[BBC News] Failed bank's depositors to vote

Newsbot · May 19, 2009

Depositors in a collapsed Icelandic bank are to vote whether to back the Isle of Man government's proposed scheme.

Snaipyr · May 19, 2009

This is taken from a KSF forum - Surely Treasury wouldn't make such a mistake?!

Summary of Fraud Incident as requested.

Please could you alert depositors to a scam operating on the Treasury Early Repayment Scheme.

We have a number of accounts at KSF Iom and made application to Iom Treasury

on 7 May for the Early Repayment Scheme. We then discovered on two of the

accounts that someone had already contacted the Treasury on 22 April,

supplied them with another email address, submitted fraudulent account

information and been paid out GBP 20000. On examination the Treasury

documentation is fraught with problems-there is no place on the

documentation for a signature and payment can be made to any nominated

account. This is how our funds have ended up with a Mr A Adeyemi. Rachel

Hargreaves at Treasury has agreed to still pay us as obviously this fraud

occurred through no fault of ours and has submitted this case to the Serious

Offences Unit. The funds however could not be recovered and have been lost

by the Treasury.

Of concern is that the Treasury have virtually no system in place to check

that the funds are paid to the correct beneficiary. There is no signature

required on account detail form and any beneficiary account can be

specified, unlike the vigorous requirement at KSF Iom where funds will not

be paid to any account not in the account holders name. It is difficult to

have any faith that the Treasury can be trusted to properly administer any

Scheme of Arrangement with such poor controls and disciplines.

We are concerned that other depositors who have not followed up receipt of

the Early Payment will also be affected and we urge all Depositors who

submitted a claim to follow up that payment has been received.

Kind regards,

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