A group of fraudsters siphoned more than 1 million pounds from Princess Yachts by setting up fake companies and billing contractors for "doing nothing."
Glyn Thompson and his assistant, Roger Truen, conspired with developer Darren Tallon and company directors Michael Honey and John Tinley in what prosecutors called a "colossal" operation.
The five men were expecting to be sentenced last Friday, but face a further six-week wait before discovering whether they will be jailed, according to the (U.K.) Plymouth Herald. A sentencing hearing has been set for April 7.
Revealing more details of how the men arranged the plot, prosecutor Andrew Maitland described former Princess Yachts facilities manager Thompson as the "prime mover" and the person most culpable.
"The fraud was being committed with his employer as the victim, while he was in a position of considerable authority," Maitland said, according to the paper.
Thompson employed Truen, and together they appointed Elite Facilities Solutions as the main contractors for work on South Yard.
EFS directors Tinley and Honey agreed to bribe Thompson and Truen with 36,000 pounds in return for contracts, and they were then sent bogus invoices by Mulberry Developments and Quins Project Management — owned by Thompson and Truen.
"This appears to have been a joint decision and a realization very quickly that they were paying invoices to these companies for doing nothing," Maitland said.
Tallon then set up a company called Construction Solutions South West, which Thompson and Truen appointed as main contractors for further work.
But CSSW was just a "front company" that was paid more than 1.6 million pounds.
The defendants were released on bail except for Truen, who was remanded in custody at his lawyer's request.