A LEADING Border stock and station agent “teetered on the brink of insolvency” after one of its employees stole almost $3 million to fund his gambling addiction, a judge said yesterday.
Former Boorhaman North man Justin Peter Nicholas was jailed for five years at Melbourne County Court on five counts of theft from his then employer, Corcoran Parker.
The 33-year-old took a total of $2,896,704 from the company, which has its head office in Wodonga, from May 2005, to September 2008, while working as its accountant and business manager.
Judge Liz Gaynor said Nicholas’ thefts had taken a huge toll on his employer.
“There were doubts as to whether Corcoran Parker could continue to trade,” she said, before imposing the jail term with a minimum non-parole period of three years.
“Your offending represents a massive breach of trust.
“It is clear your employers had absolute faith in you and placed you in a position of great responsibility, which you then abused.”
Nicholas began working for Corcoran Parker as an accountant in March 2005, before being promoted to business manager in 2006.
Judge Gaynor said Nicholas had transferred funds from an online Corcoran Parker account, which was to be left with a zero balance at the end of each day, into his National Australia Bank account.
The money was then deposited into another of his bank accounts before being transferred to an account he had set up in 1997 with Northern Territory-based gambling website Centrebet.
Judge Gaynor said Nicholas, a father of two, had wagered mostly on sporting events and occasionally at a casino but had not used poker machines.
“You became obsessed and preoccupied with gambling,” she said.
“From 1997 onwards, you bet nearly every day.”
Judge Gaynor said Nicholas had hoped to recoup his losses through further gambling and aimed to replace the money he had stolen from his employers.
Nicholas’ crimes were discovered by a woman colleague on September 26, 2008, after she noticed a duplicated Corcoran Parker payment to Elders.
The woman advised company directors Kevin Corcoran and Trevor Parker , who confronted Nicholas on October 1 that year.
Soon after, Nicholas attended the home of a Wodonga police officer, a close friend, and admitted he had taken about $2 million from Corcoran Parker to gamble.
The senior constable arranged for Nicholas to be interviewed by a detective at Wodonga police station, where he made full admissions to the thefts and supplied spreadsheets detailing the transactions, which totalled $2,937,663.30.
That figure was later revised to $2,896,704.
Judge Gaynor said Nicholas had repaid some money but $2,621,606.32 in restitution was still sought from the thief who has been declared bankrupt.
After the charges were laid, Nicholas moved to Mildura with his wife; their Boorhaman North home is still on the market.
Judge Gaynor said Nicholas’ wife had known he gambled regularly but “had no idea of its magnitude”.
The judge said since Nicholas’ crimes had been uncovered, he had been committed to counselling for his addiction and she was satisfied if he continued to control his gambling problem, he would not reoffend.
“You have good prospects of rehabilitation,” she said.
“I’m also satisfied that you are extremely remorseful for your offending.”
Nicholas had been on bail since being charged but was remanded in custody during his most recent court appearance in Wodonga last month after being advised a jail sentence was imminent.
Mr Parker and Mr Corcoran were in court yesterday and provided the following written statement to The Border Mail after the sentence was handed down:
“Corcoran Parker are pleased that the criminal phase of this matter is concluded,” they wrote.
“Justin has disappointed and betrayed all of us who worked with him.
“We would both like to thank all of our staff, clients and families for their loyal support through this difficult time, which has enabled us to continue to serve as we have for the last 25 years and, despite Justin’s conduct, will continue to do so.”
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