Bank Manager Fraudulently Persuaded Customers to Take Consolidation Loans

A 36-year-old bank manager Jason Benham is in court for fraudulently making ‘financially naïve’ clients take consolidation loans. Five Lloyds TSB customers took additional loans to consolidate their borrowings.

However, when the victims checked their bank statements they realized that they had not paid off their previous loans but simply had two or three extra ones. When they tried to discuss the matter with Benham he explained that there had been an error and they did not have to worry about it. The dishonest manager transferred the money from the loans to his bank accounts.

One of the victims complained to the management and the bank started an internal investigation. Finally, the manager was arrested and taken to court. In November of 2009 he pleaded guilty.

The financial gain Benham got from his criminal activities is about £300,000. Lloyds TSB had to reimburse the scam victims. The next hearing will take place on April 6, though it is clear that Jason Benham will be sentenced for fraud.