After the recent imprisonment of a former HBOS manager and five others for their roles in a £245m fraud case that stole from hundreds of small businesses, many will be wondering whether they have grounds to claim for these bankers’ financial negligence.

The sentences, ranging from three and a half years up to 15 years, were evidence of the serious misconduct that led to many individuals and business being defrauded by a series of loan scams. A number of these instances have been referred to as ‘some of the largest and most complex conspiracy fraud cases in recent memory’, causing hundreds of millions of pounds worth of losses to the bank’s business customers and shareholders.

 

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How did they carry out the fraud?

The trial determined that two of the bank’s employees had imposed a firm of so-called turnaround consultants onto many of their small business clients in exchange for a series of cash bribes that were then spent on lavish holidays, parties and other purchases. It was found that these ‘consultants’ then manipulated their relationship with the bank to pressure hundreds of small business owners into transferring extortionate fees, and in some cases even shares in their companies.

In the words of the presiding judge, these small business owners were left “cheated, defeated and penniless” due to the financial negligence of the convicted individuals. The aftermath of this case has seen MPs speak out and claim that Lloyd’s Bank (who did not own HBOS at the time of the offences but now have ownership) should pay compensation to the victims of these fraud cases.

 

How would I find out more about a claim?

For anyone who feels that they may have been a victim of financial (or other) losses due to the financial negligence committed in this case, or similar cases, it’s important to find a negligence Solicitor you can trust. Been Let Down have experience in a range of fraud and financial negligence cases, including banker’s negligence, with our experienced legal team featuring those with an extensive understanding and insight into financial law.

There have clearly been many people left with financial losses due to the criminal actions of those recently convicted in this HBOS fraud case. If you believe that you may have been one of the victims in this instance, please get in touch to discuss how Been Let Down can provide you with key legal advice and support.

For a confidential chat that is both free and without obligation, you can contact us today. We will ensure that our Senior Solicitor Mr. Stephen Edwards and his legal team provide you with the initial advice to help you explore whether a potential claim for financial negligence is the best course of action.

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