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6 people are on trial for a small business scam that cost HBOS £245 million

The trial of six people accused of a fraud that cost Halifax Bank of Scotland (HBOS) £245 million ($317 million) started in London on Monday. The six on trial – David Mills and Michael Bancroft who ran Quayside, accountants Tony Cartwright and Jonathan Cohen were accountants, and HBOS manager Mark Dobson pleaded not guilty. Prosecutors alleged that, between 2003 and 2007, the six were involved in a scam which saw a firm of consultants profit from the financial distress of small businesses that had been lent money by HBOS.
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