Glasgow Bank Manager Jailed on Fraud Charges

James Smith, a bank manger from Motherwell, admitted to defrauding more than fifty thousand pounds by approving loans for family and friend without verifying their credit. Mr. Smith worked at Clydesdale Bank’s Charing Cross Branch in Glasgow at the time he approved the loans.

Mr. Smith has been jailed for a period of twenty eight months for the crime.

Mr. Smith approved a loan for his wife and then had the proceeds transferred into his own account in the amount of eighteen thousand pounds according to prosecutor, Joe Stewart. Friends of Mr. Smith provided him with monitory amounts for approving their loans. Prosecutor Stewart stated that all the transactions made for his friends and family were made without verifying credit scores and following proper bank procedures. Mr. Smith also received seventeen thousand pounds that was transferred into his account for the approved of one loan he made to a friend. Mr. Smith approved loans for Michael Cunningham, Mark Cunningham, Christopher Cunningham and his sister Donna.

Mr. Smith received sums of five hundred to one thousand one hundred pounds for setting up the loans. Mr. Smith after approving two more loans submitted his resignation on grounds he was not satisfied with the banks bonus system.

The Clydesdale Bank’s fraud investigators noticed that something seemed out of place and requested the police to come in. Mr. Smith alleged that he was seventy thousand pounds in debt.

Mr. Smith was original charged with defrauding over seventy thousand pounds but was able to flee bargain it down to fifty thousand pounds by pleading guilty to the charge and the Crown accept the plea.