A bank business adviser who stole more than £90,000 from a pensioner has been jailed for 15 months.
Richard Hughes, from Cardiff, was a business account manager with HSBC in Chepstow. He admitted at an earlier hearing before Newport Crown Court stealing the money from Doris Langley, 74.
He was jailed for 15 months and told he would serve half his sentence before being released on licence.
A separate Proceeds of Crime Act hearing has now heard evidence that Hughes was living an extravagant lifestyle and all the money has gone.
Prosecutor Bob Hawkins told Newport Crown Court: “Hughes built up personal debts of £140,000 and then abused his position within the bank.”
The court was told that HSBC had reimbursed Mrs Langley all the money that had been lost and the nominal order of £1 was made against Hughes. He will now reimburse HSBC in instalments.
Mrs Langley had told the original hearing that she ran a small coach company called J&D Langley and relied on Hughes to organise her business accounts and give her financial advice.
It was when he began getting into debt that Hughes started to take money out of the company’s business account.
Mrs Langley told the court : “I would sit up until 4am trying to work out where the money had gone. I could not believe it when I was told it was him. You could not wish for a nicer man to talk to.”
It was only when she became desperate that she called in accountants who uncovered the theft.
In mitigation, it was said that Hughes had been with the bank for five years and had a good record. He resigned from the bank before the theft was discovered because he could no longer continue with it.
At both hearings, it was made clear that HSBC had no knowledge of the deception.