Bank chief on £228,000 salary jailed for £3.4m fraud

Friday 07 September 2012 09:54 EDT

A City bank executive earning a high salary was jailed today for his part in a £3.4 million scam.

The judge told Michael Corrigan, 48, he should have been satisfied with his £228,000 salary, £10,000 car allowance and £50,000 bonus payment.

Judge Nicholas Cooke told him: "You were on a very handsome remuneration package - something most citizens of this country can only dream of."

He jailed Corrigan, of Hayne Road, Beckenham, south east London, for three years and four months after he pleaded guilty to four offences of fraud.

Corrigan was the risk and compliance executive director for Nigerian-owned Access Bank in the City of London in 2010 when he issued false guarantees.

They were given to a company providing ticket hospitality packages for the World Cup in South Africa that year.

Rakesh Somaia, prosecuting, said Corrigan had been promised commission on sales in return for guarantees.

But Thomas Buxton, defending, said Corrigan did not receive any money.

He said: "He cannot understand why he would jeopardise a very good salary package and career for this.

"It was never going to work. It was obvious quickly that sales were not going to be successful."

Stay up to date with notifications from The Independent