Eight year prison sentence for Cambridgeshire accountant in multimillion pound fraud

An accountant, who has since been disqualified from being a company director in 2014, defrauded a friend of 25 years of over £5 million.

Edward Tully of St Ives admitted theft after obtaining funds of over £4 million in unauthorised cheques and almost £950,000 in unauthorised bank transfers from three different companies all owed by Allen Skolnick who Mr Tully met in the 1980’s.

This was a clear breach of trust as Mr Tully, who was given increasing levels of responsibilities in the companies, made the unauthorised payments and lied to his friend.

The authorities were only alerted to fraud after Mr Skolnick, who had tried to recover the money from Mr Tully died in 2013.

DS Nelson commented “We hope that the sentence serves as a warning to those who abuse their positions to commit fraud. This is justice that sadly Mr Skolnick will never know”.

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