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Lynden Scourfield, 54, used his position as senior director at the Reading-based HBOS to force struggling clients into using his pal's firm in an elaborate scam.

In return David Mills, 60, co-owner of Quayside Corporate Services, rewarded the 54-year-old with high-class hookers, expensive gifts and trips all over the world from Bangkok to Barbados.

The scandal was exposed after a six-year Thames Valley Police probe dubbed "Operation Hornet" uncovered evidence of Scourfield's corruption between 2003-2007.

Under Scourfield's management, HBOS customers were forced into using the QCS advisory firm before he would approve any loans, Southwark Crown Court heard.

Mills and his "man on the ground" Michael Bancroft, 73, would then produce inflated cash flow forecasts and other figures to the failing business.

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In return Scourfield issued huge cash payments, which Quayside would siphon off not only in fees but in loans to other companies controlled by Mills – loans that would never be repaid.

Many of the businesses went bankrupt owing millions as a result and some of the owners lost their homes.

Prosecutor Brian O'Neill said: "Lynden Scourfield was the goose who was laying golden eggs.

"David Mills just had to keep feeding him and feed him... he did.

"This took the form of money transfers, birthday parties in Barbados and Thailand, expensive gifts, use of an American Express card for personal spending, unauthorised and inappropriately lavish hospitality, luxurious foreign travel and sexual encounters with high class escorts."

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A report found £245 million worth of debts were written off by HBOS’ impaired assets division under Scourfield's management.

HBOS, formerly one of the UK's biggest mortgage lender, suffered a devastating blow in the 2008 credit crunch – leaving taxpayers to fork out the £20.5billion.

Scourfield, who is currently behind bars, admitted conspiracy to corrupt, money laundering and four counts of fraudulent trading at Southwark Crown Court last year.

David Mills, his wife Alison Mills, 51, his "man on the ground" Michael Bancroft, 73, and HBOS banker Mark Dobson, 56, have been found guilty of crimes including conspiracy to corrupt, fraudulent trading and conspiracy to conceal criminal property.

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Accountant John Cartwright, 72, of Knott Lane, Hyde, Cheshire, who received £200,000 for his role in the fraud trading at textile company Magneta was found guilty of conspiracy to conceal criminal property.

David Mills, of Todenham, Moreton-in-Marsh, Gloucestershire, was found guilty of one count of conspiracy to corrupt, four counts of fraudulent trading and one count of conspiracy to conceal criminal property.

Alison Mills, of Todenham, Moreton-in-Marsh, Gloucestershire, was found guilty of one count of conspiracy to conceal criminal property.

Dobson, of Brayfield Terrace, Barnsbury, north London, was found guilty of one count of conspiracy to corrupt and one of conspiracy to conceal criminal property.

Bancroft, of Ilmington, Shipston-on-Stour, Warwickshire, was found guilty of one count of conspiracy to corrupt, three counts of fraudulent trading and one count of conspiracy to conceal criminal property.

They are all due to be sentenced on Thursday.