A company director who ripped off the fellow owners of a property firm he ran – writing nearly £30,000 in cheques to himself – has dodged jail with a suspended sentence.
Keith Kennaird, 55, of Rowan Close, Ealing wrote cheques to his landlord to pay his rent, plus personal cheques to himself on eight occasions between November 2008 and January, last year.
He pleaded guilty to fraud by false representation and at Isleworth Crown Court was sentenced to twelve months imprisonment, suspended for twelve months, and ordered to pay £10,000 compensation.
Prosecutor Miss Abigail Penny told the court first-time offender Kennaird was a director along with two other investors of West London’s Abbey Wharf Properties.
“He wrote cheques for his own benefit without the knowledge of the other directors,” she explained.
The total loss was £27,100.
“As far as one of the other directors was concerned this was an investment business for his retirement and he is very concerned he has lost so much money,” added Miss Penny.
“That director says it was a way of saving a lump sum for retirement.”
Kennaird’s lawyer Sir Jonah Walker-Smith said: “The losers will be the insurance company. There will not be any loss to the individual company directors.
“This offence was committed due to need rather than greed. Most of it was used to pay his rent.”
The defendant had run the company for the entire seventeen years of its existence – investing in property – and was not drawing a salary.
“The others were sleeping partners, he was doing the work of the company, the day to day running of the company, investing in property,” said Sir Jonah.
“Unfortunately he went ahead and paid himself because he felt aggrieved, he felt hard done by. It was naïve stupidity.
“He took the view he was done down by them because he was doing more than his fair share of work and there was a certain amount of tit for tat.”
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