Bank Manager Who Skimmed £344,000 From ATMs to Gamble Avoids Prison

Bank Manager Who Skimmed £344,000 From ATMs to Gamble Avoids Prison

After confessing to stealing £344,410 (US$465K) from his own ATMs over an incredible eight years, a former branch manager of the UK's NatWest bank escaped going to jail last week.

After confessing to stealing money from the Moorgate branch in the City of London, the UK's financial area, where he was the senior manager, John Toms was given a two-year prison term with a two-year suspension.  He admitted to the court that his severe gambling addiction was the driving force behind his behavior.

ATM fingers

Prosecutors claimed that between January 2016 and April 2024, Toms used his special access to ATMs to steal money covertly.

Late in the day, he would take money out of the machines.  Prosecutors claim that he would then sneak into the bank before it opened in order to transfer money between ATMs and back office cash.  According to court documents, he even falsified the signatures of colleagues to cover up the irregularity in the branch's daily and quarterly reconciliations.

"He would … come in early the next morning before others arrived, access the ATMs, take the precise amount he had taken the night before from the ATMs, and put them in the cash register,” prosecutor Alexander Matic told the court.

The banker was gambling far more than he could afford on his £47K annual salary, Matic continued.

Following two internal NatWest investigations, the defendant acknowledged that he had stolen from the bank, but he maintained that he had acted alone.

Eyebrows Are Raised by Leniency

A two-year prison term with a two-year suspension was imposed by Judge Tony Baumgartner.  Toms is required by the order to take part in a rehabilitation program and perform unpaid community service.

When determining Toms' sentence, the court considered his cancer diagnosis in addition to his addiction.

Siddick Gokhool, Tom's lawyer, said the court that his client was "remorseful, and he is not only remorseful for what he has done, but also for NatWest and mainly for his family."

By cashing out his pension and repaying roughly £100,000, Toms made an attempt at partial restitution.  Despite this, court documents show that NatWest is still short by around £250K.

The UK is tightening its gambling regulations at the time of the sentencing.  In a recent white paper on gambling reform, the government stressed the importance of affordability checks and more robust protections for individuals exhibiting warning indications.

Toms' story, according to proponents of such measures, demonstrates why the protections are important.