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05 Sep 13
20:58
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18 Feb 02
BOOKMAKERS **** have launched High Court proceedings against one of its branch managers over an alleged missing €562,200.
Last night **** obtained orders preventing Ronan Crowley, who is the manager of the Castle Street Shop in Cork City, from reducing or dissipating his assets below €650,000.
It claims Mr Crowley deliberately failed to lodge monies taken in at the branch with its bank and misappropriated monies for his own use.
Mr Justice Michael White also granted **** orders restraining Mr Crowley, with an address at Carrig Downs Carrigtwohill Co Cork from dealing with or dissipating any monies allegedly missappropriatied by him from his employers.
The orders were granted on an ex-parte basis (one side only represented in court). The Judge adjourned the matter to next Monday. The Judge also gave **** permission to inform various financial institutions about the making of the orders.
This was to help the company track down the money it claims is missing.
Seeking the orders barrister Paul Fogarty Bl for **** said the company commenced an inquiry after a pattern of serious irregularities involving the Castle Street Branch were discovered, counsel said.
Counsel said the pattern of irregularities date from between November 2011 and August of this year. The irregularities did not take place when Mr Crowley was on holidays. It is also claimed Mr Crowley is the only person with the access and opportunity to misappropriate these funds.
Mr Crowley has been with the company since 2007 and was made a manager of the Castle Street Branch in 2009. He has been suspended as a result of the allegations, counsel added.
A spokesman for **** said afterwards the company had taken steps to deal with the financial irregularities it had only discovered in the last week. No customer accounts had been effected, the company stressed.
The spokesman added a complaint in relation to the irregularity has been made to the Gardai.
Last night **** obtained orders preventing Ronan Crowley, who is the manager of the Castle Street Shop in Cork City, from reducing or dissipating his assets below €650,000.
It claims Mr Crowley deliberately failed to lodge monies taken in at the branch with its bank and misappropriated monies for his own use.
Mr Justice Michael White also granted **** orders restraining Mr Crowley, with an address at Carrig Downs Carrigtwohill Co Cork from dealing with or dissipating any monies allegedly missappropriatied by him from his employers.
The orders were granted on an ex-parte basis (one side only represented in court). The Judge adjourned the matter to next Monday. The Judge also gave **** permission to inform various financial institutions about the making of the orders.
This was to help the company track down the money it claims is missing.
Seeking the orders barrister Paul Fogarty Bl for **** said the company commenced an inquiry after a pattern of serious irregularities involving the Castle Street Branch were discovered, counsel said.
Counsel said the pattern of irregularities date from between November 2011 and August of this year. The irregularities did not take place when Mr Crowley was on holidays. It is also claimed Mr Crowley is the only person with the access and opportunity to misappropriate these funds.
Mr Crowley has been with the company since 2007 and was made a manager of the Castle Street Branch in 2009. He has been suspended as a result of the allegations, counsel added.
A spokesman for **** said afterwards the company had taken steps to deal with the financial irregularities it had only discovered in the last week. No customer accounts had been effected, the company stressed.
The spokesman added a complaint in relation to the irregularity has been made to the Gardai.
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Replies: 13
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First thing that lad should do is check himself into the psychiatric ward TH style.
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Must have a good internal audit set up that firm . Irregularities since November 2011 .
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He made the amateur error of going on holiday
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That might have been to throw them off the scent Oz, the first guy they look at is the guy that never goes on holidays. Audit as far as i know is just a number of tests Kelly, they don't check everything, it would be impossible.
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Sorry, saw you were taking the piss Oz, it's a lot of work, gotta keep 2 sets of books and never ever miss a day or let anyone near your work, exhausting I'd say.
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well this makes a pleasant change from reading about some business where an employee has ripped them off to the tune of hundreds of thousands or in some cases millions and done the lot with paddy powers or whoever.
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Spolisports.
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Surely some program checks totals in and out on a daily basis , neill d ? Any systems I ever designed always had balance checks etc , cross checked with other systems where possible and practical .
Mind you in one organisation I worked in the external auditors used to come in once a year and ask me what changes I had made to the system . They were getting paid 100K to sign off the books , not to rubber stamp my system changes . The company accountant showed me the 137 page auditors report once and said "only one page of that is relevant " . Money for old rope . That particular set of accountants finished up with a poor reputation as it happens , most of their work came from government sources . Definitely money for old rope . |
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What you're saying is right Kelly, but the particular set probably wanted to make sure they were asked back again in a few years. I'd say its effectiveness depends an awful lot on the intuitiveness and will of the person doing the check. One thing for sure is that if you own a bussiness, no matter how big, you've got to keep on top of things yourself.
Not sure of the bookies in particular this story relates to, but if it is who was suggested above, maybe the head man would do well to spend less time in the trading room, haranguing and closing accounts and more time looking at the big picture and minding the house rather than expecting a big firm who does thousands of these a year to do it all for him. |
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Should have had a word with the lad who hid the 80 million year on year for the week the auditors were supposed to be on the ball . Timing is everything !
But seriously , wouldn't you calculate your profit and loss daily and check it against your bank receipts / outgoings ? , branch against branch . If you didn't , maybe its no wonder the country is in a state of chassis . |
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You'd think so Kelly, I would, but then I'm not clever enough that I will ever amass vast sums of wealth. The thing with these audits is that they are meant to provide 'assurance' or give confidence to the owners/shareholders that they are not being diddled. It is no guarantee that they aren't, I'd say it is more a look at the structure of a company than anything and a few transactions thrown in.
If a fella has the real will to rip the crowd he is working for off, he will do it. It's very hard to legislate for, best an owner can do is keep on top of things. For most people, they can have lots of time and no money, or loads of money and no time. |
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Hope he knocked it out on champagne and brass but i suspect he has done a Gorey post office style number on it.
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Remarkable for the firm that insist on calling in every bet of €50 or more at any price no matter who the customer that they can sleep for a 1/2 Million. What exactly was the chap lodging?
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