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Fraudsters behind £740m loans scam jailed
Markets
by Sarah Miloudi on Jan 17, 2013 at 14:05
Achilleas Kallakis and Alexander Williams have been sentenced to a total of 12 years in jail after being found guilty of a £740 million fraud.
Kallakis was handed a seven year sentence and Williams a five year sentence, and the pair have also been disqualified from acting as company directors for six years.
Today’s sentencing at Southwark Crown Court follows unanimous verdicts returned by the jury yesterday, when Kallakis and Williams were convicted of conspiring to defraud Allied Irish Banks and the Bank of Scotland of millions of pounds.
They forged documents in order to obtain finance for a property portfolio and a super-yacht conversion.
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