Bank manager robs from the rich
(25 November 2009 – Europe) A German bank manager has been sentenced to a 22 month suspended jail term after being found guilty of moving €7.6 million (A$12.35 million).
The woman, notoriously known as ‘the Robin Hood banker’, has been found guilty of moving the funds in 117 separate transfers between December 2003 and February 2005.
The philanthropic women moved funds between the accounts of wealthy clients to the accounts of heavily indebted customers in an effort to stop their accounts from being closed.
Generally, when the heavily indebted customers were solvent again, she would return the funds to the accounts of origin.
However, €1.1 million was lost when certain customers could not repay their debts.
The 65 year old women owned up immediately to the fraud when confronted by superiors.
The court ruling was lenient due to the fact she took none of the funds for personal gain and the judge decreed that she had suffered enough after losing her job and having to pay compensation.
This is not the first case of an altruistic banker; earlier this year a bank manager from Michigan stole US$340,000 (A$367,000) giving away US$2000 at a time to cash strapped customers for mortgage repayments and other essentials.
In the UK a bank manager, from the Royal Bank of Scotland, was found guilty after transferring £7 million (A$12.57 million) of funds from wealthy customers accounts to the accounts of struggling businesses; if confronted about the missing funds from customers the banker would explain that the bank had invested the money into Bank of England bonds.
The philanthropic women moved funds between the accounts of wealthy clients to the accounts of heavily indebted customers in an effort to stop their accounts from being closed.
Generally, when the heavily indebted customers were solvent again, she would return the funds to the accounts of origin.
However, €1.1 million was lost when certain customers could not repay their debts.
The 65 year old women owned up immediately to the fraud when confronted by superiors.
The court ruling was lenient due to the fact she took none of the funds for personal gain and the judge decreed that she had suffered enough after losing her job and having to pay compensation.
This is not the first case of an altruistic banker; earlier this year a bank manager from Michigan stole US$340,000 (A$367,000) giving away US$2000 at a time to cash strapped customers for mortgage repayments and other essentials.
In the UK a bank manager, from the Royal Bank of Scotland, was found guilty after transferring £7 million (A$12.57 million) of funds from wealthy customers accounts to the accounts of struggling businesses; if confronted about the missing funds from customers the banker would explain that the bank had invested the money into Bank of England bonds.
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