Finance

Commonwealth Bank worker AVOIDS JAIL over $3.75 MILLION fraud

A former bank worker has avoided jail over a more than $3 million financial scam after the Commonwealth Bank took eight years to report it to police.

George Vrettakos was handed a three-year fully suspended jail sentence on Thursday over the fraud he confessed to more than a decade ago.

Vrettakos took out three separate lines of credit through the Commonwealth Bank – where he worked as a mobile lender – in 2008 and 2009 worth a total of $3.75 million.

He pleaded guilty to three charges of obtaining financial advantage by deception, pocketing $1.4 million through the credit lines.

The bank worker didn’t take all the money for himself, initially setting up accounts to pay out loan amounts to customers whose applications were delayed.

A former Commonwealth Bank employee has avoided jail over a $3.75 million fraud. Credit: AAP

Prosecutors described his actions in those cases as “robbing Peter to pay Paul”, and he claimed he had done so because he was under pressure from his bosses to fulfil loans.

But he did also spend a big chunk of change on himself, paying off a loan over a business deal that went bust.

County Court Judge Gavan Meredith said he also spent up big on “lunches, wine, cocaine and girls”, as well as buying a house where he lived with his new bride.

The fraud was uncovered in early 2010 when a solicitor noticed an error with a customer’s property title.

The bank investigated and Vrettakos was first stood down and later fired. He made extensive admissions of his crimes.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

More in:Finance

Leave a reply

Your email address will not be published. Required fields are marked *