A businessman has been cleared of his part in a fr

A businessman has been cleared of his part in a fraud on an infant company involving thousands of pounds being sent to bank accounts he controlled.

Paul Russell was alleged to have pocketed the proceeds after cash was electronically transferred by a company insider.

At London’s Southwark Crown Court, the 29-year-old maintained he allowed his account to be used by a friend and believed the pnds stlng 12,499 was the proceeds of car sales.

And he denied eagerly awaiting another illicit windfall as an investigation was launched – saying he knew nothing about the matter despite admitting the account numbers were his.

Anthony Dalgleish, prosecuting, said in July last year pnds stlng 12,499 was moved from City of London-based Sports Profile International to an account in the name of Adsmart, a facility controlled by Russell.

The BACS transfer appeared to be signed by the managing director of the company which purchases ‘image rights’ of professional footballers and markets them over the internet.

However, the barrister said the alarm was raised when an accountant noticed the missing money and two further attempts to move pnds stlng 13,625 on subsequent days in August were blocked.

He said the second transfer was twice halted and it was discovered the authorising signature was ‘a good copy’ of the managing directors.

‘Clearly someone who knew his signature had copied it – it appears that someone working at the company was certainly involved,’ said Mr Dalgleish.

‘Indeed, you will hear the Crown consider that person to be Merissa Spencer.

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Counsel said Spencer, 28, of Roman road, Bow, had been charged with the offence but was not before the court.

‘Unfortunately, a little while ago, she died.

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Mr Dalgleish said: ‘This defendant was clearly involved because in each and every case the money was paid into an account, or intended to be paid into an account, which was controlled by him.

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Russell, of Champion Grove, Deptford, se London, was cleared of obtaining a money transfer between July 20 and 26 last year, and attempting to obtain a cash transfer on August 15 and 16 last year.

He maintained as a favour, he allowed a friend to use his account to bank the proceeds of car sales and keep the profits away from the taxman – later withdrawing the cash and handing it over.

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