McNabb in the News (6/28/06) 3

Senior Principal Douglas McNabb has been quoted by the Independent in an article about the NatWest Three’s pending extradition to the United States.

The UK bankers face seven counts of wire fraud in the US, connected to allegations that they devised a scheme with former Enron executives to defraud the energy giant of $20m, pocketing $7.3m themselves. The US indictment claims the bankers advised NatWest to sell its interest in an Enron business "Swap Sub" for $1m, much less than it was worth, to a vehicle controlled by the executives. It alleges Enron then paid Swap Sub $30m, believing NatWest would receive $20m.

Each count of wire fraud carries a maximum term of five years. Douglas McNabb, a US extradition expert who has testified on behalf of the men, said they would probably get 23 years in prison if they were found guilty.

They are unlikely to get bail and face one to two years in a high-security jail while awaiting trial.^[1]

---

[1] Julia Kollewe, NatWest Three Face Extradition to US After Losing Final Appeal, The Independent, Jun. 28, 2006.