Six years’ jail for taking $670,000 from former employer
MISGUIDED loyalty prompted Chi Wah Eric Yip to take more than $670,000 from his former employer.
He used the money to buy 10 properties, which were occupied by his work colleagues during a tight rental market.
Then aged 40 to 43, Yip used his position as administration and accounting manager for Thomas Borthwick and Sons Pty Ltd to divert money into nine different accounts over three and a half years between 2010 and 2014.
Crown prosecutor Clayton Wallace said Yip's offending was "protracted" and "sophisticated".
Mr Wallace said Yip was a "mature offender", who was "old enough to know better" and had been "in a position of trust with the company".
The total was more than $670,000, Mr Wallace added.
Defence barrister Bronwyn Hartigan said Yip took the money put of "misguided loyalty" to work colleagues.
They'd been having trouble finding rental accommodation, so he'd decided to fix the problem in his own way.
He used the money he'd fraudulently obtained, as well as his own money, to purchase 10 properties.
When confronted he made some admissions about his offending, the court was told.
He had taken steps to repay the money and in time it is expected full restitution would eventually be made.
Yip had become an Australian citizen in January 2014 and was currently self employed as the owner of BNW Asian cuisine at Sydney Street Markets.
Judge Julie Dick agreed it was a "serious fraud" involving "a lot of money".
Yip was jailed for six years with a parole eligibility date of December 7, 2017, after serving two years. Convictions were recorded.
- Name: Chi Wah Eric Yip
- Age: 45
- Charges: two counts of fraud as an employee with the circumstance of aggravation and one count of attempted fraud as an employee
- Sentence: Six years jail with parole eligibility after serving two years