NatWest Bank Manager Who Stole £344k From ATMs To Fund Gambling Addiction Avoids Jail

A senior NatWest bank manager who stole £344,000 from cash machines over eight years has avoided jail, despite admitting to funding a gambling addiction with the stolen funds.

John Toms, 44, exploited his position at the Moorgate branch in the City of London, where he had exclusive access to the branch's ATMs. The thefts, which spanned from January 2016 to April 2024, were only uncovered following two internal investigations.

Toms, who joined NatWest in 2003 and rose to a managerial role earning £47,000 annually, used a combination of forged signatures, falsified records, and early-morning visits to the branch to cover his tracks.

According to prosecutors, he would routinely take cash from registers at the end of the day, then return before staff arrived to replenish the registers using money withdrawn from the ATMs.

The court heard how Toms manipulated the bank's internal systems to balance ATM records and avoid detection. He was 'aware' that senior staff conducted ATM checks every two to three months, but used the intervening periods to siphon off funds. On his final day at the branch, a reconciliation revealed that £344,410 was unaccounted for.

Toms admitted to acting alone and claimed the money was used to fuel a long-standing gambling addiction. Despite repaying £100,000, reportedly the entirety of his pension, he still owes NatWest £250,000. His defence counsel, Siddick Gokhool, told Southwark Crown Court that Toms was 'remorseful' and had apologised to both the bank and his family.

A Suspended Sentence

In a decision that has sparked debate, Judge Tony Baumgartner sentenced Toms to two years in prison, suspended for two years. He was also ordered to complete unpaid work and participate in a rehabilitation programme. The judge took into account Toms's personal circumstances, including a recent cancer diagnosis, and his willingness to cooperate with the investigation.

The leniency of the sentence has raised eyebrows, particularly given the scale and duration of the fraud. Critics argue that the suspended sentence sends a troubling message about accountability in the financial sector. As Watch Your Pocket noted, 'A theft of £344,000 by a bank manager — someone entrusted to safeguard our money — represents a grave abuse of trust.'

Gambling Addiction and Financial Crime

Toms's case highlights the intersection between gambling addiction and white-collar crime. The court was told that his compulsive gambling behaviour persisted throughout the period of offending.

While addiction is increasingly recognised as a mitigating factor in sentencing, the sheer volume of stolen funds and the calculated nature of the deception have led some to question whether justice was adequately served.

According to The Telegraph, Toms falsified ATM figures to make it appear that all cash was present, even when significant sums had been removed. He would calculate the shortfall and take the equivalent amount from other holdings within the branch to maintain the illusion of balance.

NatWest's Response and Broader Implications

NatWest has not publicly commented on the sentencing but confirmed that internal protocols were reviewed following the discovery of the theft. The case underscores the importance of robust internal controls and regular audits, particularly in high-trust roles.

This incident also adds to a growing list of financial crimes involving bank employees. In a separate case, another NatWest employee was jailed for five and a half years after assisting a gang of fraudsters in stealing over £1 million from wealthy clients.

As fraud continues to be the most common crime in the UK, costing billions annually, cases like Toms's serve as a reminder of the vulnerabilities within even the most established institutions.