Ex-banker, George Vrettakos, spared immediate jail term over $3.75 million fraud

·

A former banker, who splurged some of the $3.75 million he defrauded from the Commonwealth Bank on cocaine, a lavish lifestyle and a home, has been spared immediate jail because of the delay between his offending and sentence, The Age reports.

In 2008 and 2009, George Vrettakos abused his trusted position as a mobile lender to falsify documents and create three lines of credit using false names, and made 130 fraudulent transactions to personally gain $1.48 million.

The Commonwealth Bank discovered Vrettakos’ scam in 2010 but chose not to report him to police even though he made admissions and said he was prepared to implicate other bank staff in the racket.

George Vrettakos defrauded around $3.75 million from the Commonwealth Bank.

According to The Age, he told the bank’s investigators at the time: “We had beautiful lunches. We had beautiful wines. We snorted coke – a lot of it. We met a lot of girls. That’s what I got out of it. Stupid.”

The bank only filed a police report in 2018 when The Age raised questions about the case.

Vrettakos told police he defrauded his employer because he was under pressure at work, needed to repay a $150,000 debt over a failed business venture and that his offending came after his wife suffered a serious health problem.

Vrettakos was sentenced in the County Court on June 24.

By the time Vrettakos was charged and faced court for the first time last year, more than a decade had elapsed since his offending.

County Court judge, Gavan Meredith, on June 24 cited delay as a strong mitigating factor in Vrettakos’ favour and spared the 41-year-old an immediate stint in prison after he pleaded guilty to three counts of obtaining a financial advantage by deception.

“It is apparent that the delay in your case has been inordinate,” Judge Meredith said, according to The Age.

Vrettakos’ three-year jail term was wholly suspended for three years, meaning the only way he will go into custody is by breaching the court order and offending again.

Source: The Age.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Mother’s Day for Greek Australians: A time for love, memory and reflection

The roots of Mother’s Day can be traced back to Ancient Greek and Roman festivals which honoured the mother goddesses Rhea and Cybele.

Greek olive oil poised for growth in booming Australian market

A study by the Economic and Commercial Affairs Office of the Greek Consulate in Sydney highlights strong opportunities for Greek olive oil.

The Greek alphabet may be older than first thought

Associate Professor Willemijn Waal, with the help of a Vici grant, aims to explore whether the alphabet could be several centuries older.

Evangelos Demos to give seminar on the geopolitics of Greek foreign policy

Evangelos Demos is currently a PhD candidate at the University of Sydney under the supervision of Professor Vrasidas Karalis.

Niki Louca shares her recipe for Daktylies (Cypriot-style bread)

Niki Louca from My Greek Kitchen shares her favourite recipe for Daktylies (Cypriot-style bread) with The Greek Herald.

You May Also Like

Police detain 12, arrest 1 after Tempi train disaster memorial rally in Athens

Police detained 12 people and arrested 1 following a memorial rally in Athens honouring the victims of the 2023 Tempi train disaster.

Coroners Court to hold month-long inquest into deaths at St Basil’s Fawkner

Aspects of the treatment of aged care residents at St Basil's Fawkner were laid bare for the first time in the Coroners Court on Wednesday.

NSW Teachers Federation boss Angelo Gavrielatos to step down

NSW Teachers Federation President Angelo Gavrielatos will not be renominating for the role at the union's upcoming elections this year.