Moorabbin mum jailed for stealing from former employer Aurora Funds Management
The greedy former chief financial officer of an asset management firm stole more than $1 million from her boss, despite pocketing a salary of $160,000 a year. Here’s what she splashed the cash on.
Inner South
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A former chief financial officer has pleaded guilty to stealing more than $1 million from the company’s bank account and using it to a buy luxury car and build a family home.
Betty Poon, 48, was fired from Aurora Funds Management in November after it was discovered she had pocketed $1.29 million over a three-year period, and falsified documents to cover her crimes.
The County Court heard the mother of three — who was paid a salary of $160,000 a year plus hefty bonuses of up to $45,000 and owned a three-bedroom apartment in Sydney — splashed the stolen funds on a house in Moorabbin and a $120,000 BMW.
When questioned by Aurora’s chief executive John Patton, the former Mordialloc College student sent him fake Commonwealth Bank transaction histories in a bid to hide her dodgy dealings before eventually confessing.
Mr Patton told the court Poon’s actions had resulted in a huge strain on the company, with a large number of investments withdrawn and future business opportunities lost.
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The company had to pay about $150,000 in legal fees and hire forensic accountants at a cost of about $75,000.
Three staff members quit due to the increased workload and stress associated with Poon’s fraud, the court heard.
In a victim impact statement, Mr Patton said: “Words cannot adequately describe the breach of fiduciary duties/trust demonstrated by Ms Poon”.
“The parties who remain have been left to pick up the pieces while trying to hold the business together.”
Judge Chris Ryan said Poon’s offending was “a serious breach of trust … motivated by personal gain”.
“Your motive also had an aspect to it of seeking to compensate your family for your absences from the family home because of the long hours that you worked with Aurora, however this does not mitigate your offending,” he said.
“By this sentence I must punish you, publicly denounce your conduct and deter others from committing these kinds of crime.”
Judge Ryan sentenced Poon to a non-parole period of three years’ imprisonment.