Financial director who defrauded firm of £1.9m jailed

A financial director who defrauded shipbuilder Cammell Laird out of almost £1.9m has been jailed.

Allan Wood, 59, of Saltergate, in Ellesmere Port, admitted four counts of fraud and was jailed at Liverpool Crown Court on Tuesday for five years and three months.

He had diverted company funds for personal gain including transferring more than £1.5m into personal accounts as well as settling personal credit card expenses.

He also authorised more than £315,000 in "unauthorised corporate entertainment" expenditures benefiting himself, friends and family.

The fraud came to light after allegations were reported to Merseyside Police in January 2021, triggering an investigation by the force's Economic Crime Team.

The force said the investigation found Wood had "grossly abused his position of trust over a sustained period of time".

Between 2007 and 2008, Wood had transferred more than £1.5m in company funds into his personal accounts, including payments towards personal credit card expenses.

The total loss to Cammell Laird amounted to £1,870,243, Merseyside Police said, at a time when the shipyard was facing severe financial difficulties.

After sentencing, Det Con Laura Madden said the fraud had placed the business "under significant financial pressure, causing distress and worry to all employees".

"Let's not also forget the impact it would have had on their families as many feared for their jobs," she said.

"This impact was clearly lost on Wood and he will now be left to consider the full consequences of his actions while he serves time in prison.

"Fraud can and does devastate individuals and businesses, and thankfully Wood has now been prevented from causing any more harm."

Listen to the best of BBC Radio Merseyside on Sounds and follow BBC Merseyside on Facebook, X, and Instagram. You can also send story ideas via Whatsapp to 0808 100 2230.