Money laundering news 19/05/09 Barclays executive jailed over drained accounts

A Barclays executive has been jailed on money laundering charges following the theft of almost half a million pounds from Lloyds TSB chairman Sir Victor Blank.

Anthony Webster, 23, was shown to have been the inside man in a scheme that had drained premier accounts of more than £615,000, including £455,000 of Sir Victors money. Southwark Crown Court heard that Webster, who had been rapidly promoted and previously hailed as Best Team Player, earned over £20,000 from the theft and had spent the proceeds of crime on a Mercedes sports car.

After Sir Victors PA raised the alarm regarding the missing funds, the banks investigators found illicit transfer request faxes had been issued to steal the money. Although the full sum has not yet been traced, a Barclays spokesperson assured customers that the banks anti-money laundering mechanisms meant that they would not be left out of pocket as a result of rare cases of staff fraud like this.

Webster was found guilty on one count of money laundering in the period between 13 February and 18 April 2007. The judge, issuing a three-year prison sentence, noted that Websters role was crucial to the success of the enterprise, but recognised the executive had previously had an impeccable record, was unlikely to reoffend and had lost his career prospects.

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