A former property developer and the ex-partner of a legal firm are being charged with conspiracy to commit fraud by falsifying bank documents in order to obtain a loan of 22 million Euros.
It is alleged that between July 1 and August 22, 2008 they conspired to induce EFG Bank to believe there was, on deposit at Bank Julius Baer in Guernsey, £76 million as security for the loan.
Michael Andrew Shephard, 49, and Kevin James Christopher Steele, 50, former partner at Mishcon de Reya Solicitors are being charged following a joint investigation carried out by the Serious Fraud Office and Warwickshire Police.
In a statement released by the SFO, a spokesperson for the Office outlined Mr Shephard’s charges as follows: “Michael Shephard conspired with Kevin Steele and others to use instruments, namely letters purporting to originate from Bank Julius Baer, Guernsey, showing that Michael Shephard had on deposit at Bank Julius Baer, Guernsey the sum of £76 million which was and which he knew or believed to be false, with the intention of inducing EFG Bank to accept it as genuine and, by reason of so accepting it, to do or not to do some act to its own or other person's prejudice.”
While both men are being charged with conspiracy to commit fraud and conspiracy to use false documents, Mr Steele is also being charged with abuse of position in breach, for his part in relation to, “the procuring of an undertaking given to EFG Bank in respect of the EFG loan and the general mishandling of the Michael Andrew Shephard client account and the theft of £1.8 million from that account to settle an unrelated civil claim.”
Both defendants were released on conditional bail. The next hearing will be on 12 August 2010 at Southwark Crown Court.
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