Three jailed for £18m forgery on Swiss bank EFG

Three conspirators have been sentenced for defrauding EFG Private Bank of €22 million (£18 million) through a loan application supported by a false claim.

The claim, made in 2008, was that over £76 million was held on deposit a Guernsey bank as security. The alleged purpose of the loan application was for property developments in Turkey.

Kevin Steele was sentenced to over five years’ imprisonment, Michael Shephard was also sentenced to over six years while Mark Pattinson was sentenced to 18 months.

In passing the sentences, the QC said of Shephard: ‘You derived some pathetic satisfaction from parading yourself as a man of wealth'.

Steele was a partner at law firm Mischcon de Reya, while Shephard was one of his clients. Pattinson was also an associate of Shephards.

The SFO said the three conspired to produce letters purporting to be from Julius Baer in Guernsey. These false documents were then presented to EFG Private Bank in order to support a loan application on behalf of Shephard. 

The SFO investigation commenced in November 2008, and was supported by Warwickshire Constabulary, following their initial enquiry.