'Robin Hood' bank manager stole £7m from rich clients and gave it to needy customers



A bank manager behaved like a real-life Robin Hood by taking millions of pounds from rich clients and giving it to needy customers.

Benedict Hancock, a 39-year-old father of two, channelled more than £7million into the accounts of companies in trouble.

Astonishingly, the unassuming Royal Bank of Scotland senior relationship manager did so for 'an entirely altruistic motive', Blackfriars Crown Court has heard.

Robin Hood: Benedict Hancock plundered his rich clients' accounts at the Royal Bank of Scotland

The court was told that Hancock carried out the bizarre fraud because 'he wanted the companies to do well, for their sake rather than his'.

Hancock - who like his mythical counterpart is from Nottinghamshire - enjoyed good relationships with the 40 corporate clients whose money he looked after.

Accordingly, when some of the firms needed extra cash to see them through difficult times, he loaned them money from his better-off customers, setting up numerous false accounts to transfer millions from rich to poor.

In most cases the holders of the plundered accounts did not notice that the money was missing.



If they did, Hancock told them that the money had been invested in ultra-safe Bank of England bonds.

He even ensured that the raided accounts received the full interest they were due, despite the fact that the capital was missing.

Today Hancock's barrister Andrew Lloyd-Eley told the court that Hancock, who had worked for RBS for 18 years and earned £49,000 a year, was of 'good character'.

Mr Lloyd-Eley claimed his client received no personal gain from the fraud, saying: 'The only explanation he gave was that he wanted the companies to do well. He got on well with them and he wanted to make sure that they succeeded for their sake rather than his.

'All of Mr Hancock's customers - and the bank - spoke very highly of him. He was dedicated to his job.'

Hancock's unauthorised loans were discovered in November 2006 when one of his rich clients discovered that his account was £5million short.

An internal investigation discovered that Hancock had lent the missing money - plus another £1.3million - to a failing clothes manufacturer.

Hancock was found guilty of 14 counts of false accounting and one of abuse of position. The charges related to unauthorised loans to three companies.

Two firms have arranged to pay back the money they received, but RBS has written off the £6.3million owed by the clothes manufacturer.

Sentencing Hancock to 18 months in prison, Judge Ian Karsten QC said that although Hancock's motives appeared to be good, he would have benefited indirectly through his annual bonus.

He said: 'I accept that you made no direct financial gain but I am satisfied that there was an element of indirect personal gain.

'The motivation was to ensure that you remained in good stead with your superiors so that you received your annual bonus.'

The court heard that the first Hancock's wife Paula knew of his activities was when he was arrested.

The couple, who have two sons aged ten and six, have since split up. Prior to being imprisoned today, Hancock was working for a debt-collecting company.