That’s a lot of jam on tarts

A City banker and a group of businessmen pulled off an elaborate £245million scam, with proceeds being spent on high class prostitutes and luxury holidays, a court has heard.

Isn’t there a point at which it’s cheaper to buy than rent?

Sadly for the toms of the nation it’s the total losses that were that sum, not the amount ripped off.

“He had embarked on a deliberate, systematic and sustained campaign of unauthorised lending of bank money to those business customers within his portfolio which were effectively forced through his influence to engage in the services of QCS.”

Quickly put, manager of loans to companies in trouble insisted that said companies hired a mate to consult on how to get out of trouble.

Mr Bancroft, who was described as Mr Mills’ “man on the ground” allegedly received around £1million in direct payments.

He and Scourfield allegedly went to Barbados to celebrate Mrs Mills’ 40th birthday and also enjoyed trips to Bancroft’s villa o the Algarve.

Mr Cartwright was said to have received £200,000 for his alleged role, while Mr Dobson, who was a colleague of Scourfield allegedly received £30,000 in corrupt payments from one of Mills’ companies as well as benefitting from “inappropriate hospitality”.

Much less interesting.

5 thoughts on “That’s a lot of jam on tarts”

  1. This is what venture capitalists do: lend lots of money, but also send in a manager to keep an eye on how it’s being used. The difference being that VCs keep it all above-board, of course.

  2. Lots of holes in this story. I doubt that any single individual at HBOS had the authority to lend £245 million without any further approval,and if these were firms in trouble there would have been a large workout team at the bank who would have been all over the company. It takes a hell of a lot of loans at a 50bp margin to make up the capital lost in a £245 million write off so even a bank run as badly7 as HBOS would be throwing significant resources at protecting their capital.

  3. Buying leaves a paper trail at the local courthouse’s records of property ownership and marriages. That can be used against you in a pretty undeniable way.

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