Aaron Thomas
Aaron ThomasFacebook

An Australian CEO is accused of embezzling over $7 million from his own company to fund 'a high-class lifestyle for himself and his girlfriends', including a luxury yacht and private jet costing over $30,000.

Aaron Thomas, 26, is also alleged to have splurged money on Rolex and Hublot watches, and a $171,000 Tiffany engagement ring for his Brazilian fiancée.

Thomas was fired by the board of London-based mining firm Oakmont Trading Ltd in January after news of his embezzlement came to light, according to a lawsuit filed by the company in the Manhattan Supreme Court on Monday.

Thomas, who is based in New York, founded Oakmont Trading Ltd in 2010, which owns and operates a Brazilian iron ore mine. The lawsuit states he proceeded to sell 74 per cent of the company's stock to investors.

The company has since launched legal action in both the UK and the US to recover an estimated $7 million of its money.

"While Thomas has made some disclosures as to the whereabouts of the misappropriated funds, a sum of around [$2.5 million] remains unaccounted for," the suit stated.

Turks and Caicos
He allegedly charted a luxury yacht in Turks and Caicos for himself and travelling companions using company funds.Wikimedia Commons

The lawsuit features examples of Thomas's extravagant spending over the last three years including $14,500 a month for a Manhattan apartment with his fiancée Thaiana Rodrigues, $91,000 in Las Vegas in May 2013 and $121,500 on luxury watches by Jager lecoutre, Rolex, and Hubot.

The suit even stated: "During a Caribbean vacation in Turks & Caicos for himself, Rodrigues, and members of Rodrigues' family, Thomas chartered a luxury yacht and private jet for his travel companions at a cost of over $30,000, both of which were paid for with Oakmont funds."

Thomas told the New York Post the lawsuit was an attempt by the company board to get his remaining shares. He vowed to file a countersuit but declined to comment further.