Finance manager jailed after stealing £800,000 to fund ‘extravagant’ lifestyle

A FORMER finance manager at a university not-for-profit left it on the verge of collapse following the theft of £800,000.

Hull University Union Ltd lost a ‘substantial’ amount when it was defrauded by finance boss Graham Jackson.

Jackson worked for Hull University Union from 2000 to August 2015 and his actions were only discovered by staff following his departure from the organisation.

The Union said it was immediately reported to police and that the impact of the fraud was ‘substantial, real and lasting’.

Jackson had used the money he had siphoned from the organisation into his personal savings accounts to fund and ‘extravagant’ lifestyle, according to ITV News.

He reportedly paid for both his daughters’ weddings, holidays, and £200 a day in spending money for his wife.

The fraud had gone undetected since 2004, and cost the Union 11 staff. He had transferred money under the guise of paying for supplies when it was in fact going into his own accounts.

Jackson, originally from Hornsea, was jailed for five years.

A statement from Hull University Union president, Matthew Evans and chief executive, Jackie Berry said: “The amount of money we have lost is considerable and would have made a significant difference to the life of students. Graham Jackson was trusted to look after our money and he seriously betrayed that trust.

“Once we discovered the fraud we conducted a thorough internal investigation and have already taken steps to ensure that our internal financial procedures are much more robust. We have added additional control measures to ensure that nothing like this can ever happen again. We are now working to recover as much of the money as possible.

“We believe that the work we carry out plays a unique and important part in the overall student experience. Despite the challenges caused by Graham Jackson’s offending we will continue in our mission to enhance the lives of every person studying at the University of Hull.”