Tuesday 2 April 2007 LAWFUEL – Australia New Zealand Legal News – Mr…

Tuesday 2 April 2007 LAWFUEL – Australia New Zealand Legal News – Mr Stephen Craig Jenvey, a former employee of the ANZ Banking Group (ANZ Bank), was today sentenced in the Melbourne County Court to four years and three months imprisonment following an investigation by the Australian Securities and Investments Commission (ASIC). Mr Jenvey, of Mooroolbark, Victoria, pleaded guilty to six counts of theft and three counts of corruptly receiving an inducement or reward. He will serve a minimum non-parole period of two years.

Today’s sentence follows ASIC’s investigation into a number of unauthorised and undocumented loans made by Mr Jenvey to a customer of the ANZ Bank between June 2004 and March 2005. Mr Jenvey admitted to stealing A$7,396,125.30 over the time period by making trade loans to the customer from other customers’ trade facilities. The loans were not properly recorded and Mr Jenvey deliberately hid the true state of the loans from the ANZ Bank. Mr Jenvey did not have the authority to make the loans. Mr Jenvey also admitted he corruptly received money and other valuable considerations on three occasions as a reward from the customer. These rewards consisted of $9,000 cash, a holiday to Sri Lanka and clothing. None were disclosed to the bank.

Mr Jenvey had been employed by the ANZ Bank since 1981. At the time of the thefts, he was a Trade Relationship Manager in the International Trade Services Delivery Section. He was dismissed from his employment on discovery of the theft. ASIC’s Executive Director of Enforcement, Ms Jan Redfern, said today’s sentence demonstrated that there are serious consequences for individuals who abuse positions of trust. ‘Mr Jenvey’s sentence should serve as a reminder to employees of their duties to their employer and their obligation to carry out their duties lawfully. In cases such as this where a breach of trust is evident and a significant sum of money is involved, the Courts have shown that despite an individual’s previous good behaviour, the only outcome is one of imprisonment’, Ms Redfern said. T

he charges were prosecuted by the Commonwealth Director of Public Prosecutions (CDPP). For further information contact: Jan Redfern Executive Director, Enforcement Telephone: 02 9911 2191 Mobile: 0411 119 210 Emma Forehan ASIC Media Unit Telephone: 03 9280 3354 Mobile: 0409 702 310

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