UK. Pension fund manager accused of stealing £1m to buy house
A pension fund manager at one of the richest authorities in the UK stole almost £1m from a council employee retirement pot to buy a new house and car, a court has heard today (4 October).
Ian Woodall, 47, tricked colleagues into signing off payments from the £1bn pension fund by disguising them as investments, jurors heard.
Woodall allegedly siphoned off £924,841 from Westminster City Council, between 2009 and 2012, while employed as the pension fund manager.
He is said to have moved the cash into overseas bank accounts and then back into the UK.
Woodall is said to have used the money to buy cars, pay off tax bills and to refurbish his new home, Southwark crown court heard.
Prosecutor Kevin Dent said: “In total, almost £1m was taken by Ian Woodall, who we say abused his position as pension fund manager for the City of Westminster Council to take that money.
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