Beckenham bank executive jailed for fraud (From News Shopper)

Beckenham bank executive jailed for fraud

12:32pm Monday 10th September 2012 in News By Harry Kemble

A BECKENHAM bank executive has been jailed for his involvement in a top-level fraud scam.

Michael Corrigan, 48, of Hayne Road, earned a salary of £228,000 with a string of lucrative bonuses.

However, the risk and compliance director for Nigerian-owned Access Bank in the City of London was jailed for three years and four months after he pleaded guilty to four fraud offences.

Judge Nicholas Cooke said: "You were on a very handsome remuneration package - something most citizens of this country can only dream of."

Corrigan issued false guarantees as part of a £3.4 million sting in return for commission, according to prosecutor Rakesh Somaia.

This was despite receiving a £10,000 car allowance and a £50,000 bonus payment on top of his annual salary.

Yet, Thomas Buxton, defending, said they did not receive any money.

"He cannot understand why he would jeopardise a very good salary package and career for this," said the barrister.

"It was never going to work. It was obvious quickly that sales were not going to be successful."