A former client relationship manager at Santander bank has been declared bankrupt following an investigation by the Insolvency Service.
Currently serving a 27 month sentence in prison for fraud, Christopher Wathen took £87,365 from his clients’ investment portfolios and transferred it into his own accounts.
It was uncovered that Wathen, whose job was to advise the bank’s customers on investment opportunities and maximising their returns, used the money to gamble and fund his lavish lifestyle.
In the course of the investigation, the Insolvency Service found that Wathen has abused his position by misappropriating nearly £90,000 from two customer’s investment portfolios and transferring it into three banks accounts in his name.
Santander launched its own investigation and reported the incident to the West Midlands Police after a colleague gained awareness on the transfers.
John Taylor, official receiver for Central Midlands Official Receivers office, said: “Wathen’s actions were of a serious nature that resulted in a custodial sentence and gaining an 11 year bankruptcy restriction undertaking will deter others from committing similar acts and uphold the integrity of the insolvency regime.’
A spokesman for Santander said: “We take fraud very seriously and cases of this kind are extremely rare.
“After an internal investigation uncovered fraudulent activity, we informed the police and worked closely with them on this case. The customers impacted have been informed and reimbursed with any funds misappropriated.”