Former interim-CIO found guilty of £1m LGPS fraud
0
Photo (cropped): diegoparra/Pixabay, CC0
Westminster City Council Pension Fund’s former interim chief investment officer (CIO) has been convicted of stealing almost a million pounds from the fund.
Ian Woodall was found guilty of fraud and money laundering last week after a ten-day trial at Southwark Crown Court.
Woodall’s crime was picked up after auditors, in 2013 noticed four suspicious transactions, made in 2010, totalling £925,886 for which no records could be found.
A statement from the Metropolitan Police after the trial, said Woodall had: “diverted pension funds through Swiss bank accounts and then back into the UK, where he distributed the money to both his personal and company bank accounts.
“He then used the stolen money to fund the purchase of his house, cars and to support his lifestyle.”
Woodall had been employed by the council since 2003 and was appointed as interim chief investment officer of the pension fund in 2008, with the fraudster operating through his own company, Lonkal Consulting.
In 2010, the fund appointed a permanent CIO and Woodall moved on.
The first of the fraudulent transactions in April 2010, made in Swiss Francs, totalled £36,950. Two more transactions of £124,500 and £22,392 were made in August 2010, with a final transfer of £741,000 made in September the same year.
The council decided to report the matter to the Metropolitan Police, and an investigation was carried out by the Fraud Squad, resulting in the prosecution.
Detective Sergeant Andrew Bailey, of the Fraud Squad, said: “Woodall was a professional man and part of his role was [to] look after the pensions of hard working council staff, money people were counting on to support them in retirement.
“However, Woodall betrayed his colleagues and his employers, using other people’s savings to fund his lifestyle. Thankfully his criminality was uncovered by auditors and the resulting police investigation has brought him to justice. Work is being carried out to recover the stolen money and the MPS are determined to ensure Woodall’s crime will not pay.”
A Westminster City Council statement said: “This was a serious breach of the council’s trust from a senior employee, resulting in a detailed police investigation.
“This was a significant time ago. Since then we have changed our processes to make them even more robust and kept these under review.
“The fact we were able to pick this up and successfully prosecute is positive and we will now do all that we can to recoup this money through the courts.”
Woodall will be sentenced on Friday, 16 November.
Get the LGPS Quarterly Briefing
