Financial Fraudster News has uncovered a disturbing pattern of alleged fraudulent activity perpetrated by a retired Royal Air Force (RAF) engineer, David Richard Smith, who stands accused of manipulating UK banking systems to target legal professionals. Smith, 70, is reportedly a serial vexatious litigant and benefit fraudster and is now on the run from police, having failed to appear at Ipswich Magistrates' Court on March 8, 2024, to face charges of perverting the course of public justice and fraud.
This investigation reveals a complex web of deceit, with Smith alleged to have exploited banks' fraud protocols to unjustly target solicitors, barristers, and paralegals.
Banks Accused of Aiding and Abetting Fraud
Lloyds Banking Group Plc and the Cooperative Bank Plc are facing serious accusations of aiding and abetting Smith in his alleged scheme. Smith purportedly claimed that historical payments made to legal professionals for services rendered were fraudulent, simply because his legal claims were ultimately unsuccessful.
Financial Fraudster News investigations reveal that Lloyds Banking Group Plc, through their lawyers Cameron McKenna Nabarro Olswang and senior associate Ruth Greening, and the Cooperative Bank Plc, were presented with compelling evidence that Smith's fraud allegations were malicious, fabricated, and founded in criminality. Despite this, the banks acted on Smith's demands, resulting in the unjust and immediate suspension of the accounts of honest and hardworking individuals, causing them significant hardship, particularly during the unprecedented challenges of the COVID-19 pandemic and subsequent lockdowns.
A "Greedy Liar"
Financial Fraudster News investigations spoke with Smith’s estranged wife, Senait Woldetsadik, who did not hold back in her assessment of his character, branding him a "disgraceful, greedy liar." Her statement lends further credence to the assertion that Smith acted dishonestly and with malicious intent.
Abuse of Process
Instead of pursuing legitimate complaints with the service providers, Smith allegedly weaponized the banks' fraud policies, demonstrating a flagrant disregard for due process and the principles of fair dealing. Legal professionals who have worked with Smith, including his own power of attorney, paralegals, barristers, and solicitors, have reportedly been compelled to initiate separate legal actions against him and the banks that unwittingly facilitated his scheme.
Witness Claims Smith Attempted to Pervert Justice
This news outlet has obtained a witness statement from a source, referred to as "Captain" to protect their identity, which contains explosive allegations. "Captain" is prepared to testify in court that Smith attempted to persuade him to pervert the course of justice by providing false testimony that he had been defrauded by his power of attorney.
Sham Marriage and Benefit Fraud Allegations
The investigation has also uncovered serious allegations regarding Smith's personal conduct. He is accused of entering into a sham marriage with his much younger Ethiopian wife, Woldetsadik, in order to breach immigration controls. Furthermore, Smith and Woldetsadik allegedly used fraudulently obtained state benefits to finance the construction and shared use of an exclusive holiday home in Ethiopia, effectively defrauding UK taxpayers.
Ongoing Investigation
Financial Fraudster News will continue to investigate these deeply concerning allegations and provide updates as the story develops. The actions of David Richard Smith, and the alleged complicity of Lloyds Banking Group Plc and the Cooperative Bank Plc, raise serious questions about the integrity of the UK financial system and its vulnerability to exploitation by determined fraudsters. This case highlights the potential for abuse of bank fraud policies and the devastating consequences for innocent individuals caught in the crossfire.
Related Article:
 1_David Smith_Summons March 2024.pdf | [Smith March 2024 Court Smmons] | 42 kB |
