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Lloyds Bank “covered up” fraud, says Thames Valley commissioner

In Blog by Ian Fraser

19 February 2017 Lloyds Banking Group has been accused of “covering up” a massive fraud which destroyed up to 200 companies and cost the bank an estimated £1 billion in losses by the police and crime commissioner for Berkshire, Buckinghamshire and Oxfordshire. The massive fraud, which mainly took place between 2003 and …

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What the HBOS fraud tells us about the state of British banking

In Blog by Ian Fraser

8 February 2017 The £1 billion HBOS Reading fraud, my part in exposing it, and what it tells us about the state of British banking   Note: This is a fully revised, updated and extended version of ‘Mafioso bankers and my part in their downfall‘ published in the Sunday Herald on 5 …

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Mafioso bankers and my part in their downfall

In Article Library by Ian Fraser

By Ian Fraser Published: Sunday Herald Date: 5 February 2017 ON Thursday, two bankers and four consultants were jailed for their part in a £245 million loans scandal which caused the destruction of up to 200 viable small-business customers of the bank HBOS, and is thought to have caused losses …

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Why we should worry about FRC evasiveness over HBOS

In Blog by Ian Fraser1 Comment

30 March 2016 By Atul K. Shah The failure of the UK’s fifth largest bank, HBOS, led to over £52 billion of losses, and had a significant impact on jobs, pensions and savings for thousands of people. In spite of a large number of enquiries and reports, no-one has gone to …

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UK regulators pronounce on HBOS

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Financial Intelligencer Date: 18 November 2015 Seven years since HBOS crashed and burned, we are about to find out why, from a report to be jointly published on Thursday morning by the UK’s Financial Conduct Authority and Prudential Regulation Authority (part of the Bank of England). …

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Investor seeks to force accountability at Lloyds Banking Group

In Blog by Ian Fraser0 Comments

14th April 2015 Lloyds Banking Group shareholder Michael Page may be about to force some accountability, and perhaps even a degree of honesty, at the state-rescued bank in which he owns a stake. In doing so Page — whose Guernsey-based aircraft leasing business was left massively out of pocket following the collapse of the scandal-plagued, and HBOS-backed, aviation …

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EADS chief executive Robin Southwell drawn into a hornet’s nest

In Blog by Ian Fraser0 Comments

December 20th, 2013 In June and August 2010 I reported on the business relationship between the EADS (UK) chief executive Robin Southwell (pictured right) and David Mills — a “business turnaround” specialist and former NatWest banker who was charged with conspiracy to corrupt, fraudulent trading and money laundering on 8 …

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Gavin Masterton and the riddle of Charlotte 18

In Blog by Ian Fraser2 Comments

September 17th, 2013 (updated with minor edits September 24th, 2013) Charlotte Eighteen, a shadowy company based in the tax secrecy jurisdiction of the British Virgin Islands, remains the subject of intense interest among Scottish football fans. Allegedly the holding company for the business assets of Gavin Masterton, the former treasurer …

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Cummings–losing touch with reality?

In Blog by Ian Fraser2 Comments

December 15th, 2012 In his testimony to the Parliamentary Commission on Banking Standards taken, taken in private in his Dumbartonshire bungalow on November 27th, the former HBOS corporate chief executive Peter Cummings railed against the FSA and criticised his boardroom colleagues but seemed to be as much in denial as ever. …