You are hereArchive - Dec 26, 2009

Archive - Dec 26, 2009

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Holidays may well cherish modern Robin Hood, German banker who helped poor from losing homes at cost of her own

left: Actor Errol Flynn in 1938 film The Adventures of Robin Hood; right: German woman at VR-Bank embezzled $11 million from the rich to give to the needy

(quote)

A German bank manager who secretly transferred millions of pounds from rich clients to debt-ridden customers has been spared jail.

The 62-year-old, dubbed the "Robin Hood banker", was found guilty of moving a total of 7.6 million euros (£6.85m) between 2003 and 2005. The bank's rich clients reportedly hadn't touched their accounts in years. She carried out 117 separate transfers to try and stop people's accounts closing due to lack of funds.

Judge Susann Ulbert and the jury discussed the sentence; inset: Defense lawyer Thomas Ohm and prosecutor Peter van der Linden at the trial.

As a rule, the banker - whose name was not reported under German media conventions - moved the money back when the indebted clients were solvent again. But 1.1 million euros (£991,000) was lost when certain customers were unable to pay their debts. The banker has begun reimbursing the bank through her pension.  read more »

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