He admitted it saying that he did it to get money out of the firm before he sold it.
The director of former good character co-operated with police and got a suspended sentence. Sellers remorse for not achieving a big enough price perhaps?
The change of business ownership presents many challenges and opportunities for fraud. Partly this is due to a resilence on dealing with the same people day after day.
People tend to follow the same process habitually, change needs to be planned, communicated, implemented and reviewed.