A web developer responsible for online marketing at a window manufacturing company has been jailed after abusing his position to siphon company funds into cryptocurrency, which he then used to fuel a gambling addiction.
Over the course of eleven months, Jason Lowe funneled more than £500,000 from the Lancashire-based firm, where he had been employed since 2016, by converting company credit card transactions into cryptocurrency and using the digital currency to gamble on sites.
The company, structured as an employee-owned trust, where staff owned shares in the business and benefitted from profit rewards, suffered not only direct financial losses but also a breakdown of trust among its employees.
His crimes came to light when the company’s finance department flagged an unusually large amount of payments to two businesses named ’Meteorbrand’ and “PPC Guru”, prompting an internal inquiry. A police investigation later linked the companies to Lowe.
In addition to the stolen funds, the company incurred nearly £80,000 in indirect costs while investigating the fraud and attempting to uncover the full extent of the deception.
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The volume of money flowing through Lowe’s personal bank accounts raised red flags with his bank, particularly large sums received via PayPal. When questioned, Lowe claimed the money was from the sale of his business, despite that transaction having occurred in 2021.
A representative of the company described in the company’s impact statement how Lowe’s actions eroded internal trust, and caused severe stress among staff because of the severity of the situation and because of Lowe’s “lies and false accusations.”
It further highlighted how the stolen money could have been invested in new machinery and growth initiatives. Instead, Lowe’s betrayal left a trail of financial damage and emotional distress.
North Yorkshire Police’s Economic Crime Unit launched an investigation after receiving an Action Fraud report in February 2024.
Lowe, aged 39, of Brougham Street, Skipton, pleaded guilty to fraud by abuse of position of trust, committed between March 2023 and February 2024.
On 28 November, he was sentenced at Bradford Crown Court to 33 months in prison. A Proceeds of Crime Act hearing is scheduled to follow, aiming to recover stolen assets.
Following sentencing, the lead investigation officer Detective Constable Neil Brodhurst of North Yorkshire Police’s Economic Crime Unit, said: "We are pleased with the custodial sentence handed down to Lowe, who shamelessly abused his position of trust to fund a gambling habit.
“Even though the stolen funds were converted into cryptocurrency, we were able to trace the transactions and prove how he benefited.
“Fraud is never a victimless crime, and this case highlights the wider ripple effect of Lowe’s actions - undermining morale, trust, and financial stability across the workforce. We hope that today’s sentence sends a clear message to anyone intent on committing such crimes: abuse of trust will be uncovered and dealt with severely."
Every year, the British public loses billions of pounds to fraudsters, with scams ranging from the simplest confidence trick to the most sophisticated high-tech online fraud.
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