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Two Ex-HBOS Managers Charged in $56 Million Business Loan Fraud

Jan. 8 (Bloomberg) -- Two former employees of HBOS Plc along with six others were charged by U.K. prosecutors over business loans made through a retail bank for around 35 million pounds ($56.2 million).

The pair, described as senior managers for the bank, were charged today with conspiracy to corrupt, fraudulent trading and money laundering, according to an e-mailed statement from the Crown Prosecution Service. The men were given gifts by financial advisers to administer loans for companies having difficulties between 2003 and 2010.

The men, along with two employees of the financial advice firm, are scheduled to appear at a Reading, England, court on Jan. 18.

HBOS was taken over by Lloyd’s Banking Group Plc in 2009.

To contact the reporter on this story: Jeremy Hodges in London at jhodges17@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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