The newspaper states that the 51-year-old exec first began taking money from the Bertelsmann-owned company when he faced missing a payment on Portuguese holiday home and risked losing the property. Ousey’s deception was discovered after bosses questioned his use of the company credit card to book overseas flights.
"He submitted a false invoice for a company that did not exist, but which had a similar name to one that did supply to [Fremantle]," his barrister, Samuel Parrish, said at the trial. "Once he started it seems he couldn’t stop."
Mr Parrish went on to say that, following Ousey’s confession of fraud, "His professional life, perhaps his family life, has come to a complete and utter end," The Times reports.
Having pleaded guilty to a single count of fraud by abuse of position, Ousey was released on unconditional bail and is due to be sentenced at Blackfriars Crown Court at a later date to be determined.
Rodney Hylton-Potts, the defendant’s solicitor, said that since admitting his crimes, Ousey had repaid Fremantle £164,000 ($260,000) in cash, £200,000 ($320,000) in bonus and severance payments and surrendered £1.2 million ($1.9 million) in pension entitlements.