Pair jailed over banks swindle

Achilleas Kallakis and Alexander WilliamsTwo fraudsters who conspired to swindle banks of hundreds of millions of pounds have been jailed.

Achilleas Kallakis and Alexander Williams, both 44 and from London, tried to defraud Allied Irish Banks (AIB) out of £740 million and Bank of Scotland (BoS), as it was known, of 26 million euro (£22 million) between August 2003 and November 2008.

The offences were carried out over five years and funded property and luxury yacht scams.

At Southwark Crown Court Kallakis, the "prime mover", was jailed for seven years and Williams for five years.

Neither reacted as Judge Andrew Goymer delivered the sentences.

During the trial, the jury was told that Kallakis used the proceeds of his fraud to fund the lifestyle of the super-rich in which he maintained a fleet of chauffeur-driven Bentleys, a private plane, a private helicopter, a luxury yacht moored in Monaco harbour and a collection of high value artworks.

The pair were convicted on Wednesday of two counts of conspiring to defraud the banks after a four-month trial.

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