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NatWest Three face jail

29/11/2007

Three former NatWest bankers extradited from Britain to face fraud charges are expected to serve over three years in prison after securing a plea bargain.

The so-called NatWest Three will serve 37 months in jail if the deal is approved by a judge in Houston, Texas.

David Bermingham, 44, Gary Mulgrew, 45, and Giles Darby, 45, have admitted guilt to one charge of wire fraud after being extradited to the US in July last year.

The proposed jail time is significantly less than the 35 years in prison reports had suggested they faced.

Prosecutors claimed that the three men advised their former employer NatWest to sell part of a company owned by Enron for less than it was worth in 2000.

They subsequently left the bank, after which it is claimed they bought a stake in the company in question and sold it on at a significantly higher price, allegedly sharing $7 million (£3.4 million) in profit.

The three men, who had previously denied the allegations, fought an extradition battle for two years before finally being sent to the US to face trial.

A new treaty drawn up between Britain and the US in 2003 allowed the defendants to be extradited under a new fast-track system.