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White-Collar Crime

In-House Counsel Defrauded Bank of $12M, Court Finds

Posted Oct 21, 2009 6:15 PM CDT
By Martha Neil

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A former deputy head of the legal department defrauded the Bank of Tokyo-Mitsubishi out of some $12 million (7.4 million in British pounds, at the current exchange rate) by conning colleagues into signing off on large investments in a friend's Indonesian airline, London's Southwark Crown Court decided yesterday.

Kate Johns, who earned about $250,000 a year from the bank, herself received about $3.24 million from the scheme, according to Legal Week. She used it to fund a lavish lifestyle, pay off a seven-figure mortgage on a north London townhome and cover personal expenses including breast surgery.

The article doesn't include any comment from Johns, who could be jailed when she is sentenced in December. At least part of the scheme took place in 2006, according to the legal publication.

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