EDS IT worker gets nine years for stealing A$3m from BoQ to impress wife
06 January 2010 | 15624 views | 0
An EDS IT expert who stole nearly A$3 million from the Bank of Queensland - where he worked as a contractor - and then spent it on lavish gifts for his older wife in a bid to impress her, has been sentenced to nine years in jail.
According to local press reports, Reescon Wentworth Denford, 24, found a loophole while working at the bank which allowed him to make unchecked credit voucher transactions under A$10,000 to a body corporate looked after by his wife.
Between November 2006 and August 2008, Denford used this loophole to make more than 350 transfers, worth nearly A$3 million, before moving the money on to his personal account.
Brisbane District Court was told that the EDS (now called HP Enterprise Services) employee used the stolen money to buy A$450,000 worth of champagne and wine, A$320,000 worth of jewellery, seven cars, including a luxury BMW worth more than A$100,000, and to take his bride to the world's only seven star hotel in Dubai.
Prosecutor Julie Aylward told the court that Denford spent the ill-gotten gains like "monopoly money" and argued that "it seems he has low self-esteem and the need to purchase friends was behind the spending".
Defence lawyer Tim Ryan argued Denford initially intended to inform his boss of the loophole, hoping it would earn him a promotion. However, he then succumbed to temptation in a bid to impress his "much older" wife, who has now left him.
Once caught, Denford confessed to the fraud, pleaded guilty and cooperated with the authorities. However, of the A$2.935 million he spent, only A$536,374 could be recovered through the re-sale of his goods, and BoQ has been left about $2.8 million out of pocket because of costs associated with storing the cars and wine.
The IT worker was sentenced to nine years imprisonment, eligible for parole after three years.