Friday, 14 November 2014

TV Money Man Jailed For Stealing £1/4M

An executive with the television company behind The X Factor and American Idol was jailed for three years and four months today for defrauding his former bosses of over £224,000 to pay off two holiday homes in Portugal.

Ian Ousey, 51, who lives in a £1.9m detached six-bedroom house at in Prince Consort Drive, Ascot, Berkshire was the Chief Financial Officer (CFO) of FreemantleMedia Group (FMG) - which also produces Take Me Out and Grand Designs.

Father-of-two Ousey, a qualified chartered accountant, who now faces being struck-off, left the company in March and paid back the money as part of a £1.4m legal settlement, which included his former employers expenses.

It is said large amounts were paid to a holiday home developer in Portugal and to cover credit cards, vehicles, mobile phones, courier payments and all-expenses luxury trips to Brazil and Australia.

Judge Peter Clarke QC told him: "I have to sentence a chartered accountant of no previous convictions, who has pleaded guilty to the misappropriation of over two hundred and twenty thousand pounds by way of wholly bogus invoices to the company of which he was the chief financial officer.

"He's done, quite probably, irreparable damage to his career and he's likely to lose his position as a Chartered Accountant.

"There is also the destruction of his family life and self-respect and the respect he's held in by his spouse and children."

Ousey's privately-educated children are aged twenty and eighteen years-old.

Ousey pleaded guilty to fraud by abuse of position between October 30, 2008 and November 30,2012 in that while occupying the position of CFO in which he was expected to safeguard or not act against the financial interests of FMG he abused that position to make a gain, namely £224,754.

Ousey used his pension to repay the company, plus a £140,000 bonus due to him and there is no equity in the Portuguese properties.

Ousey's world came to an end after abusing his expense account and suspicious transactions, which also involved the company credit card as well as bogus invoices, were discovered in April, 2012 by Freemantle's Group Financial Director (GFD) Mr. Mark Riddlestone.

The criminal investigation revolved around eleven invoices Ousey created and a company he formed, Broadcast Research Consultants, which FMG paid, believing it was money owed to the legitimate Broadcast Research Ltd.

Ousey's lawyer Mr. Samuel Parish told Blackfriars Crown Court: "This man has kicked himself well and truly in the teeth, he's ruined his reputation in the profession, ruined his family life and himself financially.

"One can't imagine how a man can fall from such as height to where he is now. His house will have to be sold and we don't know if his marriage will survive."

The false invoice offence began after a holiday Ousey enjoyed with his wife when they decided to buy two holiday homes and missed a repayment.

"He had to pay for the development in instalments. There was a hiccup and they could not pay and everything had to be paid up or it would have been forfeited," added Mr. Parish

Ousey joined music company Audio Network - which specialises in music for film, television and video - in April and he has previously worked for Price Waterhouse Coopers, the RTL group, Pearson Television and was based in Monaco with Grundy Worldwide.

He has since left Audio Network "by mutual consent."

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