A former ANZ bank manager has been sentenced to four years jail following an ASIC investigation into unauthorised loans worth more than $7 million.
Stephen Jenvey admitted to stealing $7,396,125 through unauthorised and undocumented loans that were made between June 2004 and March 2005.
Jenvey was not authorised to make the loans and deliberately hid the loans from ANZ.
He also accepted gifts which included $9,000 in cash, a holiday to Sri Lanka and clothing. Jenvey admitted to ASIC that these gifts were corruptly received.
Jenvey was employed as a trade relationship manager with the ANZ Bank. The bank sacked him on discovery of the theft.
"In cases such as this where a breach of trust is evident and a significant sum of money is involved, the courts have shown that despite an individual's previous good behaviour, the only outcome is one of imprisonment," ASIC executive director of enforcement Jan Redfern said.
