Two senior executives working for construction giant Devine Limited have been jailed for defrauding the company of almost $1 million - then using the cash to buy luxury cars, investment properties and holidays.
In Brisbane District Court this morning Sam Bucolo and Tony McSwaine pleaded guilty to sending bogus invoices to Devine Constructions, a subsidiary of the publicly listed Devine Limited.
Both the Brisbane men worked for the subsidiary company.
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Bucolo was a construction manager on $220,000 a year and McSwaine was a commercial contracts manager on $270,000 a year, with the pair receiving almost $500,000 more in bonuses since starting with the company in January 2005.
The court heard the pair fleeced $929,298 by signing off on a total of eight fake invoices between April 2007 and February 2008.
The bills were for work the company had not done on Charlotte Towers in Brisbane and the construction of a building called ICB at Herston.
The money was spent on furniture, landscaping, investments, purchasing an investment property and overseas holidays, Crown prosecutor Jacob Robson said.
Court documents showed four prestige motor vehicles - a H3 Hummer, a Mercedes 200, an Audi TT coupe and a Commodore SS utility - were also purchased.
Mr Robson said the fraud went unnoticed until a Devine accountant noticed irregularities and looked into the company sending the invoices.
While its directors were listed as the men's wives using their maiden names, the two men were in control of the company and made all decisions relating to its activities, the court heard.
When the fraud was discovered, Devine fired both men.
Defence barrister Tony Glynn said McSwaine, a father of four, had suffered from severe alcoholism for many years and since 2002 had also suffered from anorexia, as well as obsessive compulsive disorder and depression.
He had lost his career and "simply cannot get a position" in the construction industry, he said.
Defence barrister Peter Davis, for Bucolo, said his client took part in the fraud because he was "motivated to do the best" for his family.
But he said his client had lost his marriage and custody of his daughter due to his offending.
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