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."
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Comments (10)
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Mike Lamb
18th Sep 2008 19:39
Bravo! Robin Hood...
I love Robin Hood! If only people in the US would be so bold- as to put one in the WHITE HOUSE!!!!!!1
WOW a person with a heart in 2008.......kinda gives me faith in some humans again........I was losing faith quick but this story makes me regain some of it......
What a great man! I wish more great men like him worked in banks. I wish I had an account in his bank! I wish...
Jiff Wilson
19th Sep 2008 13:24
LOL, A robin Hood in the White House, wouldnt that be nice. Wishful thinking! LOL
Jiff
TailWind
19th Sep 2008 13:41
Not bad. What we need to do is to limit the salaries and tax breaks that's given to these CEO's and such of these mega financial institutions. Once they are exposed, it's too late for the average investor and the CEO's live fat and happy thereafter. As far as Robin Hood.....1 year suspended sentence is sufficient...he'll never work at another bank...
Wow, I can't believe these comments, it is FRAUD full stop!!
JJ Hendricks
19th Sep 2008 14:01
What people forget about Robin Hood is he stole from a tyrant who was stealing from the poor. Robin Hood was giving them back what was rightfully theirs.
This man didn't do anything like that. He was just plain stealing.
Tip Sanders
19th Sep 2008 14:34
To acmd, This country gives away much more than most other countries combined and the blue collar tax payer is paying the bill. Most corporations pay very little in tax anymore. We are the ones paying for the 'generosity' of the USA. It is on the backs of the people. I think we, as a nation, should suspend all foreign aid to those countries who do not stand with us in the fight for freedom. I'm tired of sending my tax dollars to the UN which ought to be abolished. I don't mind helping the helpless, but the UN and most foreign aid is wasted on corrupt governments that despise what we stand for.
Hello people, he was stealing!!! Not all rich people got there by being crooked! They don't deserve to have their money stolen just because they have it! You people have lost all sense of right and wrong!
