Six Crooked financiers jailed

#1
Jail for six in HBOS fraud case - BBC News

Following Shiner being struck off, it's turning into a very enjoyable news afternoon!
I hope they enjoy the 'high life' in their prison cells the arrogant, rip off parasites.
Take them down!
 
#2
LIBOR rate abuse which makes the sums involved here look like chicken feed were simply punished by fines.

No jail time for that abuse or the many other ways the banks scam the people.
 
#3
unfortunatly they are small fry. The big fish always get away. After the 2008 Crash not one wall street banker served time.
 
#5
Have you any back ground on David Mills? Was he living in Harrogate? (Or had lived in Harrogate?)
Not sure. He was living with his wife Alison in a mansion in Gloucestershire and owned multiple luxury cars and a yacht - all purchased off the back of other peoples money through the dodgy deals he was involved in. Don't see any mention of Harrogate. Why?
 
#6
unfortunatly they are small fry. The big fish always get away. After the 2008 Crash not one wall street banker served time.
Can't disagree with that, but it's a start and no reason for not going after the small fry - they are still crooks and profiting from the misery of others.
 
#7
Not sure. He was living with his wife Alison in a mansion in Gloucestershire and owned multiple luxury cars and a yacht - all purchased off the back of other peoples money through the dodgy deals he was involved in. Don't see any mention of Harrogate. Why?
Because, back around the turn of the naughties, a David Mills, originally born in Scotland was looking for +18 cookery "graduates" (ie they had finished the cookery schools in Slovakia) and was placing them into hotels in England. We kept in touch via Facebook for many years even after I had left Slovakia, however, he had moved into property with multiple houses using the financing available in the noughties. Checked my Facebook account and he has vanished AND he looks similar to the photo in the article...build, face, hair... but he had been based in Harrogate.
 
#9
His Wiki doesn't mention Harrogate, but as you know, that means naff all! :smile: Could be the same con artist.
 
#10
Should mention that said students / Eastern Europeans were brought over and they lived in the housing empire he was building up and obviously paid rent.
 
#11
Can't disagree with that, but it's a start and no reason for not going after the small fry - they are still crooks and profiting from the misery of others.
You need to wade through the small fry to get to the big fish..or at least change their behaviour
 
#12
Don't waste time merely gloating at the very occasional token conviction. Do some research into the doings of the people with whom you bank. If they give cause for concern, then move.

I was with Barclays since the age of about eighteen. A few years ago, I finally reached the conclusion that they were rotten to the core and moved everything over to a challenger bank.

By itself, an insignificant gesture and one that did not even prompt any curious enquiry from Barclays after so many years (which itself rather tells you something). However, multiply that by the thousands or millions and they are more likely to get the message.

There's bound to be those who say it's pointless, because they don't make money from retail banking. If that was the case, then they wouldn't be doing it.
 
#14
Just in case any of you are under the mistaken impression that Barclays has upped its game.

City regulators investigate Barclays boss Jes Staley - BBC News

Is Barclays the most rotten corporation in the UK?
Not about financial scams though, is it? Trying to investigate a whistleblower, then stopping when he was told that what he was doing was naughty (which you would have thought he know better of, but neither of us know all the details).

This is more worrying; that the Bank of England could have been involved in LIBOR:

Libor: Bank of England implicated in secret recording - BBC News

Edit: There's plenty more rotten institutions. Most political ones, for instance...
 
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#15
Not about financial scams though, is it? Trying to investigate a whistleblower, then stopping when he was told that what he was doing was naughty.
It's very much part of the same disease. A corporation that wilfully suppresses self-examination and whistle-blowing (especially that of an internal nature) is one that is not open to examination of its own probity or to change where it is necessary. Barclays still has very good reason to be frightened of openness.

I agree with your point concerning the latest Bank of England revelation. I believe that, although it may not have occurred on Mark Carney's watch, his more recent partisan machinations may have helped draw attention of others to the workings of the organisation.
 
#16
It's very much part of the same disease. A corporation that wilfully suppresses self-examination and whistle-blowing (especially that of an internal nature) is one that is not open to examination of its own probity or to change where it is necessary. Barclays still has very good reason to be frightened of openness.

I agree with your point concerning the latest Bank of England revelation. I believe that, although it may not have occurred on Mark Carney's watch, his more recent partisan machinations may have helped draw attention of others to the workings of the organisation.
It still shows (possible) corruption at the BoE - if you're absolving (partially) the organisation due to it not being on the current management's watch, then surely Barclays should get the same treatment? Staley wasn't in charge when LIBOR happened, and this incident hasn't been hidden; it's very recent and appears to be being treated openly.
 
#17
if you're absolving (partially) the organisation due to it not being on the current management's watch
I'm not. I have my doubts that the Bank of England is necessarily the fount of probity and integrity that is generally portrayed.

In the case of Barclays, it is not clear the process that precipitated attention being drawn to Staley's actions or at what stage the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) were alerted and by whom, and at what stage, also, the Barclays board became involved in the matter. That might be revealing.

I believe that Staley's position is up for review/renewal shortly. We'll see what happens then.

Edited to add: Most of my questions above have been answered here.

Why is Barclays in trouble with the Bank of England again and what happens next?

The following paragraphs from the article are quite revealing.

The Barclays board learnt of Mr Staley’s attempt to identify the author early this year following “a concern raised by an employee regarding amongst other matters the adequacy of Barclays whistleblowing procedures”. It appointed law firm Simmons & Simmons to investigate the matter, an internal probe that was led by the bank’s deputy chairman, Sir Gerry Grimstone.


The bank also notified authorities, including the FCA and the Bank of England’s Prudential Regulation Authority (PRA). The New York Department for Financial Services is also reportedly looking into the matter.


Barclays said: “The investigation by Simmons & Simmons found, and the board has concluded, that Mr Staley honestly, but mistakenly, believed that it was permissible to identify the author of the letter.


It seems that board at Barclays were alerted to developments (or the lack of them) by a whistleblower (the original whistleblower?) and their arm may well have been forced at that stage. The investigation that followed was carried out by a law firm appointed by the Barclay's board and was overseen by the bank's deputy chairman.

It might be viewed that the outcome and the lenient and limited sanction imposed were nothing more than an attempt at damage limitation for a situation that had grown legs. We'll see what the FCA make of it - although their track record in such things is somewhat lacklustre. Perhaps the New York Department for Financial Services will take a more robust view.
 
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#18
Oh look! The corporation I consider to be probably the most consistently corrupt and rotten is in the news again.

Barclays Bank and former boss John Varley charged with conspiracy to commit fraud by SFO

They've come a very long way from their Quaker roots.

Anyone seen the 'Fraud Smart' ad campaign Barclays are currently running on TV? The irony is truly stunning.

The best hope for all concerned at Barclays is that the prosecution is being run by the Serious Fraud Office, whose record of success is... erm... rather patchy.
 
#19
The best hope for all concerned at Barclays is that the prosecution is being run by the Serious Fraud Office, whose record of success is... erm... rather patchy.
You do wonder however whether deals are being made as we speak in the smoking rooms of the favoured bankers haunts to ensure that the SFO Stormtroopers apply a softly softly approach to their 'thorough' investigations. In these challenging financial times, when Frankfurt and Paris are vying to take over from London as being the banking capitals of Europe post-Brexit, you wouldn't want to scare off the banks and their staff and kill off London old chap now would you...? "We'll up sticks and take our entire operation to Frankfurt if you prosecute just because some chaps made a killing in the markets... can't have our risk takers being continually exposed to British law when we have shareholders to satisfy old bean..... tell you what, why don't you use our yacht moored up in the Bahamas, near our offshore account branch, for a week while you consider what you're going to do about this little mess...."


Lord Myners: Barclays charge 'very, very significant' - BBC News
 
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