A real-life Robin Hood, 39 year old Royal Bank of Scotland bank manager Benedict Hancock, stole millions of pounds from rich clients and gave it to needy customers.
Hancock filtered more than £7 million into the accounts of companies in trouble.
Apparently Hancock carried out the bizarre fraud for an entirely altruistic motive: because he wanted the companies to do well, for their sake rather than his.
When firms needed extra cash to see them through financial hardship, Hancock loaned them money from the accounts of his wealthier customers.
Most of the plundered account holders didn’t realize that the money was missing, and those who did were told by Hancock that their money had been invested in safe Bank of England bonds.
Real Life Fairytale Heroes
Robin Hood Steals £7 Million from Rich
Trend Themes
1. Altruistic Fraud - The trend of people committing fraud with altruistic motives, creating opportunities for implementing better internal audit systems to prevent this type of fraud.
2. Robin Hood Economics - The trend of people taking from the rich to give to the poor, creating opportunities for philanthropy and redistribution of wealth programs.
3. Ethical Banking - The trend of people seeking banking institutions that prioritize ethical practices, creating opportunities for financial institutions to differentiate themselves by proving their commitment to ethical banking practices.
Industry Implications
1. Banking - The banking industry could benefit from implementing stricter internal audit policies, and can also explore opportunities to market ethical banking practices to attract customers.
2. Philanthropy - The philanthropy industry can take inspiration from stories like these and create more programs to redistribute wealth and help those in need.
3. Finance - The finance industry can explore opportunities to create innovative financial products that prioritize ethical practices and attract customers who value those practices.