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FCA reopens investigation into HBOS multi-million pound fraud

The Financial Conduct Authority (FCA) will reopen its investigation into the misconduct of former staff who worked at the Reading-based impaired assets team of HBOS.

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This resumes an investigation that was placed on hold in 2013 at the request of Thames Valley Police, pending the outcome of the Thames Valley police investigation and any resulting prosecutions.

 

The police recently published the outcome of its six-year investigation into the multi-million-pound corruption and fraud case involving HBOS’s former employees and private business advisors.

 

In January, six people were found guilty of corruption, fraudulent trading and money-laundering offences, and have been jailed for a total of 47 years. These individuals and the sentences they were given were:

 

  • David Mills, aged 60, of Moreton-in-Marsh, Gloucestershire, was sentenced to a total of 15 years’ imprisonment;
  • Alison Mills, aged 51, of Moreton-in-Marsh, Gloucestershire, was sentenced to three and a half years’ imprisonment;
  • Michael Bancroft, aged 73, of Shipston-on-Stour, Warwickshire, was sentenced to a total of 10 years’ imprisonment;
  • Lynden Scourfield, aged 54, of Greenford, Middlesex, was sentenced to a total of 11 years and three months’ imprisonment;
  • Mark Dobson, aged 56, of Brayfield Terrace, London, was sentenced to a total of four and half years’ imprisonment;
  • John Cartwright, aged 72, of Hyde, Cheshire, was sentenced to three and a half years’ imprisonment.

 

The police said the convictions are the result of one of the largest fraud investigation of its kind in the UK.

 

The FCA’s investigation is focussing on the extent and nature of the knowledge of these matters within HBOS and its communications with the previous Financial Services Authority after the initial discovery of the misconduct.

 

 

 

 

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