"PRACTICAL WORLD" - 'TRUE NEWS' MAGAZINE.

"PRACTICAL WORLD" - 'TRUE NEWS' MAGAZINE.
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Practical World True News Magazine

#Sex&Money : Lynden Scourfield,Top HBOS Banker paid up to £245milion,scamed a lot of firms, for sex parties and luxurious trips

A corrupt banker and his cronies ‘financially raped’ small businesses to fund lavish holidays and sex parties with escort girls in one of Britain’s biggest ever frauds.



Lynden Scourfield, a senior director of HBOS, forced firms that needed to borrow cash to use a crooked consultancy firm led by David Mills.

Behaving like the ‘Mafia’, they would then use threats and extortion to seize control of the businesses, plundering bank accounts and pocketing massive new loans granted in their name.

Scourfield, who boasted of being the ‘grand wizard’, enjoyed luxury holidays, trips on Mills’ superyacht and sex with porn stars in return for his help. The scam cost scores of hard-working middle-class business owners not only their livelihoods, but also their family homes, pensions, savings and in one case even her marriage.

Jurors were told the fraud was worth £245million, but victims and police sources said the cost to small firms ruined by the scam was up to £1billion.



As the wealthy gang of four men and a woman were convicted at Southwark Crown Court for the five-year fraud yesterday, Thames Valley Police commissioner Anthony Stansfeld described it as a ‘shocking’ and ‘disturbing’ crime. He said: ‘That a fraud of this size could have taken place either displays complicity or incompetence, a lack of corporate governance, complacency, and an absence of proper safeguards.’

The case bears similarities to the 2013 film The Wolf of Wall Street, in which Leonardo DiCaprio plays a crooked broker who made millions as part of a stock market fraud – using his ill-gotten millions on lavish parties, cars, prostitutes and drugs.

HBOS, the holding company behind Halifax and the Bank of Scotland, finally discovered Scourfield’s unsanctioned loans in 2007. Just 18 months later the failing bank had to be taken over by Lloyds and required a £20.5billion taxpayer-funded bailout to cover toxic debts caused by excessive lending.
  
 

The Mail has seen numerous letters from the bank over the following years in which senior officials repeatedly denied it contributed to the failure of the companies that were fleeced, prompting accusations that it attempted to ‘cover up’ the scandal.

Victim Joanne Dove, who lost her business, home and marriage through the fraud, said: ‘It was financial rape... I lost everything, my reputation, all our money, all our pension schemes.’ It also emerged that:
The fraud carried on unhampered for four years because of a ‘fundamental flaw’ in the bank’s checking system.
Former Tory Minister Sir James Paice said the head of HBOS ‘flatly denied’ the lender had done anything wrong after Scourfield was finally sacked.
Sir Victor Blank, the chairman of Lloyds TSB at the time of the HBOS takeover, was warned of a ‘huge fraud’ by one of the victims, but an associate wrote back to say it would ‘not be appropriate to respond’.
Lloyds now faces a huge compensation claim from those defrauded.


Scourfield, who worked on impaired assets in the Reading branch of HBOS, was the ‘goose laying golden eggs’ for Mills and his consultancy firm Quayside, Southwark Crown Court was told.

Scourfield enjoyed ‘sexual entertainment... on a fairly frequent basis’ in return for his part in the scam. Wads of £4,000 cash to be spent on prostitutes were delivered to a central London flat where he entertained the women.

Nicknamed ‘funny money’, it was kept in a drawer along with a stash of Viagra. Suzie Best, a £250-an-hour escort and former adult TV star described the fat cat banker as a ‘short, balding Danny DeVito lookalike’ after one session at the rented flat in 2005.

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