A team of London financiers has been convicted of corruption and fraud-related charges after exploiting lax management and compliance weaknesses at Halifax Bank of Scotland to run a Â?245 million loan-fraud scam from 2003 to 2007. The scheme was perpetrated by two former HBOS employees and four business associates of the British financial institution, which was acquired by Lloyds Banking Group in 2008 after years of high-risk lending practices and negligent supervision drove it to the brink of collapse. A U.K. court heard that Lynden Scourfield, formerly the lead director of HBOS's impaired assets division in southern England and South...
A U.K. court jailed two London-based traders Friday for conspiring to defraud Russian lender Otkritie FC Bank of $175 million before laundering the proceeds through overseas accounts held under the names of offshore shell companies.
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