Coles executive Aaron Baslangic stole $1.9million to pay rent and luxury car loan
Coles executive ADMITS he stole $2 million to fund lavish shopping, luxury car loans and rent
- Former Coles executive stole money
- He used the money to pay rent and car loans
A former Coles executive has admitted stealing $1.9 million from the national supermarket giant, but a judge said his transgression was so inexplicable and stupid that he should undergo further psychiatric evaluation.
County Court Judge Duncan Allen expressed shock that Aaron Balangic never tried to cover his tracks, had no grand plans about what to do with the money and most of it stayed in a bank account until he was caught.
As a finance director at Coles Online, Baslangic was able to authorize payments of up to $75,000 and orchestrated 14 illegal payments in early 2019.
County Court Judge Duncan Allen expressed shock that Aaron Balangic never tried to cover his tracks, had no grand plans about what to do with the money and most of it stayed in a bank account until he was caught
They ranged from $10,000 to over $400,000 and when payments were above his approved limit, he changed emails to make it look like his supervisor was approving the transfers.
Most of the payments involved fictitious companies with a bank account in his name, while others involved transferring money to Australia’s tax authorities, which was then diverted to his own accounts.
He also transferred money to brokers through whom he rented property, to a BMW dealership to pay off his lease car, and to the Australian Institute of Company Directors.
He spent about $200,000 shopping at luxury stores Jimmy Choo, Cartier, Burberry, Louis Vuitton and other stores.
On Wednesday, he pleaded guilty to two charges of obtaining property through deception, financial gain through deceit and making a false document.
Balangic appeared in court via video link dressed in prison green and spent most of the hearing with his head bowed or in his hands.
He has already repaid more than $1.3 million to his former employer.
Judge Allen said Balangic’s behavior was strangely artless, bizarre and inexplicable.
As Chief Financial Officer at Coles Online, Balangic was able to authorize payments of up to $75,000 and orchestrated 14 illegal payments in early 2019
“Cheeky, that’s one word for it, the other word is incredibly stupid,” he said.
‘A 12th grade student could have imagined where this money went.’
The court heard that he came from a well-educated family in Turkey – his father was a journalist and his mother worked in a bank.
Balangic had a degree in electronics engineering and a master’s degree in business administration after emigrating to Australia.
At the time of his transgression, his wife was suffering from a degenerative disease that left her so unwell that she was unable to work and Balangic said their relationship broke down.
The court heard he had mental health problems, but Judge Allen was appalled by what he described as strangely unsophisticated behavior that certainly needed to be discovered.
He ordered Balangic to undergo further psychiatric evaluation to see if a professional could shed light on the reasons behind his crime and the state of his mental health.
The case will be heard in court on August 9.