An Old Bailey court heard that Kevin Ballinger had enjoyed a ‘substantial lifestyle’ while working in the banking industry, but lost his job in 2008 following the financial crisis. He joined bond insurer Ambac two years later as the director for treasury and finance operations, but found his new salary was insufficient to cover boarding school costs for his son and daughter, who attended Brighton College.

Ballinger started to use the firm’s money to pay the school fees, making the transactions from a junior member of staff’s account in order to try to cover up the fraud. In 2013, Ambac noticed a number of suspicious payments made to Brighton College from its accounts and launched an investigation.

At the Old Bailey Ballinger pleaded guilty to five counts of fraud by abuse of position involving a total of £78,767. The court heard that he had been sacked by Ambac and was forced to sell the family home to repay the money. His son now studies at Exeter University and his daughter has transferred to a state school.

Sentencing Ballinger, Judge Brian Barker QC, the Recorder of London, said:  ‘Like others you were caught in the banking downturn. Previous to that you had a substantial lifestyle but you were re-employed and you had a new job and a new start.

‘The seriousness of this case is the breach of trust over a two-year period. You cast suspicion on your colleague who now feels betrayed by what happened. It was a sophisticated operation and you went to considerable lengths to cover up what you have done.’