Altruistic Banker Sent to Jail

Benedict Hancock has just been jailed after it emerged he transferred more than £7 million from rich clients’ accounts into the accounts of troubled companies, without any “direct financial gain”. Blackfriars Crown Court was told that the 39 year old had done this because he “wanted the companies to do well, for their sake rather than his.”

Hancock – who like his legendary counterpart Robin Hood is from Nottinghamshire – worked for the Royal Bank of Scotland (RBS) as a senior relationship manager. He would move money from the accounts of wealthier customers and loan it to firms who required extra cash, setting up false accounts to transfer the money.

The unauthorised loans were discovered in November 2006 when one of Hancock’s clients discovered they were £5 million short. The judge ruled that despite his altruistic motives, Hancock had benefited indirectly from the secret transactions – by boosting his profile with his employers, thus guaranteeing a substantial annual bonus.

Hancock was found guilty of 14 counts of false accounting and 1 count of abuse of position. He was sentenced to 18 months in prison.