Man stole £223,000 from his firm to fund gambling

Philippos Economides did not tell his employer about his previous convictions for fraud and theft

A man who stole more than £223,000 from a business to pay gambling companies has been jailed for five years and four months.

In February 2023, Philippos Economides, 55, joined a small Oxfordshire-based company as a financial controller and then made a series of payments to a company he claimed was a Chinese supplier, but the money actually went into an account he owned, Thames Valley Police said.

He admitted fraud by abuse of position and was jailed at Aylesbury Crown Court.

Economides, of Whitehead Way in Aylesbury, Buckinghamshire, was also given a serious crime prevention order for five years after his release.

He had resigned from the company in December 2023 claiming there was a lack of funding.

During his employment at the company more than £223,000 was paid from the company into accounts owned by Economides.

'Unsuspecting employer'

Investigators said the fraudster made a full admission to stealing the money to fund his gambling habit during a police interview after he was arrested in April 2024.

Investigators found during the period he had paid about £314,000 to gambling companies and none of the money stolen from the business was left.

Economides had previous convictions for fraud by abuse of position and theft by an employee which he did not disclose to the Oxfordshire-based company during the recruitment process, Thames Valley Police said.

Det Insp Duncan Wynn said: "Economides is a serial fraudster and did not disclose his past to his unsuspecting employer who took him on in good faith and entrusted him with their finances.

"Economides abused the trust placed in him for his own gain and caused great harm to the business."