Fraudster Sentenced for Diverting Over £500,000 into Cryptocurrency
Jason Lowe, a 39-year-old resident of Brougham Street in Skipton, orchestrated a scheme while employed at Affordable Windows Ltd, a Lancashire-based firm.
Through the unscrupulous conversion of company credit card transactions into cryptocurrency, he siphoned more than £500,000, subsequently utilising these digital assets to fuel his gambling addiction.
The ramifications of his illicit actions were profound, resulting in what has been described as “a trail of financial damage and emotional distress.”
The company’s unique structure, founded as an employee-owned trust, meant that all staff members held shares and shared in the profitability of the business. Lowe’s fraudulent activities led not only to significant direct financial losses but also undermined the essential trust within the workforce.
Concern arose in the company’s finance department when they noted unusually large transactions directed towards two entities known as Meteorbrand and PPC Guru. This anomaly triggered an internal audit, which subsequently prompted a police investigation linking Lowe to the suspicious companies.
Beyond the stolen funds, the company faced an additional burden of nearly £80,000 in indirect expenses as it sought to neutralise the aftermath of the fraud and ascertain the full extent of Lowe’s deception.
The volume of transactions surging through Lowe’s personal bank accounts, especially concerning substantial sums received via PayPal, raised alarms with his financial institution. When interrogated, Lowe curiously attributed the funds to the sale of a business, despite this transaction having taken place two years earlier, in 2021.
A representative from Affordable Windows Ltd articulated in the company’s impact statement the erosion of internal trust that resulted from Lowe’s actions. Staff experienced significant stress due to both the gravity of the situation and the subsequent web of lies and false accusations perpetuated by Lowe.
The statement further emphasised the potential for the misappropriated funds to have been reinvested in essential new machinery and growth initiatives, highlighting that instead of progress, Lowe’s betrayal led to a legacy of financial harm and emotional turmoil.
In February 2024, following an Action Fraud report, the North Yorkshire Police’s Economic Crime Unit commenced an investigation into the case. Lowe subsequently pleaded guilty to fraud by abuse of trust, a crime committed between March 2023 and February 2024.
Today, at Bradford Crown Court, he was sentenced to 33 months in prison. A subsequent Proceeds of Crime Act hearing will aim to recover the illicitly acquired assets.
Following the sentencing, Detective Constable Neil Brodhurst, the lead investigator from North Yorkshire Police’s Economic Crime Unit, remarked, “We are appreciative of the custodial sentence delivered to Lowe, who brazenly exploited his position of trust to finance a gambling addiction.
Despite the conversion of stolen funds to cryptocurrency, we were able to trace the transactions and conclusively demonstrate how he benefited from his criminal activities.”
He further noted, “Fraud is unequivocally not a victimless crime, and this case underscores the broader ramifications of Lowe’s misconduct—infecting morale, trust, and financial stability among employees.
We aspire that today’s verdict sends a compelling message to anyone contemplating similar offences: abuse of trust will be exposed and met with stringent repercussions.”
Source link: Cravenherald.co.uk.
