A few years ago, I was instructed to act in the defence of an ambitious but remarkably naive assistant bank manager who was being investigated for the part he had played in facilitating a prime bank instrument fraud. This poor chap had unwittingly become the victim of a team of highly professional, international bank fraudsters who specialised in the creation of fraudulent bank paper. He had been approached with offers of substantial deposits to be made with his bank, in return for which the fraudsters wanted to be provided with guarantee letters. Naturally, the young manager was delighted to be able to assist and he provided them with every assistance. Just as they were leaving the con men asked him if he could provide them with a brief letter setting out the terms of the potential agreement and indicating the conditions under which such guarantees would be given.
Journal of Financial Regulation and Compliance – Emerald Publishing
Published: Feb 1, 1996