A Launceston man who stole $700,000 from his employer has been sentenced to five years in prison.
Andrew Neville Hodgetts, 39, of Norwood pleaded guilty in the Supreme Court to nine counts of computer-related fraud while he was the finance and insurance business manager at the Launceston Motor Group.
Between 2011 and 2016, Hodgetts duped fellow employees into depositing about $500,000 into his private bank accounts.
He then covered up the thefts by labelling them as payments for customer loans.
Later, Hodgetts dishonestly obtained bank loans worth more than $650,000, for which Launceston Motor Group was liable, for new car purchases that did not happen.
The court heard the fraudulent benefits he received totalled $700,000.
Hodgetts spent the money on dining out, entertainment, school fees, holidays, gambling and to cover mortgage payments on two properties.
During sentencing, Justice Robert Pearce said it was unlikely the money would ever be paid back.
"He committed the crimes because he was living far beyond his means," he said.
"It was a gross breach of his employer's trust."
Hodgetts will be eligible for parole after serving three years of his sentence.
