Menu
27/06/2006
Former bank manager jailed for fraud
A bank manager who pleaded guilty to carrying out one of the biggest ever frauds in Scotland has been sentenced to ten years in jail.
Donald MacKenzie, 45, had admitted embezzling £21 million from the Royal Bank of Scotland at the High Court in Edinburgh earlier this month.
MacKenzie had accessed the money through the bank's loan system by establishing false accounts in the names of fictitious customers, while he was working as a business manager at one of the bank's branches in Edinburgh.
Investigators on the case estimate that MacKenzie spent around five years covering his tracks by moving money around in "tens of thousands" of transactions.
It is believed that around £10 million worth of the stolen cash is still to be recovered.
The court heard how MacKenzie had committed the fraud out of a "misguided sense of service", in order to improve the bank's record on business loans, rather than for personal gain. His defence counsel David Burns QC said that Mackenzie felt under "substantial pressure to satisfy loan requirements at the bank."
However, passing sentence, Lord Kinclaven said that it was in the public interest for the sentence to mark the "grave breach of trust" and the serious nature of the crime.
MacKenzie also admitted to the theft of £31,170 that he stole while working for the bank. He was sentenced to an additional two years for the theft, which will run concurrently with the other sentence.
(KMcA/CD)
Donald MacKenzie, 45, had admitted embezzling £21 million from the Royal Bank of Scotland at the High Court in Edinburgh earlier this month.
MacKenzie had accessed the money through the bank's loan system by establishing false accounts in the names of fictitious customers, while he was working as a business manager at one of the bank's branches in Edinburgh.
Investigators on the case estimate that MacKenzie spent around five years covering his tracks by moving money around in "tens of thousands" of transactions.
It is believed that around £10 million worth of the stolen cash is still to be recovered.
The court heard how MacKenzie had committed the fraud out of a "misguided sense of service", in order to improve the bank's record on business loans, rather than for personal gain. His defence counsel David Burns QC said that Mackenzie felt under "substantial pressure to satisfy loan requirements at the bank."
However, passing sentence, Lord Kinclaven said that it was in the public interest for the sentence to mark the "grave breach of trust" and the serious nature of the crime.
MacKenzie also admitted to the theft of £31,170 that he stole while working for the bank. He was sentenced to an additional two years for the theft, which will run concurrently with the other sentence.
(KMcA/CD)
Related UK National News Stories
Click here for the latest headlines.
05 May 2011
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
07 November 2013
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
05 June 2008
Metal Firm Bosses Jailed For Fraud
Three former bosses of a UK metal trading firm have been imprisoned for a total of 25 years and six months after defrauding £359 million from creditors. Virenda Rastogi, Anand Jain and Gautam Majumdar who worked for RBG Resources were all sentenced at Southwark Crown Court.
Metal Firm Bosses Jailed For Fraud
Three former bosses of a UK metal trading firm have been imprisoned for a total of 25 years and six months after defrauding £359 million from creditors. Virenda Rastogi, Anand Jain and Gautam Majumdar who worked for RBG Resources were all sentenced at Southwark Crown Court.
15 October 2015
New BoE And Financial Services Bill Published
The government has published a new Bank of England and Financial Services Bill, aimed at strengthen the governance and accountability of the Bank, update resolution planning and crisis management arrangements between the Bank and Treasury, and extend the principle of personal responsibility to all sectors of the financial services industry.
New BoE And Financial Services Bill Published
The government has published a new Bank of England and Financial Services Bill, aimed at strengthen the governance and accountability of the Bank, update resolution planning and crisis management arrangements between the Bank and Treasury, and extend the principle of personal responsibility to all sectors of the financial services industry.
03 August 2010
Northern Rock Steadfast In Recovery
The boss of a once beleaguered UK bank is "encouraged" by news that nationalised Northern Rock's - a so-called 'bad bank' - has returned to profit following heavy losses last year in the wake of a bail-out by the taxpayer in 2008. Chief Executive Gary Hoffman said the Northern Rock 'AM' results were 'encouraging'.
Northern Rock Steadfast In Recovery
The boss of a once beleaguered UK bank is "encouraged" by news that nationalised Northern Rock's - a so-called 'bad bank' - has returned to profit following heavy losses last year in the wake of a bail-out by the taxpayer in 2008. Chief Executive Gary Hoffman said the Northern Rock 'AM' results were 'encouraging'.
-
Northern Ireland WeatherToday:A mostly cloudy start with scattered showers, the showers becoming more isolated and largely confined to the south this morning. Becoming brighter this afternoon, the best of any sunnier spells across northern counties. Northerly winds easing. Maximum temperature 12 °C.Tonight:A dry evening with late sunny spells and some long clear spells overnight. Becoming cloudier across the north towards dawn with a few showers possible. Touch of frost in south. Minimum temperature 0 °C.
