HSBC manager steals a lot, pays back little
This crime reminds me of calculated risk taking by Household International and HSBC Finance. Steal from the customer, reap great benefits, and then pay the fine. The profits far outweigh the punishments. In the business world HSBC admitted no wrongdoing and paid the fine. This guy did some prison time and paid back about $2 to $3 depending on the exchange rate:
A BANK manager who stole from customers’ accounts has been ordered to pay one British pound in court. Richard Hughes, 36, of Fairfax Road, Cardiff, had admitted 15 charges of theft and had been jailed for 15 months in June.
He committed the offences while the business manager at the Chepstow branch of HSBC. In a Proceeds of Crime Act hearing at Newport Crown Court yesterday, Bob Hawkins, for the prosecution, said his benefits from crime totalled £94,921. But, said Mr Hawkins, the money available is zero. He added: “I’m afraid we can’t take matters any further.” Hughes was ordered to pay a nominal £1.
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[…] HSBC manager steals a lot, pays back little This crime reminds me of calculated risk taking by Household International and HSBC Finance. Steal from the customer, reap great benefits, and then pay the fine. The profits far outweigh the punishments. In the business world HSBC admitted no wrongdoing and paid the fine. This guy did some prison ti… […]
[…] AdamSmith1776 wrote an interesting post today onHere’s a quick excerptHSBC manager steals a lot, pays back little This crime reminds me of calculated risk taking by Household International and HSBC Finance. Steal from the customer, reap great benefits, and then pay the fine. The profits far outweigh the punishments. In the business world HSBC admitted no wrongdoing and paid the fine. This guy did some prison ti… Read the full post from Household HSBC Watch Tags: 2007 HSBC via Blogdigger blog search for risk management. […]