Exec ‘embezzled $1.5m’

Former tax cheat defrauded by his CFO, court told

A HIGH-PROFILE businessman who was once jailed for tax evasion is the alleged victim of fraud, with a court told more than $1.5 million was taken from his company by his chief financial officer.

The CFO, Adam Matthew Jackson, 49, was yesterday granted bail after he was accused of taking the money to fund a lavish lifestyle during the four years he worked for Localsearch Operations.

The Robina-based company is owned by Adam Hargraves, who was jailed for tax evasion in 2010.

Jackson has not entered a plea to 14 charges of fraud.

The Southport Magistrates Court was told that between August, 2014 and May this year Jackson was alleged to have methodically siphoned cash from Localsearch Operations into his own coffers.

Police allege Jackson used his position as CFO to write himself cheques, write cash cheques for suppliers but then put the money into his own bank account and paid himself unauthorised bonuses.

Jackson is accused of then using the money to fund trips overseas, to buy a Mitsubishi Triton and a BMW, and to supplement his income.

The court was told Mr Hargraves held Jackson captive after he found out in May that money was allegedly missing.

Jackson has not pressed charges against Mr Hargraves.

Police arrested Jackson after Mr Hargraves reported the alleged fraud.

Magistrate Mark Howden granted Jackson bail yesterday but imposed three conditions.

“This is a very serious matter involving a very large sum of money,” he said. The conditions included that Jackson not have contact with his girlfriend, that he reside with a family friend in Broadbeach Waters and that he report to police each Wednesday.

“I expect police will be keeping a very close eye on your activities,” he said.

The court was told Jackson’s partner, Heidi Fisher, was also under investigation in relation to the missing cash. She has not been charged.

Defence lawyer Lisa Searing, of Buckland Allen Criminal Lawyers, said Ms Fisher was unaware of the alleged fraud. “She asked him if he was stealing and he said no,” Ms Searing said.

Magistrate Howden said: “I think while police are still investigating her involvement, he should not be having contact with her.”

The case will return to court early in the new year.