Regulation  

Lloyds staff jailed over £750k fraud

“You all knew that money would be dishonestly transferred from client accounts as a result of your actions.

“Such was the sophistication of this fraud that the money was money was dissipated and spent in a professional and organised manner.

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“You were friends acting together and with others to steal as much money as you could.You were motivated by financial gain.”

Jailing Lakes, Hussain and Raulia for a total of 18 years, she said: “All of your accounts were fraudulent and conducted no legitimate trade - these accounts were an integral part of the laundering process.

“Hundreds of thousands of pounds were laundered through them - often from other accounts connected with Mr Lakes.” 

To Lakes, she said: “You are a professional and successful money launderer - you knew bank frauds could only be successful if there was somewhere for the money stolen from banks to be quickly laundered and put in a place where it could not be recovered.

“Such was your dishonesty that during the period of this indictment you were providing money laundering services to other frauds.”

Raulia, of Gledwood Gardens, Hayes, west London, denied but was convicted of two counts of conspiracy to defraud and one count of converting criminal property and was jailed for seven years.

Lakes, of Point Wharf, Brentford, was jailed for a total of five years.

He was jailed for three years for converting criminal property for the Lloyds Bank fraud, with two years consecutive for conspiracy to defraud and money laundering for a separate, unrelated fraud. 

Ayinbode, of Magdalen Court, Enmore Road, South Norwood, southeast London, denied and was convicted of conspiracy to defraud between 9 November 2012 and 8 August 2013 and was sentenced to five years imprisonment.

Galsinh, of Marlow Gardens, Hayes, denied but was convicted of one count of conspiracy to defraud and was jailed for six years.

Hussain, of Cedar Road, Romford, east London, denied and was convicted of converting criminal property and was caged for six years.

Jones, of Bohemia Chase, Leigh-on-Sea, Essex, admitted conspiracy to defraud ahead of trial and was jailed for five years.

Omoregie, of no fixed address, admitted the same charge and was sentenced to four years imprisonment.

damian.fantato@ft.com