HFW in Australia was fleeced of millions of dollars by a light-fingered member of staff, RollOnFriday can reveal.
A member in the accounts team who was "addicted to gambling", according to a source, stole funds totalling several million Australian dollars from HFW. The firm had to make an insurance claim in respect of the lost money, said the source.
Following an internal review in January 2019, the firm identified unauthorised payments from the firm's Australian office accounts "by a now former employee of our Melbourne office," a HFW spokesman confirmed.
"We took legal action against the former employee, who admitted liability, and we reported the matter to the relevant authorities, including the police," said the spokesman. "The event was covered by our insurance and no clients were adversely affected."
The spokesman added the matter "is in the hands of the police", and "so it is not appropriate for us to comment further."
A fraud of several million dollars is clearly a huge breach of trust, albeit not quite as heinous as the HFW partner who allegedly cheated in the firm's Christmas quiz a few years ago. And in 2015 an employee was given a suspended sentence when they used the firm's money to buy hundreds of mobile phones.
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