When HBOS scandal victims banked on our help

Cast your mind back to 2003. Not too distant a memory for the victims of the Halifax Bank of Scotland (HBOS) fraud. Corporate scandals such as this tend to drag on for decades whilst, understandably, popular outrage wanes. Meanwhile, those affected continue to suffer.

As with Mr. Bates vs. The Post Office, victims of this scandal have campaigned for years to reach a positive outcome. At Verallo, we’ve been doing what we do best to help.

A criminal act

In early 2017, six people including former employees of HBOS (specifically from the Reading branch), were found guilty of criminal misconduct. The convictions included fraudulent trading and laundering the money of taxpayers, small businesses, and shareholders. The scheme involved HBOS assigning favoured ‘turnaround consultants’ to falsely classified high risk organisations where they then submitted exaggerated business case studies. Often against the owners wishes. HBOS then extended further funds to these organisations which were siphoned off in exorbitant consultant fees.

Since Lloyds Bank acquired HBOS in 2009, they’ve been working in conjunction with law enforcement, regulators, and other authorities to identify the victims and ensure they’re treated fairly and receive compensation.

Accounting on the victim’s behalf

For the past 12 years, Verallo has helped victims seek redress. Not only have we provided forensic accounting and litigation support services, we’ve also assessed loss claims, delivered financial information to victims’ legal teams and attended mediation meetings. What’s more, post settlements, we’ve given tax advice and guidance on their overall financial position.

Naturally, this scandal has been exceptionally distressing for those affected. Not just from the crime itself and the time it’s taken to reach a conclusion, but also the complex nature of the litigation itself. Worse still, many were made bankrupt. So we’ve been delivering strategic advice, helping to rebuild their organisations and business lives.

Help in the future

‘Mr. Bates vs. The Post Office’ is the most recent national scandal. Sadly, it’s unlikely to be the last. Should that time come again, our experience makes us well placed to help victims reach a fair outcome.

Of course, we don’t just help people and businesses that have been defrauded. Get in touch with our experts and see how we can help you and your business move forward.