The Natwest Three

David Bermingham, Giles Darby and Gary Mulgrew, the three British former executives of NatWest (now part of Royal Bank of Scotland) who were controversially extradited to the USA to each face seven counts of fraud and who have consistently protested they are innocent, were lying.

On Wednesday the 28th November they pleaded guilty to a single wire fraud charge each in an Enron-related case as part of a deal with U.S. prosecutors.
Initially I was personally disappointed that they were only sentenced to 37 Months in Jail (with no appeal)..
However I am pleased to find that as part of the plea bargain they are going to have to repay $7.35 Million to the RBS (Royal Bank of Scotland) which was their 'share' of the $19 Million Fraud carried out against their Employers.

One hopes that the British Authorities now:

• Ensure that once they are released these men are never allowed to work in any part of the Banking and Financial Sectors again.
• Investigate to ascertain if they have carried out other frauds.
• If such frauds are discovered seize their British Assets to the same value.

Although I still believe they treaty under which they were extradited to the USA needs to be revoked and renegotiated - See:
UK-US Extradition Treaty and Certain American Politicians Support for Terrorists (13th August 2006), I am pleased that although they didn't get the 'extremely' heavy sentences i feel they deserve, at least they are going to have to repay the profit from their crime.


Other Related Posts In this Blog:
Extradite Gary McKinnon, no problem. But now let's fix the Extradition Treaty
- 01st August 2009