A former finance director of Chambers Travel Group (office pictured) has been jailed for embezzling £3.3 million.
Alan Cooper pleaded guilty to fraud charges at the Old Bailey and was sentenced to five years’ jail, following an investigation by the Serious Organised Crime Agency.
The con man worked for the travel management company between 2008 and 2012, during which time he set up a complex series of payments to bank accounts under his control.
His deceit came to light following Chambers’ appointment of a chief financial officer.
Pam Bridger, who previously worked for Britannic Travel and FCm Travel Solutions, sacked Cooper for incompetence. She said he was “evasive” and was reluctant to share information.
But the extent of Cooper’s deception was not fully detected until after his employment was terminated in August 2012.
The company’s chief executive, Chris Thelen, said: “It was a serious and highly complex fraud, including the deliberate misdirection of the board, which cost us £3 million.
“A forensic audit confirmed that no clients or suppliers were impacted. We are happy with the outcome and now consider the matter closed.”
Thelen said the total amount stolen was written off as uncollectable in the March 2013 accounts.
Cooper used the stolen cash to fund a lavish lifestyle, which included sports cars, designer watches and private education for his children.
Meanwhile, online travel agent (OTA) Booking.com has also fallen victim to fraudulent activity.
Phishing scammers stole personal details from 10,000 customers in the UK, US, Portugal, Italy and France. Some were duped into making payments for hotel bookings to cyber criminals.
The Holland-based OTA said it is compensating those affected and has tightened its IT systems.