Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Lloyds Banking Group PLC    LLOY   GB0008706128

Delayed Quote. Delayed  - 09/26 05:35:08 pm
54.25 GBp   -3.09%
09/26 LLOYDS BANKING : London court told of escorts and cash payments in a..
09/26 LLOYDS BANKING : *goldman cuts lloyds to 'sell' (neutral) - price ta..
09/26 *TRADERS : Goldman cuts lloyds to 'sell' (neutral)
News SummaryMost relevantAll newsSector news 
The feature you requested does not exist. However, we suggest the following feature:

Lloyds Banking : London court told of escorts and cash payments in alleged HBOS fraud case

share with twitter share with LinkedIn share with facebook
share via e-mail
09/26/2016 | 08:32pm CEST

High-class escorts, cash transfers, expensive gifts and foreign travel were offered as inducements in an alleged $300 million fraud scheme involving former bankers with failed British bank HBOS and a consultancy, a London court heard on Monday.

A former senior HBOS banker and five other defendants, who had worked for the consultancy, appeared at Southwark Crown Court charged with alleged corruption and fraud connected to a bank branch in Reading, near London, which dealt with struggling companies between 2003 and 2007.

Former HBOS banker Mark Dobson, along with David Mills, his wife Alison Mills, Michael Bancroft, Jonathan Cohen and John Cartwright have all pleaded not guilty to charges including conspiracy to corrupt, fraudulent trading and conspiracy to conceal criminally gained property.

They are among the first people to face trial for contributing to British bank losses that resulted in a taxpayer rescue of banks eight years ago.

HBOS, once Britain's biggest mortgage lender under the Halifax brand, incurred losses of 245 million pounds ($317 million) related to the alleged conspiracy, the court heard on Monday.

HBOS, which traded under the names Halifax and Bank of Scotland, was rescued in a state-engineered takeover in 2008 by rival Lloyds. Lloyds subsequently needed a 20 billion pound bailout of its own.

Prosecutors told the court that bankers at HBOS told struggling business owners to employ a turnaround consultancy as a condition for getting a loan.

This company, Quayside Corporate Services, was owned by defendant David Mills.

Prosecutors alleged that the businesses were obliged to pay the consultancy high fees for services and, in some cases, hand over ownership.

"The motivation was greed," prosecuting barrister Brian O'Neill told the court.

"The police investigation uncovered evidence of huge rewards," said O'Neill.

"This took the form of money transfers, cash, expensive gifts, use of an American Express card for personal spending, unauthorised and inappropriately lavish hospitality, luxurious foreign travel and sexual encounters with high class escorts."

The prosecution alleges that David Mills provided these rewards to another former senior HBOS banker, Lynden Scourfield, who is not on trial. Scourfield was lead director of impaired assets for HBOS in the south of England.

The court heard how Mills and his wife received more than 28 million pounds through their personal accounts or the accounts of various entities they set up, from some of the bank's high risk clients.

The trial is expected to last up to six months, during which the defence will present its case.

($1 = 0.7721 pounds)

(Reporting by Anjuli Davies; Editing by Adrian Croft)

By Anjuli Davies and Andrew MacAskill

share with twitter share with LinkedIn share with facebook
share via e-mail
09/26 LLOYDS BANKING : London court told of escorts and cash payments in alleged HBOS ..
09/26 LLOYDS BANKING : *goldman cuts lloyds to 'sell' (neutral) - price target 50 (53)..
09/26 *TRADERS : Goldman cuts lloyds to 'sell' (neutral)
09/24 LLOYDS BANKING : From the Pulpit
09/23 LLOYDS BANKING : In the area
09/23 FTSE records best week in three months
09/22 LLOYDS BANKING : Probiotics business founder takes wild-card round of Tulsa's St..
09/22 LLOYDS BANKING : St. andrew's club of westwood planning holiday show in atlantic..
09/22 Bank of England says UK faces 'challenging period' for financial stability
09/22 THE BEAT GOES ON WITH 'DOUBLE' ALBUM : Roger rankin and dave wakeling of two ton..
More news
Sector news : Banks - NEC
04:11aDJCHINA CONSTRUCTION BANK : Hong Kong Branch Plans 3-Year USD Bonds Offering -- Do..
03:35aDJWELLS FARGO : Labor Department Starts Review of Wells Fargo Labor Practices
09/26DJWELLS FARGO : Labor Department Starts Review of Wells Fargo Labor Practices
09/26 Fed seeks more capital from big banks, relief for regional lenders
09/26DJBANK OF AMERICA : Merrill Lynch to Pay $12.5 Million Fine for Mini-Flash Crashes..
More sector news : Banks - NEC
News from SeekingAlpha
09/26 Lloyds cut to Sell at Goldman
09/14 Are Lloyds And Barclays Too Big To Fail?
09/07 Bank Of America M&A Imminent
08/24 Lloyds's Horta-Osorio intends to stay as CEO despite scandal
08/24 WALL STREET BREAKFAST : Pfizer To Buy AstraZeneca Antibiotics Ops
Financials ( GBP)
Sales 2016 17 606 M
EBIT 2016 8 347 M
Net income 2016 3 177 M
Debt 2016 -
Yield 2016 5,58%
P/E ratio 2016 12,64
P/E ratio 2017 10,80
Capi. / Sales 2016 2,27x
Capi. / Sales 2017 2,30x
Capitalization 39 955 M
More Financials
Duration : Period :
Lloyds Banking Group PLC Technical Analysis Chart | LLOY | GB0008706128 | 4-Traders
Full-screen chart
Technical analysis trends LLOYDS BANKING GR...
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus HOLD
Number of Analysts 26
Average target price 0,66  GBP
Spread / Average Target 18%
Consensus details
EPS Revisions
More Estimates Revisions
António Horta-Osório Group Chief Executive Officer & Executive Director
Norman Roy Blackwell Chairman
Karin Cook Director-Group Operations
George Mark Culmer Chief Financial Officer & Executive Director
Morteza Mahjour Group Chief Information Officer
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
JPMORGAN CHASE & CO.-0.38%242 906
WELLS FARGO & CO-17.44%230 783
BANK OF AMERICA CORP-10.34%158 378
More Results