Tuesday 26th August, 2014

A former Rear Admiral in the Australian navy and CEO of Sydney Ferries has been jailed for defrauding the company of more than $200,000.

Geoffrey Smith was hired in 2006 to help the troubled company turn a corner, but was soon using his company credit card for personal expenses.

The court heard that an original theft of over $125,000 was almost entirely repaid, but he then went on to take a further $111,649.

The cash was spent on expensive family holidays and mortgage repayments on his $2m home.

Mr Smith had previously won a number of military decorations and had been made an officer of the Order of Australia.

The Judge commented that he had previously been a man of "exemplary good character".