Four individuals have been convicted on fraud and bribery charges over a £160m scam involving a North West business which had developed a system that allowed fibre optic cables to be laid through sewer systems.
The fraud involved the funding of H2O Networks Ltd, a Merseyside company which entered administration almost six years ago.
Carl Cumiskey of H2O Networks Ltd, alongside Stephen Dartnell and George Alexander of Warrington-based lender Total Asset Finance (TAF), were found guilty at Southwark Crown Court for conspiracy to make corrupt payments and conspiracy to commit fraud against Barclays Bank and Belgian banking group KBC. Simon Mundy who worked for KBC was also convicted.
The jury were told by counsel for the Serious Fraud Office that there was no dispute that fraud on a “massive scale” had occurred, but the defendants denied involvement and, in the main, blamed each other.
Dartnell, Alexander and Cumiskey had conspired to create, sign and sell falsely inflated or entirely false contracts from the company H2O to business lenders, Barclays Bank and KBC…
Massive Broadband Fraud
02/10/2017 by Leave a CommentFraud Alert:
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