The Provincial Court in the city heard that the man had carried out high risk investment operations in the name of dead people, and had changed currencies without clients knowledge, with none of the movements being reflected in the branch’s official accounting. He also set up three companies in Gibraltar which he used to channel his investments and to avoid detection by Hacienda. The fraud occurred between the years 1988 and 1997.The man was also fined 10,800 € and ordered to compensate several clients to the total of nearly 260,000 €.
The owner of a financial advice firm was also found guilty of collaborating with the bank manager who has not been named in reports.