An East Corrimal man and former Surf Life Saving NSW boss was released on bail on Wednesday afternoon just hours after being charged with defrauding $2.7 million from the charitable organisation.
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Police will allege in court that Matthew Hanks, 50, used his position as general manager to swindle the iconic organisation between 2006 and his resignation in 2016.
Hanks handed himself into police at Wollongong Police Station on Wednesday morning where he was arrested and later charged with 55 dishonesty offences.
Police have spent more than two years investigating the alleged fraud, which the head of the Financial Crimes Squad, Detective Acting Superintendent Richard Puffett, labelled "complex, sustained and quite brazen".
"The organisation (Surf Life Saving NSW) reported [the alleged fraud] after discovering some anomalies in their accounts," he said.
"That was then reported to police in March 2017 and we have commenced a lengthy, laborious and complex investigation into the dealings of the individual."
Acting Supt Puffett said the offences were "very serious".
"We will allege the man...acted alone via a number of means and actions to personally benefit from the funds," he said.
Police will allege Hanks obtained the cash by using fraudulent invoices for car sales and money taken from a false printing company he established.
Hanks stands accused of using the money to fund his lifestyle. It has previously been reported he owns two Northern Beaches mansions and a $490,000 yacht.
Surf Life Saving NSW welcomed the development in the case against Hanks on Wednesday, saying it had co-operated with the NSW Police investigation for the past three years.
Over the course of the investigation SLSNSW has kept members and stakeholders fully informed and we thank our members, partners and the community for their ongoing support during this difficult period
"Over the course of the investigation SLSNSW has kept members and stakeholders fully informed and we thank our members, partners and the community for their ongoing support during this difficult period," a statement said.
Acting Supt Puffett said people who allegedly defrauded organisations often held a position of trust that they exploited. He hoped the charges acted as a deterrent to others and reiterated the need for complex and rigorous reporting of finances.
Hanks was charged with seven counts of obtain money by deception (greater than $15,000) and 48 counts of dishonestly obtain financial advantage by deception.
Hanks walked out of Wollongong Police Station alone just before 3.30pm.
He attempted to avoid waiting media and refused to answer questions as he rushed towards the passenger seat of a vehicle that pulled up outside the station to retrieve him.
Hanks will appear in Wollongong Local Court on October 1.
