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 over a period of more than 12 years. The shocking fraud, driven by Wood’s escalating gambling addiction, has left his family devastated and has significant implications for the shipbuilding firm.
In a dramatic hearing at Liverpool Crown Court on Wednesday, it was revealed that Wood, aged 59, of Saltersgate in Ellesmere Port, swindled his employer from December 2007 to March 2020. The court heard how he used his position to authorize payments to his personal accounts, disguising them as legitimate company expenses, including tickets to high-profile events like the Champions League final.
Prosecutor Jonathan Rogers stated, “The defendant was in a position of trust and responsibility, yet he abused that position to steal nearly £2 million.” Discrepancies in the company’s accounts first came to light in 2018 when Barclays flagged unusual activities related to payments made directly to Wood’s credit card.
Despite initial explanations about corporate hospitality, Wood continued to siphon funds, leading to a staggering total that was much higher than initially suspected. His defense argued that Wood was a man of good character who fell into a cycle of deceit due to personal pressures and health issues. However, Judge Simon Medland KC emphasized the severe impact of his actions on the business and its employees, stating, “Your actions had a significant impact on the company, your colleagues, and the supply chain.”
The emotional strain of the case was palpable as Wood’s wife, Fiona Wood, was visibly distraught in the courtroom, weeping as her husband was sentenced. She had faced charges related to the possession of criminal property but was ultimately acquitted.
The repercussions of Wood’s fraud extend beyond his family. Merseyside Police Detective Constable Laura Madden highlighted the broader impact, stating, “This fraud placed a business under significant financial pressure, causing distress and worry to all employees.” Many feared for their jobs as the fallout from Wood’s actions became apparent.
As the case concludes, authorities hope this sentencing serves as a deterrent. “To anyone who thinks that defrauding a company is acceptable, we will investigate you and bring you to justice,” Detective Madden warned.
Allan Wood’s downfall is a stark reminder of how personal vices can lead to devastating consequences, not only for individuals but for entire organizations and their communities. As he begins his prison sentence, the future of Cammell Laird remains uncertain, and employees are left grappling with the aftermath of his betrayal.
