ANZ bank manager plundered $5m

AN ANZ bank manager who stole more than $5 million and spent it on luxury cars, homes and the stock market has been jailed for six years.

Michael Phan, 29, was earning a base salary of $130,000 and average annual bonuses of $20,000 when he launched his elaborate multi-million-dollar rip-off.

When an internal investigation revealed the missing millions last year, Phan told bosses he had been trying to provide for his parents.

He had supported them for 10 years but had lost their retirement funds in bad investments and had been trying to recoup his losses without telling them, he said.

But in jailing him yesterday for at least four years, a County Court judge said he did not accept this had been the only motive behind Phan's "well planned, systematic" crimes.

Judge Frank Saccardo said the purchase of a luxury BMW and Mercedes Benz at a cost of more than $200,000 had made it hard to believe that protecting his parents was Phan's sole concern.

"Your offending also involved some activities which were motivated by a desire to have access to the trappings of wealth, and basking in the recognition of your family and, no doubt, peers that you were a shrewd and successful investor," he said.

Judge Saccardo said Phan, who was authorised to approve loans of up to $1.5 million, had set up a number of false accounts between 2006 and 2010, and approved loans for his own use.

He said Phan also used colleagues' personal details and forged signatures on bank cheques to approve the loans.

In his four-year spree, Phan stole $5,142,000 from the bank in eight transactions of between $132,000 and $1.5 million.

Phan pleaded guilty to six charges of theft and two of obtaining a financial advantage by deception.

Judge Saccardo said Phan had not only abused his position but had used the training and expertise that had been provided by the ANZ to steal from it.

"Your behaviour involves an inexcusable and ultimate breach of faith on your part as you plundered funds of the bank," he said.

The court heard Phan still owed the bank more than $500,000 following the liquidation of assets and the recovery of money held by him in various accounts.

He has begun repaying the debt at $100 a week.

Phan must serve at least four years of his six-year jail term before becoming eligible for parole.

shannon.deery@news.com.au

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