A former Bank of Bermuda manager is today in prison for two-and-a-half years after admitting stealing almost $1.2 million from a client of the bank as well as its former CEO.

Elizabeth Olive Simons, 54, admitted taking the money from Premier Banking clients while she was a Premier Relationship Manager between 1999 and 2006.

The defendant of Camp Hill, Southampton, pleaded guilty to five charges during an appearance in Supreme court in January totalling $1,171,695.25.

The cash was stolen out of a friend's account and the former CEO of the bank, Henry Smith.

Simons admitted to stealing $188,370.49 from Norma Cross between August 6, 1999 and April 25, 2005, stealing $521,724.76 from Mrs. Cross between June 23, 1999 and October 7, 2004 and stealing $25,600 from Mrs. Cross between December 8, 2000 and July 27, 2001 all by withdrawing cash using Financial Transaction forms.

She also admitted stealing $6,000 from Mrs. Cross by electronically transferring funds into the accounts of third parties.

The fifth charge is that she stole $430,000 from the account of Mr. Smith on June 20, 2005.

Simons originally pleaded not guilty last December to 11 counts of stealing and four forgery offences but changed the plea at her last court appearance in January.

In light of her guilty pleas, prosecutors agreed for the remaining charges to lie on file.

In a victim impact statement, Mrs. Cross said she has experienced sleepless nights and can't understand why Simons targeted her.

The statement said: "My relationship with Ms. Simons, whilst she was my Account Executive at HSBC, was much more than just a client/business relationship, I considered Liz a dear friend, one whom I trusted completely and without reservation!

"There was not a birthday, Christmas or other celebration of hers that I did not treat her as a member of my family and certainly friends.

"As a result of her actions I was shocked, dismayed and extremely distraught. I lost many nights sleep.

"To this day, I cannot fathom how she could do such a thing to me, her friend."

The court heard in a summary by senior crown prosecutor, Paula Tyndale, that Simons worked at the bank for 13 years until her dismissal in March 2006, working as a relationship manager in Personal and Premier Banking for her last nine years.

In January 2006, Mr. Smith, a Premier Banking client, noticed $430,000 had been transferred from his account into Mrs. Cross' account and reported the matter.

Maria Medeiros-Savoury, then Senior Operations Manager of Personal Financial Services Operations, investigated the matter and suspected Simons was stealing funds from Mrs. Cross' account and putting the funds into her own. Simons denied the accusations immediately.

During the investigation, Mrs. Cross identified 416 cash withdrawal slips which were not signed by her between June 23, 1999 and February 14, 2006. She also found a Bermuda Dollar savings account in her name opened in May 2004 that she was unaware of with everything signed by Simons.

Mrs. Cross discovered the statements were all addressed to Simons at the bank with the exception of five that were delivered to Simons' Pembroke home. There were also 13 transfers from her account to third party accounts including Rego Realtors and Moura & Associates used to pay rent for Simons or her family members.

She was sentenced in Supreme Court on Friday.

The Bank of Bermuda did not wish to comment on Simons' sentencing.