Two RBS bankers have walked away from a £3m property fraud without having to complete jail time because the judge believes they have already "suffered" as they were "embarrassed" by the incident.
Raymond Pask, 54, and his employee Andrew Ratnage, 50, established a series of fake companies in the names of Pask's relatives so they could apply for mortgages to buy and renovate homes and then sell them for a profit.
The loan applications were submitted to the bankers' employers so they could pass it without drawing attention to themselves.
The bankers, who both earned in excess of £100,000 a year, managed to ascertain loans totalling £3m over a five-year period from 2005.
With the loans, they managed to buy three properties in London, one in Essex and another in Kent.
It has taken since 2010 for the case to come to court, by which time the bankers have managed to repay the loans to RBS, which Judge Rebecca Poulet QC said, along with the embarrassment they have expressed, is punishment enough.
She said: "I accept that it was not your intention to cause loss to the bank. I accept you intended at all times for the money to be repaid and it has been fortunate the bank has not suffered.
"I have no doubt that both of you have suffered in the time it has taken this case to come to court."
Pask has had to deal with a failed marriage in this time and he has had his pension pot reduced to £120,000 – he claims he is now "financially ruined".
Meanwhile, Ratnage has suffered from poor health including diabetes.
Judge Poulet continued: "You were in effect greedy. You were acting in a breach of trust. It was sophisticated and sustained and to an extent involved others – the nominees of the companies.
"The public must be discomforted by hearing the details of your criminal conduct. But it did not involve loss to your employers and the actual risk was at least limited.
"You have expressed shame and embarrassment at what you have done - as well you might."
Ratnage received a 20-month sentence suspended for two years and 300 hours community service, while Pask was given an 18-month suspended sentence and 250 hours of community service.