An insurance worker stole more than £200,000 from his employer to spend on drugs and gambling.

Greg Nicholas Taylor, of Park Avenue, Douglas, stole the money while he was working for Templeton Insurance, based in Peel Road, Douglas.

In court on Tuesday, he pleaded guilty to offences of theft and cocaine possession.

A third charge of falsifying records was withdrawn in light of the guilty pleas.

The 30-year-old, pictured right, has been committed to the Court of General Gaol Delivery where he will be sentenced on a date to be set.

Prosecutor James Robinson told the court that Taylor worked at Templeton between February 2017 and February 2019.

He was suspended by the company in February this year due to an internal investigation at the company.

Batch payment documents were found in the drawers of Taylor’s desk which had been altered by him.

He would enter invoices onto the company’s payment system and then hand a print out to be authorised by two signatories using a card reader.

The card reader then produced a code to authorise the payments.

The court heard that Taylor would then alter the account details on payments so that the money was sent to accounts which belonged to him.

It was found that during the two-year period Taylor had stolen £213,068.43 from the company and transferred it into his own accounts.

Taylor’s bank accounts were examined by police and it was confirmed that the funds had been transferred to him.

He had also paid some cash to various associates.

Taylor was arrested and when interviewed by police admitted the thefts.

He said he had taken the cash to fund a drug habit, gambling and alcohol addiction and that there was no money left.

The court also heard that, on January 27, Taylor had been stopped by police while driving a Range Rover and found in possession of three wraps of cocaine.

After being stopped he told police: ’There’s more in my flat.’

In total, 8.1 grams of the drugs was found, valued at £810, along with scales.

Trust

Taylor told police he bought the drug in bulk to save money and made wraps for his own use as he had a coke habit.

Prosecutor Mr Robinson submitted that the theft case should go to the higher court, bearing in mind it was a breach of trust in excess of £200,000 and that the money had been stolen to fund drug and gambling habits, but added that the drug offence alone would have been suitable for summary court.

Defence advocate Paul Rodgers agreed that the case should go to the Court of General Gaol Delivery for sentencing.

Taylor will make his first appearance at the higher court on September 30.

Bail was granted in the sum of £500 with conditions that he reside at his home address and not leave the island without court permission.