Ex bank employee jailed 2.5 years for $29k theft
(CNS): A 28-year-old George Town man was jailed for two and half years Monday following his conviction for theft and fraud after he stole US$29,987 from a customer’s account at the Royal Bank of Canada, where he worked. Erick Adam was given an additional 12 months, to run concurrently, for false accounting after he forged the signature of the customer in order to clear out the account, and was ordered to pay a compensation order to the bank for the amount he stole. Adam was convicted after a jury trial in which he was accused of creating a fictitious couple, whom he attempted to blame for the crime.
The theft, which took place in September 2009, came to light when the real account holders came to the bank and discovered their account had been emptied.
Justice Charles Quin, who presided over the case, said that there were more aggravating factors in the case than mitigating ones as Adam had been in a position of trust but had continued to deny responsibility for the crime even after his conviction. The account belonged to an elderly couple, and apart from the loss of the funds, the theft created extra expense for the bank dealing with the case and caused severe reputational damage.
The judge told Adam, who is the son of the Community Affairs Minister Mike Adam, that he had let his employers and work colleagues down, his family down and, above all, himself and his young family. He also pointed out that such crimes were particularly damaging in Cayman since the cornerstone of the country’s economy is its dependence on the banking industry.
However, the case also revealed that many of the procedures at the bank put in place to prevent this type of fraud were lax and were easily breached by Adam as he perpetrated the fraud on an account that had been inactive for many years.
The sentencing guidelines provided for a sentence of between 12 months to four years for a crime of this nature, and although Adam pleaded not guilty and therefore could expect no discount, it was his first dishonesty offence, and because he was relatively young when he committed the crime, the judge said he had revised his initial three year sentence down to 2.5 years.
He urged Adam to should put this dishonesty behind him when he is released and to focus on his young family.
See related story Former bank employee found guilty of 29k theft
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