A PAIR of pensioners were jailed for a combined eight years for orchestrating the theft of a large company in Grays.

Graeme Loveland, 71, West Hanningfield, Chelmsford and Dennis Wakeling, 83, of High Road, Orsett, were found guilty of multiple offences relating to theft and concealing or disguising criminal property.

A police investigation began in June 2019 following a report into Action Fraud as it was alleged Loveland and Wakeling sold company assets worth £3.59 million from Thurrock Local Enterprise Agency, where the defendants were company directors.

After selling the he company’s land and property for development, the two attempted to conceal their actions, transferring millions into various business accounts they owned.

The pair appeared in Basildon Crown Court on Friday, September 15, for sentencing.

Judge Andrew Hurst, said: “Instead of re-investigating the funds, you both rewarded yourself through the payment of inconceivably large amounts of money.

“This was theft, pure and simple, the money was there and you decided you were entitled to it.

“Over the course of the trial the court heard the two of you succumbed to spectacular greed.”

Enquiries revealed that Loveland had taken more than £1.9 million and used the money to fund an extravagant lifestyle.

Wakeling used the money to keep his business Thameside Electrical afloat.

Loveland represented himself during the sentencing and Wakeling was represented by barrister Peter Caldwell.

Mr Caldwell said: “Mr Wakeling is experiencing what many his age would experience which is dementia and the reduction of his cognitive features.

“A report by his doctor determined his condition was going to worsen very quickly.

“The dementia has a real bearing on the mitigation, I can’t say if it affected his decision making in 2017 but he is certainly not the businessman he was in his early 60s and 70s.”

The court heard of Loveland’s remorse through letters and testimonials in which his actiosn as ‘weak’, ‘naïve’ and ‘complacent’

Judge Hurst added: “I accept you have spent your time helping people in causes such as the territorial armies and other charities, as well as the impact this has had on your family.”

Loveland was jailed for five years and six months and Wakeling was jailed for three years.

Both were disqualified from taking roles as company directors.