Norwich HSBC bank manager admits stealing �130k and fiddlling accounts
A bank manager faces a lengthy prison sentence for stealing �130,000 from a client and shifting cash around customers' accounts.
Peter Nudd, who worked as a commercial manager for HSBC in Norwich, admitted the �130,000 theft and three charges of false accounting at Norwich Crown Court yesterday.
The 50-year-old from Rising Way, Martham, took money from the bank accounts of prosperous businesses, which had taken out HSBC loans, and moved them to the accounts of firms which had collapsed.
Ross Burrows, acting for Nudd, told the court: 'It seems he gave loans to a various number of companies.
'Those companies ceased trading but he tried to keep them alive by passing funds from other companies who were doing well to those that had ceased trading.'
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The true extent of the theft and false accounting is likely to be �220,000.
Nudd will be sentenced in six weeks for the charges and 46 other offences of false accounting which he asked the court to deal with.
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Police will now start confiscation proceedings against him to get the money back. It is understood Nudd only took a fraction of the money for himself, while most of it was put into the accounts of the bank's failed business clients.
Chris Youell, prosecuting, said the offences, which date from February 2004 to 2011, were a breach of trust.
The case was adjourned for sentencing and Nudd was released on bail.
Judge Alasdair Darroch warned him: 'You should be under absolutely no misunderstanding. You face a substantial prison sentence for these offences.'
Nudd worked at HSBC's commercial centre in Meridian Way at Meridian Business Park off Yarmouth Road.
Last night the bank refused to comment on Nudd's case as it was still ongoing.
A spokesman said: 'The bank takes issues regarding staff conduct very seriously and has robust procedures in place. Where a case of misconduct is identified we ensure customers do not experience any financial loss.'