Halifax Says Who It Will (and Won't) Be Chasing This Autumn

Western Mail (Cardiff, Wales), November 10, 2005 | Go to article overview

Halifax Says Who It Will (and Won't) Be Chasing This Autumn


Byline: By ROBIN TURNER Western Mail

Financial giant Halifax yesterday warned victims of rogue bank manager Graham Price that it will press ahead with attempts to reclaim money from them. Halifax claimed no cash has yet been taken but said it had put at least 12 customers 'on notice' that funds would be removed. It could also chase other victims, many of whom are in their 70s and 80s, for cash. One victim, Vernon Williams, is 91.

Married father-of-two Price, 58, was jailed for 12 years this week at Swansea Crown Court after admitting more than 200 charges of theft and deception. Price stole cash from Halifax and the investors while running an agency branch for Halifax at Gowerton office, near Swansea.

The high street bank is now seeking to claw back the money Price paid to 84 private investors in his bogus investment scheme claiming he used its money to fund the payments.

Yesterday, the Halifax issued a statement making it clear those who lost their investments in Price's private scheme could now also lose the interest amounts he paid them.

It read, 'Price used his own personal business, which he'd operated in Gowerton for 13 years before he became a Halifax agent, to sell his fraudulent investment scheme to private clients. The documentation he provided each of his victims, clearly states they invested with him not Halifax.

'His claimed interest rates of up to 270% lured victims in, a decision which has cost some their life savings. Indeed, some withdrew from the security of Halifax accounts on the promise of unachievable interest rates.

'As with any fraud, accounts involved were frozen.

'The inconvenience is unfortunate but unavoidable.

'We have written to around 12 customers with details of transactions on their accounts we have identified as fraudulent. These transactions are phantom entries - credits to their accounts for which money was not deposited by Price. Price created false entries to make it look like he was fulfilling his promise to pay them interest. …

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