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Ex-RBS Trader Ruined in Film Scam Keeps $4 Million London Home for Now

  • Walsh lost suit against his wealth manager, couldn’t pay costs
  • Court dismisses order to seize house in wake of bankruptcy
Royal Bank Of Scotland Group Plc Branches As Bank Reports First Profit In A Decade
Photographer: Simon Dawson/Bloomberg

The fallout from a film-investment scandal cost a former Royal Bank of Scotland Group Plc trader nearly everything. But his bankruptcy shielded his multi-million-dollar London house from one creditor, at least for now.

Vincent Walsh, a former managing director at the bank, had sued his former wealth manager Greystone Financial Services Ltd., blaming it for recommending film investments that were later deemed illegitimate after widespread abuse of a tax loophole. Walsh said Greystone also submitted false documentation to the tax authorities on his behalf.