Former Seven executive John Fitzgerald granted bail, posting $70,000 surety
Former Seven West Media executive John Fitzgerald has been granted bail by a Sydney court, posting $70,000 bail over charges he allegedly misappropriated more than $8 million from the television network while he was an employee.
Wearing the same dark blue Kathmandu jacket he was arrested in on Wednesday, Mr Fitzgerald showed no emotion as he was brought into the dock at Burwood Local Court on Thursday.
The 57-year-old had spent the night in jail after he was arrested at his home in Breakfast Point, in Sydney's inner west, shortly before 8am on Wednesday.
He has been charged with eight fraud-related offences including misappropriating money, obtaining money by deception and dishonestly obtaining financial advantage by deception.
Supporting Mr Fitzgerald in court was his wife Michelle, from whose "offset account" $70,000 cash will be used to ensure his release, the court heard.
Mr Fitzgerald's employer Albert Drum was also in court to support him. Mr Fitzgerald has been employed at his business as a bookkeeper for almost three years.
Strict bail conditions imposed on Mr Fitzgerald include surrendering his passport and reporting to Burwood police station three times a week.
The former executive's arrest was the culmination of "an extremely complex and laborious" investigation by the NSW Financial Crimes Squad.
It has previously been alleged that he used some of the proceeds to pay off the mortgage on his family home in Glenorie and to contribute to his own superannuation.
It is also understood he allegedly used the money to buy property for his two children, including a beachside apartment on Sydney's northern beaches and a house on the NSW Central Coast.
More to come