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| Property fraudsters sent to jail for up to seven years | Property fraudsters sent to jail for up to seven years |
| (35 minutes later) | |
| Two men from London have been sent to jail after being found guilty of defrauding two banks, Allied Irish Banks and Bank of Scotland, of £61m. | |
| Achilleas Kallakis and Alexander Williams were sentenced to seven years and five years respectively, at Southwark Crown Court. | Achilleas Kallakis and Alexander Williams were sentenced to seven years and five years respectively, at Southwark Crown Court. |
| Between 2003 and 2008, they duped the banks into lending them the money to buy properties and a super-yacht. | Between 2003 and 2008, they duped the banks into lending them the money to buy properties and a super-yacht. |
| Kallakis used the money to buy Bentleys, a plane and helicopter. | Kallakis used the money to buy Bentleys, a plane and helicopter. |
| The trial of the two men - both of whom had previous convictions for fraud - took four months. | The trial of the two men - both of whom had previous convictions for fraud - took four months. |
| It was the second time they had faced this set of charges relating to the two banks. | It was the second time they had faced this set of charges relating to the two banks. |
| Their first trial in 2011 was brought to a halt when one of the two men fell ill. | Their first trial in 2011 was brought to a halt when one of the two men fell ill. |
| The two men operated from offices in Mayfair in London where Kallakis pretended to be a property tycoon and Williams posed as a financial consultant. | |
| Judge Andrew Goymer described Kallakis as the prime mover in the fraud. But he said the banks were partly to blame for their losses. | |
| "AIB and BoS have undoubtedly acted carelessly and imprudently by failing to make full inquiries before advancing the money," he told the court during sentencing. | |
| "Indeed the latter bank was given clear and precise warnings by its lawyers about the risks of accepting assurances in a letter from an alleged co-conspirator, a Swiss lawyer. | |
| "It almost beggars belief senior management chose to disregard that warning and rushed to complete the deal at all costs. | |
| "It is apparent from the evidence both the defendants took full advantage of the prevailing banking culture in which corners are cut, and checks on them superficial and cursory," Judge Goymer concluded. |