Chief money man who ripped off Dandenong South memorial company gets five years inside
A “GREEDY” money man who swindled well over a million dollars from his bosses and the taxpayer will spend at least three years behind bars.
South East
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A “GREEDY” money man who swindled more than a million dollars from his bosses and the taxpayer will spend at least three years behind bars.
Joseph Michael De Venuto pleaded guilty to eight deception and false accounting charges by ripping off Dandenong South memorial business Arrow Bronze while working as their chief financial controller.
Last month (March 15) the County Court heard he embezzled $837,466 from the company, using friends’ and relatives’ accounts to divert funds into his own bank.
He also set up an illegal salary sacrifice superannuation scheme to avoid tax payments, netting him another $379,000 over five years.
The court heard De Venuto, who was being paid $100,000 a year, was finally caught by an alert auditor in October 2015, and was immediately sacked.
A full review uncovered the true toll of De Venuto’s offending, which spanned more than six years and included more than 240 false transactions.
The 47-year-old Wantirna South man was arrested and charged in September 2016.
In a victim impact statement tended to the court the company’s managing director said he was “hurt, angry and embarrassed” that such a senior and trusted member of his staff would engage in such fraudulent activity.
De Venuto told a psychologist that he accepted responsibility for his actions, and had not used the money for personal enrichment or luxury items, rather the bulk of it was spent on expenses associated with his four children, such as school fees, or general living expenses.
Judge Douglas Trapnell described the methods used to obtain the “ill-gotten gains” as highly planned and well executed.
“These are very serious offences committed by a person in a position of great trust,” Judge Trapnell said.
“Your motive for committing these crimes was greed and the proceeds of your offending were used to support your lifestyle.
“Your moral culpability is very high.”
De Venuto was sentenced to five years’ jail, minus 160 days already served, and must serve a minimum of three years before he can apply for parole.