A former finance boss has been warned that he faces prison after he admitted his involvement in a campaign of fraud worth in the region of £2m. Allan Wood, the ex-finance director at Cammell Laird, has been charged with five counts of fraud by abuse of position.

The charges relate to his role with the Birkenhead-based shipbuilder, the ECHO reports. He is accused of using half a million pounds of company funds to purchase "unauthorised corporate entertainment" and made "unauthorised payments for overtime or holiday pay" to himself.

He was also said to have transferred hundreds of thousands of pounds belonging to the business into his own bank account over the course of nearly 13 years. His wife, Fiona Wood, is meanwhile accused of holding more than £900,000 in criminal funds within a

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