UPDATE: Allan Wood, the former finance director of Cammell Laird, has been sentenced to five years and three months in prison for stealing nearly £1.9 million from the company. The shocking verdict was delivered today at Liverpool Crown Court, leaving his wife, Fiona Wood, in tears as he faced the consequences of his decade-long embezzlement.
The court revealed that Wood, aged 59, misappropriated funds from Cammell Laird between 2007 and 2020, exploiting his position of trust. Wood’s gambling “got out of hand,” leading him to bill the company for personal expenses, including Champions League final tickets and season tickets for football matches.
Prosecutor Jonathan Rogers detailed how discrepancies were first flagged by Barclays in 2018, uncovering unusual payments made directly to Wood’s credit card. These fraudulent transactions, totaling over £650,000, were disguised among legitimate business expenses. Despite being confronted, Wood deceived company officials, claiming he was reimbursing himself for corporate hospitality.
In a shocking twist, when his fraudulent activities escalated, Wood concocted bizarre excuses, alleging that the payments were part of a covert investigation into spying within the firm. His actions persisted until he left Cammell Laird in 2020, walking away with a £100,000 severance package.
Cammell Laird’s management continued to discover further suspicious payments, including more than £200,000 linked to corporate hospitality between April 2019 and March 2020. When pressed for documentation, Wood’s claims became increasingly implausible, ultimately admitting to transferring funds to his accounts over several years.
Judge Simon Medland KC emphasized the severity of Wood’s actions, stating, “You abused that position of very high trust to thieve from your company.” The judge acknowledged the significant impact of Wood’s fraud on the shipbuilding company, its employees, and their families, highlighting the distress and financial pressure it caused.
Wood’s defense attorney described him as “profoundly embarrassed and ashamed,” acknowledging the devastating consequences of his actions. He admitted that gambling led him to live beyond his means, ultimately resulting in his downfall. Despite his remorse, the court recognized the scale of his deception, which had far-reaching implications for the firm and its workforce.
As Wood was taken away in a wheelchair, Fiona Wood was seen visibly upset in the public gallery, reflecting the personal toll this scandal has taken on their family. Earlier, she faced charges related to possession of criminal property but was acquitted as the prosecution withdrew the case.
Detective Constable Laura Madden of Merseyside Police stated, “This fraud placed a business under significant financial pressure, causing distress and worry to all employees.” She added, “Fraud can and does devastate individuals and businesses, and thankfully Wood has now been prevented from causing any more harm.”
The sentencing serves as a stark reminder of the serious consequences of financial misconduct. Authorities hope this case sends a strong message that such offenses will not go unpunished. The ongoing impact of Wood’s actions will resonate in the community, as many families relied on Cammell Laird for their livelihoods.
For more updates on this developing story and its implications, stay tuned.
