‘RBS to blame’ for employee’s role in £28m Marrache fraud

RBS issued a statement saying it was ‘disappointed at the outcome'

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The Royal Bank of Scotland's logo is seen in central London May 29, 2007. A consortium led by Royal Bank of Scotland unveiled a 71.1 billion euro ($95.7 billion) bid for ABN AMRO that included its disputed U.S. bank and a higher cash component than indicated. REUTERS/Stephen Hird  (BRITAIN)

THE Supreme court has ruled that RBS manager ‘dishonestly assisted’ Marrache brothers in their £28 million fraud.

Judge Adrian Jack says the bank is at fault after and that a Royal Bank of Scotland manager, Howard Shaw, dishonestly assisted Benjamin, Isaac and Solomon Marrache in swindling millions of pounds.

The former lawyers were found guilty of conspiracy to defraud their clients in July 2014 after their law firm collapsed, hitting hundreds of investors.

Online gaming tycoon Jim Magner, who was one of the Marrache’s clients claimed the three stole over £9 million from him in 2007 and 2008.

He took the Royal Bank of Scotland to court for assisting the Marrache brothers in stealing of his money.

He could potentially be awarded around £9m in damages as a result.

In response to the judge’s decision, RBS issued a statement saying it was ‘disappointed at the outcome,’ and that it will consider the judgment in detail before considering its next course of action.

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