A weekly newspaper’s finance director who plundered £75,000 from its accounts put the future of the 170-year-old title in jeopardy, a court heard.
David Vasey, 63, was employed by the Teesdale Mercury from 2012 to 2016, first as finance director and from 2015 as managing director.
During that time, he defrauded the family-owned title of £75,000 by making unauthorised overpayments of his salary, overpaying his expenses, and using the company credit card for personal purchases.
The Mercury, founded in 1854, eventually had to be sold to a new owner and its Barnard Castle head office closed, partly as a result of his actions.
Durham Crown Court heard that the irregularities only came to light after Vasey had left and retired to live in France.
The newspaper’s then owner, Caroline Vane, said the crime had “endangered the viability of the Teesdale Mercury and put at risk the livelihoods of our employees.”
Vasey, 63, who has been living temporarily in Longframlington, Northumberland, as part of his bail conditions, admitted a single count of fraud by abuse of position.
He was jailed for two years, suspended for 18 months.
In a statement read to the court, Ms Vane said it had been an “extremely challenging time” for newspapers and Vasey had appeared to be “affable and helpful”.
“No one had a better understanding of the perilous state of our finances than David Vasey” she said.
“The high value of this crime endangered the viability of the Teesdale Mercury and put at risk the livelihoods of our employees. He put everyone’s jobs at “jeopardy”
The Vane family was eventually forced to sell the paper which it owned for generations, and it is now owned by Cumbria-based Barrnon Media.
Martin Towers, prosecuting, told the court: “Prior to his departure there was nothing to suggest he was anything other than a capable employee.”
However after he left, it became clear the defendant had been, “engaging in persistent and widespread fraud for his own benefit, at the company’s expense”.
The court heard that the defendant, who is of otherwise good character, had recently repaid the £75,000.
Chris Knox, for Vasey, said that during the course of the long drawn-out investigation, his client had been “anxious to resolve matters and anxious to repay.”
Judge Nathan Adams said Vasey had been “respected” and “hard-working” while giving the appearance he was doing his best to continue the existence of the paper.
He said he abused the trust and power given to him and the paper only survived through the sale of its premises in Barnard Castle Market Place and eventual sale of the whole company.
While Vasey had repaid the money, that “in no way downplayed” the impact the thefts had had on the company at the time, the judge said.
He added that had Vasey still lived in the UK and did not have health issues, he would have ordered him to carry out 200 hours’ unpaid work.