Essex pensioners stole ?4m to fund ‘extravagant’ lifestyle including …

Two elderly men have been found guilty of stealing nearly £4m from an Essex company and using the cash to fund an “extravagant” lifestyle which included “luxury vintage cars”. It was alleged that Graeme Loveland, 70, of Chelsmford, and Dennis Wakeling, 83, of Orsett, had sold company assets worth £3.59m from Thurrock Local Enterprise Agency, where the two had been working as company directors.

After selling the company’s land and property for development, the two attempted to conceal their actions by transferring millions into various business accounts which they owned. During the investigation, detectives found that Loveland had taken over £1.5m and used the money to fund an extravagant lifestyle, including the purchase of luxury vintage cars.

During the police interview in January 2020, Wakeling made significant comments claiming that the money was “better in his pocket than someone else’s”. An investigation from Essex Police’s Economic Crime Unit began in June 2019 following a report into national reporting centre Action Fraud.

Both men denied criminal intent, claiming they were paying themselves a salary for their jobs. Loveland was charged with four counts of theft and one count of concealing or disguising criminal property. Wakeling was charged with two counts of theft and one count of concealing or disguising criminal property.

Following a four-week trial at Basildon Crown Court, the two men were found guilty on all counts and immediately remanded into custody. After the verdict, His Honour Judge Hurst said the defendants would receive lengthy sentences, adding: “It amounted to eye-watering sums”. They will be sentenced on September 1, 2023.

Investigating officer Detective Constable Greig Avery said: “These men believed that they had gone under the radar and thought they had got away with funding a lavish lifestyle through criminal gains. It’s often viewed that theft from a business, no matter how large or small is a victimless crime.

“This is not the case and members of the public pay for those who steal from businesses and in this case this was a non-profit making company whose aim was to provide free of charge, services to develop, encourage and support local businesses.

“No satisfaction is taken from convicting individuals at this stage of their lives, but the right result was achieved, ultimate greed on their parts prevented funds being utilised in the way that met the whole ethos of the company.

“This was a long investigation and a real team effort, with special thanks to the CPS and Prosecuting Counsel Mr A Evans. We continue to work closely with Action Fraud, who help those who have been scammed or defrauded.”

References

1. ^{^} Teenager stabbed and seriously injured after incident on quiet Grays estate (www.essexlive.news)