Jailed NatWest fraudsters to get early release
Three disgraced bankers, the so-called "NatWest Three", who were convicted in the US of conspiring with former Enron executives to dupe the bank out of $20m (€14m), are to be released from a British jail in October, having served just half of their sentence and having failed to meet a pledge to repay the money they stole.
Gary Mulgrew, Giles Darby and David Bermingham, former bankers at NatWest Greenwich, which is now part of taxpayer-controlled Royal Bank of Scotland (RBS), are to be released on tag this autumn.
Sentence
The men were handed a 37-month sentence in February 2008 by US judge Ewing Werlein. Had they not been transferred to the UK last January, it is likely they would have served at least 85pc of their sentence.
The bankers waged an unsuccessful campaign against extradition to the US.
Mulgrew, Darby and Bermingham at first protested their innocence but after transferring to Texas they changed tack, each entering guilty pleas.
Handing down the sentence, Judge Werlein said the three must repay "every dollar" of the $7.3m (€5.1m) they gained from defrauding NatWest. Bermingham and Darby each surrendered $500,000, with Mulgrew handing over a further $250,000. However, almost $6.1m remains owing to RBS.
The bank has contacted the fraudsters, who told it they have little or no assets after years waging a battle against extradition. A spokesperson said: "We are continuing to engage with both the individuals and their legal representatives to bring this matter to a close."
- Ailish O'Hora
