Published on: August 31, 2025, 02:47h.
Updated on: August 31, 2025, 02:47h.
- NatWest executive embezzled £344K over an eight-year period undetected
- Judge cites gambling addiction and health issues in suspended sentence decision
- This case emphasizes the pressing need for reforms in UK gambling legislation
A former manager at NatWest bank in the UK has narrowly avoided serving prison time after confessing to stealing £344,410 (approximately US$465K) from his branches over an astonishing period of eight years.
John Toms received a two-year prison sentence, which was suspended for two years, after admitting to embezzling funds from the Moorgate branch in London’s financial district, where he held the position of senior manager. In court, he attributed his actions to a severe gambling addiction.
Exploiting ATM Access
From January 2016 to April 2024, Toms exploited his privileged access to ATMs to illicitly withdraw money without getting caught, according to prosecutors.
He would extract cash from the machines late in the evening and then enter the branch early the next morning to rearrange funds between ATM registers and back-office accounts. Furthermore, he forged signatures of colleagues to cover discrepancies in daily and quarterly audits, as detailed in court records.
He would … sneak in early the next morning before others arrived, access the ATMs, take out the exact amount he had taken the prior evening, and then deposit it into the cash register,” prosecutor Alexander Matic explained in court.
Matic emphasized that Toms was gambling at a rate far exceeding what could be supported by his £47K annual salary.
The defendant confessed to the theft after two internal investigations at NatWest, asserting that he acted independently.
Controversial Sentencing Decision
Judge Tony Baumgartner handed down a two-year prison sentence, suspended for two years, accompanied by a requirement for Toms to undergo community service and a rehabilitation program.
During the trial, it was revealed that Toms had been diagnosed with cancer, which influenced the sentencing decision along with his gambling issues.
Toms’ attorney, Siddick Gokhool, expressed in court that his client feels “remorseful, not just for his actions but also for the impact on NatWest and especially on his family.”
Toms has attempted to make partial restitution by cashing out his pension, managing to return about £100K. Nevertheless, NatWest is still facing a shortfall of nearly £250K, according to court documents.
The sentence occurs amid a stricter regulatory environment in the UK concerning gambling practices. The government’s latest white paper on gambling reform calls for enhanced affordability checks and stronger protections for individuals at risk of gambling-related harm.
Advocates for these reforms argue that Toms’ case underscores the critical need for such protections.