestyle on the stolen funds, buying racehorses, houses and flats, expensive cars, and betting online.

He then went on to defraud his own mother, persuading her to give him money that he said he would invest on her behalf and instead pocketing the £50,000 for himself.

Juliette Simms of the CPS, said: “Bevan wholly exploited his trusted position as an accountant to take money from a Government body. Not content with taking taxpayers’ money, he also took money from his own mother, and spent the stolen funds ostentatiously on race horses, luxury cars and gambling.”

Jeffrey Bevan, 51, pleaded guilty to 13 counts of money laundering after stealing funds from the Bermudan Government between 2011 and 2013 and was sentenced to seven years and four months in prison on 16 February 2018. In November 2018 he was sentenced to a further 18 months for the theft from his mother.

Following an application to the court, a confiscation order has today, Friday 5 July, been put in place. The Court has also ordered Bevan to pay over £688,000 in compensation to his former employer, the Bermudan Government, and to pay money back to his mother’s estate.

Bevan must pay these funds back within three months, or face further time added onto his prison sentence.

Juliette continued: “The CPS has helped to secure the property obtained by Bevan’s criminal activity and will now be able to ensure these funds are returned to his family and for the benefit of the people of Bermuda.”

Notes to editors

  • Juliette Simms is a Specialist Prosecutor in the CPS’ Specialist Fraud Division
  • The investigation into Bevan’s benefit as a result of his money laundering activity was carried out by the Wales Regional Asset Recovery Team.

Further reading