A COMPANY director who gambled away nearly £1.6m he stole from a pension fund over a 21-month period has only assets of £37,784 to compensate his victims, Worcester Crown Court was told.

Andrew Petrie, who is serving a six-and-a-half year sentence for theft, had a half share in his house in Gainsborough Mews, Kidderminster, which is currently on the market for £167,500.

But he also had debts to Sainsbury's Bank and Barclay Card and these, with costs which would arise from the house sale, had considerably reduced his assets, said his counsel, Gerry Bermingham.

Judge David Matthews made a confiscation order and said the money should be given as compensation to the trustees of the pension fund of Derby-based MMD Design and Consultancy.

Petrie, 43-year-old father of a 10-year-old daughter, was a trusted employee for 19 years for Andrew Evans, who administered the pension fund, but when given sole control, he began taking cash to fund his gambling habit.

He pleaded guilty to three charges of theft and asked for 11 similar offences to be considered. The total sum was £1,592,338.

He even started his own business AP Turf, in Bromyard but his losses to Betfair were over £1m.