HBOS Fraud Confiscation Brings Total Seized To £11.3M

Law360, London (September 16, 2019, 3:58 PM BST) -- A consultant convicted for his role in a £245 million ($300 million) bank loan fraud against HBOS PLC was ordered Monday to pay £727,309, bringing the total prosecutors have recovered in the case to just over £11.3 million.

On Monday, Judge Martin Beddoe ordered Michael Bancroft to pay £727,309 because of his role in the plot, saying that he was satisfied that was the total value of Bancroft's remaining assets based on what the prosecutors said.

Bancroft worked alongside David Mills, the founder of Quayside Corporate Services and the ringleader of the scheme, which defrauded struggling businesses and also involved former...

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