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Lecturer jailed after fraud

Lecturer jailed after fraud
A retired lecturer has been jailed for 18 months after pleading guilty to charges of defrauding a Yorkshire college.

Stuart Spacey, 69, is thought to have helped set up a series of companies with the proclaimed intention of helping Barnsley College diversify.

Instead, large sums of money were siphoned off in to the hands of Mr Spacey and, it is alleged, co-conspirator David Eade, the former principal of the college who is currently too ill to stand trial.

Police claim that the two received funds totalling £940,000 through the use of false account names and bogus companies although Mr Spacey has only admitted to defrauding the Progress Training distance-learning firm of £328,425, of which he received £183,889.

While giving the accused credit for his guilty plea, Judge Patrick Robertshaw told Mr Spacey that the fraud was "of the most elaborate kind and you were more than happy to enjoy the substantial cash proceeds coming your way", according to Sheffield Today.

"I'm satisfied every penny with interest is going to be paid back - in the end you will leave this court with nothing," he added.