A former Launceston finance manager is facing "significant jail time" after he admitted to racking up more than $1.2million in false loans and deposits.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Andrew Neville Hodgetts, 39, pleaded guilty to multiple counts of computer related fraud in the Launceston Supreme Court on Tuesday.
Hodgetts was working for the Launceston Motor Group when he applied for fake loans, had funds transferred into his own accounts and stole money for his own mortgage repayments.
The transactions took place from about 2011 until early 2016.
Crown prosecutor Jane Ansell said during the time of offending, Hodgetts' family was “living beyond their means” and "over spending" more than $18,000 per month.
Hodgetts had more than $500,000 in total deposited into his own personal accounts.
The funds were used for holidays, house renovations, dining and general living expenses, the court heard.
Defence lawyer Grant Tucker told the court his client’s wife came from a wealthy family and he wanted to “provide that lifestyle”.
Mr Tucker said Hodgetts’ wife has since divorced him because she felt “deceived by his actions”.
On top of the money transferred into his accounts, Hodgetts applied for at least four loans, totalling nearly $665,000 – leaving the Launceston Motor Group to pay them back.
The loans taken out by Hodgetts were for two new Mercedes Benz, a Toyota Hilux and a Toyota Landcruiser.
But the cars never existed and he applied on behalf of companies who did not authorise the loans.
One of those companies was on the North-West Coast and owned by Hodgetts' sister-in-law and her husband, who reported it to Tasmania Police in February, 2016.
During a police interview, Hodgetts initially denied the allegations but eventually admitted to defrauding his employer.
The court heard that of the $1.2 million “shuffled around”, Hodgetts personally benefited from $700,000.
Ms Ansell said the illegal activity “only ceased when detected by an outside source” and Hodgetts had taken “positive steps to conceal his theft”.
Detailing his history, Ms Ansell said Hodgetts had no relevant priors but had experienced financial difficulty before.
She told the court he declared bankruptcy when his restaurant on the North-West Coast failed in 2002.
Mr Tucker admitted his client had previously failed financially but said he had intented to pay back the money stolen during his time with the Launceston Motor Group.
His dishonesty went “too far” and he became “too deeply involved”, Mr Tucker said.
“He is remorseful … embarrassed … he takes full responsibility for his actions,” he said.
Mr Tucker said Hodgetts had also accepted he was facing a significant term of imprisonment for his offending.
“We accept it is a breach of trust, it is serious offending,” he said.
“It is a complex case … his pleas of guilty have saved some resources and a significant cost to the community if it were to go to trial.
“He has no relevant priors only traffic matters.”
The matter was adjourned with Justice Robert Pearce expected to hand down his sentence on Thursday.