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, now believed to be over 70 years old, is reportedly a serial vexatious litigant and benefit fraudster, and he is currently 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. An active "no bail bench warrant" issued by Ipswich Magistrates' Court for Smith's arrest has been outstanding for over a year.
This investigation reveals a complex web of deceit and alleged ties to individuals with questionable immigration status.
Network of Connections
Further investigations have revealed Smith's close links to East Africa, particularly to a Kenyan individual identified as Ben Mungai, who is allegedly an illegal UK immigrant. The nature of this association and its potential connection to Smith's alleged fraudulent activities is a key focus of ongoing inquiries.
Confession to Security Guard
Adding to the evidence against Smith, Financial Fraudster News has obtained an affidavit from Jamie Kirk, a security guard at Wood Green Library in London. In this sworn statement, Kirk details disclosures made to him by Smith, allegedly revealing the extent of Smith's fraudulent offending.
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 solicitors, barristers, and paralegals for legal support and services were fraudulent, simply because his legal claims were ultimately unsuccessful in court.
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 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 "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.
Ongoing Investigation
The fact that Smith remains at large, despite an outstanding arrest warrant, raises serious concerns about the effectiveness of law enforcement efforts to bring him to justice. 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.
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 1_David Smith_Summons March 2024.pdf | [Smith March 2024 Court Smmons] | 42 kB |
