Spencers Wood businessman jailed after fraud probe

A SPENCERS WOOD businessman has been jailed for stealing a ‘six figure sum’ from his business.

Stuart Gray, of Basingstoke Road, Spencers Wood, will now spend just under three years in jail for his crime.

He is also barred from being a company director for six years.

Gray (52) was sentenced at Reading Crown Court on Thursday, February 28, after pleading guilty to one count of fraud by abuse of position.

The court had heard that between April 2016 and March 2018, in his role as director of Gray Trading Limited, Gray had abused his position by transferring significant funds from the company’s bank accounts without authority or knowledge of the other company director.

He was charged with the offence on 13 April 2018 and was sentenced to a total of two years’ and 10 months’ imprisonment.

Thamed Valley Police investigating officer, Detective Constable Neil Lofthouse, based at Loddon Valley police station, said: “Gray has been convicted in relation to the fraudulent transfer of a six-figure sum from the company accounts of a business for which he was a director.

“This was to the significant detriment of the company itself, as well his business partners.

“Thames Valley Police takes all such allegations seriously and will always investigate.

“Proceeds to recover these funds are ongoing.”

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