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Barclays banker jailed after stealing £300,000 from clients to buy a house
Monday 26th July 2010A former Barclays personal banker has been jailed for three years at Bristol Crown Court, after swindling £300,000 out of two of his banking clients to buy himself a property.
32 year-old Richard Styles pleaded guilty to three counts of fraud and asked for four further offences to be taken into consideration, according to a report in Financial Times Adviser.
The banker, who joined Woolwich in 2001, worked in various Barclays branches in Bristol. He first stole money from a client in 2009.
Caroline Bolt, prosecuting, told the court that one of Styles’ clients asked him to transfer £150,000 of his money out of a savings account and into a bond.
However, instead of putting the sum into a bond, he put it into a savings account.
Shortly afterwards he transferred another £150,000 from a different client into the account.
Bolt said: “He passed almost all that sum to his solicitor for the purchase of a house.”
The banker’s plan was foiled however, when one of his victim’s sons saw the unexpected bank account activity and reported it to Barclays.
Adrian Maxwell, defending, blamed “pressures in modern day life” that led to Styles’ becoming desperate and taking the money.
The house has now been sold, with the money used to lessen the bank’s loss, whilst Styles is said to be suffering from “clinical depression” following the loss of his job, and his wife leaving him.
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