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equity n trusts question, legal issues to be summarised for partner in a firm, please help

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kashem25 | 00:29 Wed 14th Nov 2007 | Law
3 Answers
Victor is the chief executive of the Cash4U Bank. In 2003 he instructed
Ursula, a senior executive at the bank, to transfer �5 million of bank funds into
a newly established account entitled 'Victor Enterprises'. Ursula followed the
instructions and transferred the fund. It now appears the �5 million has been
used fraudulently by Victor, for his own purposes, in the following ways:

Victor gave Paulo, a senior civil servant, a bribe of �1million to make sure that
he secured a building development contract. Paulo spent the bribe money on
a racehorse which is now worth double the price he paid. Paulo is insolvent.

Victor gave his wife �1million, she assumed this was money he had saved by
employing a very good accountant. She spent �500,000 paying off her
mortgage. The remaining money has been spent on holidays, clothes, luxury
lifestyle and a donation of �100,000 to a local charity. Her bank balance
stands at �1million.

Victor put the rest of the money into his personal account.
Victor fraudulently took a further �7 million from prospective purchasers of
shares and placed it the same account.
Victor withdrew �2 million from the account in January 2004 and purchased
property in Australia.
In February 2004 Victor used �1million to pay a life insurance premium.
In March 2004 Victor went to a casino every evening and over the course of
the month he gambled away �2 million.

Victor died in April 2004.The beneficiaries of the life insurance policy are
Victor's two children and his wife.

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Sounds like a homework question rather than a real problem. We usually say DIY to that sort of question.
Stop being lazy and do your own coursework.
maybe if you had stated it's homework and you needed help you would be more inclined to get help. but taking advantage of peoples' hospitality is a no no.

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