HBOS & Lloyds, Mis-Sellers Of PPI Pressured To Compensate Fraud Victims

Posted on February 7, 2017 by Canary Claims HBOS & Lloyds, Mis-Sellers Of PPI Pressured To Compensate Fraud Victims

Ministers of Parliament in the United Kingdom have called on the high street Banks, Halifax Bank Of Scotland and Lloyds – two banks that were part of the massive mis-selling of PPI in the UK, to fully compensate the individuals who were the victims of a huge fraud perpetrated by two former employees of these banks.

HBOS & Lloyds, Mis-Sellers Of PPI Pressured To Compensate Fraud Victims

Credit: cnn.net

The MP’s are also calling for the banks to deliver guarantees that they willfully and comprehensively look at the way in which the banks handled the fraud case and then following this – release to the general public, the findings of its report.

The two employees ran a scam whereby business customers, whose operations were encountering financial difficulties were encouraged to use the services of supposed experts who would be able to turn around the fortunes of the businesses, when in fact they had no desire to or were capable of doing so. As payback, the two employees received millions of pounds in bribes and other illegal gifts.

The International Business Times website disclosed more information regarding the case.

From ibtimes.co.uk

Lynden Scourfield, formerly a manager with HBOS, pleaded guilty to six counts including corruption, while five other defendants were also convicted. In exchange for bribes and gratuitous favours, Scourfield told customers to use turnaround consultants Quayside Corporate Services which subsequently defrauded those sent their way.

Mark Dobson, another former HBOS manager and co-accused, was given four-and-a-half years. David and Allison Mills, the couple who ran Quayside, received 15 years and three-and-a-half years in jail respectively. Businessman Michael Bancroft was jailed for 10 years and consultant John Cartwright got three-and-a-half years for their convictions on counts including bribery, fraud and money laundering.

Earlier, it was revealed in court that Bancroft and Mills arranged sex parties attended by porn starlet Suzie Best and other high-end escorts for Scourfield. Exotic foreign holidays, cash bribes and other favours in kind followed between 2003 and 2007.

In exchange for the bribes, the former HBOS banker impressed upon the bank’s small business customers to use Quayside.

After the trial, Lloyds said it had assisted Thames Valley Police throughout the process. “Whilst we have fully reviewed customer concerns raised previously, we will review any new concerns on a case-by-case basis taking into account any relevant new information from the trial,” it said.

“The trial highlighted criminal actions that bear no reflection on the behaviours of the vast majority of the employees of HBOS at the time or in the group today.”