Goble admits Bertrams fraud

Graham Goble, former head of international sales at Bertrams, has admitted defrauding the company of £1.9m. Goble made his admission at Norwich Crown Court, where he was warned he faces a "substantial" jail term, according to a local news report.

Goble's barrister Jonathan Taylor told the court that the loss to Bertrams was £1.9m, but the personal amount which Goble gained for himself was about £650,000. Goble had used some of the money he obtained to gamble in a bid to "retrieve the situation" and get the money back, Taylor said.

The matter, uncovered when it was realised that someone was "fraudulently controlling" a customer account, was highlighted in Bertrams parent company Smiths News interim results for April 2011. Bertrams later announced its insurers had agreed to pay the £1.9m loss, minus £65,000.

Goble, who joined Bertrams in 2004, becoming head of international sales in 2011, was given conditional bail until sentencing in April.