BMW Worker Who Stole Was Deemed 'Low-Risk,' HSBC Says

Law360, London (February 4, 2019, 4:58 PM GMT) -- HSBC Bank PLC has refuted accusations that it failed to stop a former BMW account manager, who had been deemed a low risk for money laundering, from stealing nearly £6 million from a plant in the U.K., instead pinning the blame on the automaker for not catching onto the fraud.

The bank has said that it wasn't responsible for uncovering and preventing a former BMW Hams Hall Motoren GmbH employee Johannes Franciscus Franken from siphoning some £5.9 million ($7.7 million) from the U.K. BMW subsidiary between September 2011 and December 2015. About £1.4 million has been confiscated by U.K. authorities.

In a...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS