A judge has found that the corporate bank manager stole from the rich and gave to the poor, transferring £7 million of funds.
A bank manager who illegally diverted £7 million of clients' money into other accounts did so for "altruistic" reasons, it has been claimed.
Benedict Hancock, a former senior relationship manager at Royal Bank of Scotland with 40 corporate clients, made the transfers from rich customers only - and always targeted struggling businesses as recipients. The "Robin Hood" story emerged at the banker's fraud trial at Blackfriars Crown Court.
The court heard that the majority of clients whose money was taken did not notice the illegal transfers, but, if they did, were told by Mr Hancock that the money had been invested in Bank of England bonds.
Mr Hancock's barrister, Andrew Lloyd-Eley, said: "The only explanation he gave was that he wanted the companies to do well. He got on well with them and he wanted to make sure that they succeeded for their sake rather than his. All of Mr Hancock's customers - and the bank - spoke very highly of him. He was dedicated to his job."
The "Robin Hood" banker was found guilty of 14 counts of false accounting and one of abuse of position and sentenced to 18 months in prison by judge Ian Karsten QC.
Delivering the sentence, the judge said: 'I accept that you made no direct financial gain but I am satisfied that there was an element of indirect personal gain. The motivation was to ensure that you remained in good stead with your superiors so that you received your annual bonus."
