Ex-treasurer faces jail for defrauding Waveney Gymnastics Club of £99,000
He had been hailed for his voluntary work in helping to transform Waveney Gymnastics Club and overseeing its move to a state-of-the-art facility.
But today, Colin Price is facing potential imprisonment after he admitted defrauding the club he helped to grow of almost £100,000.
As the former treasurer of the popular gymnastics club in south Lowestoft – which has hosted top international gymnasts and acted as an official Pre Games Training Camp for the London 2012 Olympics – Price defrauded it of £99,000.
And yesterday, having suffered a dramatic fall from grace, Price was told he may face a prison sentence.
Ipswich Crown Court heard that Price was the treasurer of Waveney Gymnastics Club at the time of the fraud, which took place over a period of four years.
Price, 59, of Heather Gardens, Great Yarmouth, admitted fraud by abuse of position between 2011 and 2015 when he appeared at Ipswich Crown Court yesterday.
The court heard that the original charge related to a period between 2009 and 2015, but Price had pleaded guilty on the basis that the fraud did not start until November 2011.
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Michael Crimp, prosecuting, said he took no issue with the basis of plea.
Adjourning sentence until the week commencing March 29, Judge Rupert Overbury warned Price: 'The first consideration will be immediate custody.' Peter Spary, for Price, said that mental and physical ill health had resulted in his client having financial problems, which he tried to solve by gambling.
He said Price's house was in the process of being sold and he intended to repay the money he had obtained from the gym club.
Last night, Waveney Gymnastics Club declined to comment on Price's guilty plea.