 Chu betted on the performance of the FTSE and Nasdaq |
A manager, who stole more than �9m from his employer to feed a gambling habit, has been jailed for five years. Wing Kit Chu, 32, of Dell Close, Farnham Common, Buckinghamshire, stole �9.2m from Charter plc, between 1 January 2000 and 18 August 2004.
Chu made 102 unauthorised withdrawals from Charter plc. He pleaded guilty to 28 thefts, involving �2.5m being taken.
The remaining 74 thefts (of �6.7m) were taken into account by Southwark Crown Court. He was sentenced on Tuesday.
His conviction follows an investigation by officers from the Metropolitan Police's economic and specialist crime unit, who received an allegation of fraud in relation to Charter plc on 20 August 2004.
 |  This was a well-planned and sophisticated fraud  |
Chu was employed by Charter plc as a treasury manager from July 1996 to August 2004.
Chu has taken full responsibility for all the transactions, which he used to feed his gambling habit.
The court was told Chu transferred the stolen funds into a spread betting account, from which he withdrew �800,000.
The rest of the money was lost on gambling. He used the �800,000 to pay for work on his house and the purchase of a top-of-the-range BMW and a Mini Cooper.
Det Sgt Richard Ward, from the economic and specialist crime unit, said: "This was a well-planned and sophisticated fraud.
Colleagues 'betrayed'
"Chu not only breached the trust of his employers and the shareholders of Charter plc, but also committed a huge betrayal of his colleagues.
"He transferred the money by logging on to the banking system in his colleagues' names in order that payments could be authorised.
"Fortunately, officers were able to establish that it was Chu that had committed the crime and not other employees at Charter."
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