LONDON — A former HBOS landowner and 5 others were condemned to a
sum 48 years in prison on Thursday for a fraud that cost
the lender £245 million ($286 million)
and busted the finances of tiny business clients.
Lyndon Scourfield, who ran the HBOS marred assets
division and who had pleaded guilty to 6 depends including
corruption, perceived an 11 year sentence.
David Mills, a consultant who ran Quayside Corporate Services,
was jailed for 15 years.
Four others – Quayside consultant Michael Bancroft,
accountants Tony Cartwright and Jonathan Cohen, and HBOS manager
Mark Dobson – were condemned to between 3 and half years and
10 years in prison.
Judge Martin Beddoe, called Mills the “devil” to whom Scourfield
had sole his essence “for sex, for oppulance trips with and without
your wife, for bling and for swag,”
according to a report in the Guardian.
Prosecutors purported that, between 2003 and 2007, the 6 were
concerned in a fraud which saw the HBOS managers and a organisation of
consultants distinction from pushing tiny businesses into financial
trouble with loans.
Scourfield’s loans went “well past the indicate when it would have
been apparent to any honest landowner that the bank debt could and
would never be repaid,” the prosecuting lawyer, Brian O’Neill QC,
told Southwark Crown Court, according to a
report by the BBC when the case non-stop last year.
He then referred the uneasy businesses to Quayside
Corporate Services in return for cash and gifts, while the
consultants done vast sums in fees from the struggling
companies. The sum waste to the bank from the soured loans
amounts to around £245 million.
Detective Superintendent Nick John, the senior investigating
officer said: “This has been the longest and many formidable case in
Thames Valley Police’s history.”
“The sentencing reflects the astringency of the crimes and the
wretchedness they inflicted on their victims. Their victims were people
who were trying to minister to the economy, formulating jobs and
charity products and services. They were normal people running
tiny to middle sized businesses who indispensable support and instead
had their livelihoods, and in many cases, their lives destroyed
by the fervour of these parasites.”
Scourfield took gifts of cash, oppulance holidays and “high class
escorts.” One sex worker’s diary was entered into evidence
in the trial. Prosecutors claimed that one sex worker
available this note in her diary: “met guys, me, Amber and Suzie.
Then drinks at prosaic and discerning shag. Easy £1500.”
HBOS, which owned the Halifax and Bank of Scotland brands,
suffered complicated waste in the 2008 financial predicament and neared
fall as its appropriation was cut off by the credit crunch.
It had to be discovered by a multiple of a open bailout and a
partnership with Lloyds TSB, costing the taxpayer around £20 billion
in the early partial of 2009.
So far, only one person – former HBOS indiscriminate banking chief
Peter Cummings – has been fined and banned from operative in the
City by regulators questioning the collapse.