Former Crosby Textor exec Mohammed Saderuddin Syed pleads guilty to $180,000 theft
A former executive at a conservative political strategy firm favoured by consecutive Liberal governments has admitted stealing more than $180,000 from the business.
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A former executive at a conservative political strategy firm favoured by multiple Liberal governments and Britain’s Tories has admitted stealing more than $180,000 from the company.
Mohammed Saderuddin Syed was mere weeks away from facing trial on hundreds of fraud charges when he instead pleaded guilty to stealing the substantial sum from his then-employer Crosby Textor.
Crosby Textor – founded by Sir Lynton Crosby and Mark Textor – is a conservative strategy outfit which helped secured election victories for several Australian prime ministers and premiers, including John Howard.
Syed had initially intended to fight 396 fraud charges at trial, before he instead pleaded guilty to six counts of dishonestly obtaining a financial advantage by deception at Sydney District Court on Thursday.
The initial 396 charges are all encompassed by the six rolled-up charges and have now been withdrawn.
Syed was CT Group’s financial controller when he stole a total of $183,092.50 between January 2012 and March 2018.
An indictment read out upon his arraignment confirmed Syed admits to stealing $19,200 in 2012, $27,800 in 2013, $28,800 in 2014, $32.282.50 in 2015, $28,800 in 2016 and $45,610 between 2017 and 2018.
A Crown prosecutor declined to seek the revocation of Syed’s bail after he entered the pleas, with Judge Christopher O’Brien vacating the slated three-month trial.
“That's a very good outcome for the community and, I’m sure, for the offender,” Judge O’Brien said.
“I congratulate the parties on being able to achieve it.”
The judge ordered Syed to obtain a sentencing assessment report from Burwood Community Corrections ahead of his sentence at Sydney District Court on October 18.
Crosby Textor has offices in Australia, England, the United States, Italy, Singapore, France, India and the Middle East.
The firm concluded its decades-long partnership with the Australian Liberal Party – during which it helped John Howard, Tony Abbott, Malcolm Turnbull and Scott Morrison win office – after stating it would no longer seek election work.
A spokesman said Syed had abused his “position of trust” and the company had been determined to ensure he faced consequences.
“Syed, during his employment, systematically stole significant amounts of money from CT by making fraudulent payments out of CT’s bank accounts and into bank accounts associated with him and his family,” the spokesman said.
“Syed covered up these fraudulent payments through an elaborate web of transactions including the setting up of multiple bank accounts and the creating of false invoices and bogus payees.”
None of Syed’s family members have been charged with any offence and none of them are accused of any wrongdoing.
“CT condemns Syed’s criminal conduct and will always act to defend what is right, the law and its own position.”
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