Bank exec plundered elderly couple’s savings
A banking executive plundered $76,500 from the life savings of an elderly couple and spent it on her own debts.Barbara Tannock, 42, was vice president of Private Banking at Capital G when she stole from Alice and Vorhees Place.She was also operating as a personal financial consultant, and abused that position to plunder the life savings of Mr and Mrs Place, who owned Place’s Place bar in Hamilton.Tannock, a mother-of-two from Southampton, admitted to five counts of theft at Supreme Court yesterday. She appeared calm and composed as she did so, although she is now facing the prospect of prison.Mrs Place, 86, had been set to give evidence as the main witness for the prosecution, but was spared that ordeal when Tannock pleaded guilty before the trial began.Mr Place died in August 2009 aged 93, during the period that Tannock was looting his life savings [see sidebar.]Following Tannock’s guilty pleas, prosecutor Garrett Byrne told Supreme Court how the couple fell victim to her crime.“During the course of their lives they put together quite a large amount of wealth through their hard work,” he explained.The couple set up the Westmore Trust to look after their property and money. They met Tannock in 2005 when she was working for HSBC Bank of Bermuda and was appointed as their client relationship manager.She later left that bank and set up her own financial consultancy called Alpha Consulting. The couple agreed to her suggestion that she should become their personal financial consultant.According to Mr Byrne, this position gave her control over Mr and Mrs Place’s bank accounts and ATM cards. When documents needed to be signed, she would put them in front of the couple.The prosecutor said that such was the trust they placed in Tannock, they would often sign documents without reading them. Around the same time, he said, Tannock began to suffer financial problems, having taken out two “very large” mortgages on two homes in Southampton.“She drafted a letter to the trustees of the Westmore Trust asking for $100,000 which she said would be used for the topping up of Mrs Place’s savings account. Mrs Place signed it but has no recollection of it,” explained the prosecutor.One of the trustees, Theresa Simons, queried the transaction. Tannock told her she needed the money to pay medical expenses for Mr Place, who was very ill.The trust was satisfied with this explanation and issued a $100,000 cheque to Tannock. However, rather than spending it on Mr Place’s medical bills, she used it to open an account at Capital G bank in the joint names of herself and Mrs Place.“Mrs Place did sign the account-opening document but has no recollection of doing so,” according to Mr Byrne. Tannock went on to withdraw various sums of money from the account over the period July 2009 to January 2010.According to Mr Byrne, thousands of dollars of the couple’s money went towards paying Tannock’s mortgages on her Southampton properties.“Shortly after Mr Place died she withdrew $12,500. Some she used to pay off her son’s school fees at Warwick Academy which were in arrears, and she put the rest in her own personal Bank of Butterfield account,” said Mr Byrne.She transferred other lump sums from Mr and Mrs Place’s account to her personal account at Capital G.“Mrs Place at no time gave Mrs Tannock permission to make those withdrawals,” said the prosecutor.Tannock, who is the daughter of former Progressive Labour Party Senator Raymond Tannock, pleaded not guilty to five further theft charges totalling $21,500. Mr Byrne asked for those to lie on file.The defendant was bailed by Puisne Judge Carlisle Greaves, who ordered pre-sentence reports.He ordered her to return to court on June 1 for her sentencing date to be set and warned: “You should not take it as an indication that because your bail has been extended, you will not get imprisonment.”The maximum sentence for each charge of theft is ten years in jail.Asked to comment on Tannock’s conduct and to state whether she is still employed by Capital G, a spokesman for the bank replied: “As a matter of policy, Capital G does not typically comment on matters before the court.“The case in question is a personal matter related to Ms Tannock and is in no way related to the internal operations of Capital G Bank. Ms Tannock resigned from Capital G on April 28 2010.”Detective Inspector Ian Tomkins of the Financial Crime Unit said: “Cases of this nature are always difficult to investigate and prosecute, as they almost inevitably involve the misuse of trust given by the victim. The guilty pleas prevented the need for the elderly victim to give evidence,” he noted.Sean Field-Lament of the Financial Crime Unit acknowledged the dedicated work involved in securing the conviction of Tannock: “Detective Constable Paul Fenwick did an excellent job investigating this crime and presented a solid prosecution case which resulted in the guilty pleas.“This case highlights the need for everyone, especially the elderly, to be extra vigilant when handling their savings and to take appropriate advice if they are requested to add signatories to their personal accounts.”Advice from policeThe latest in two recent cases of thefts from elderly people prompted advice from the police.Barbara Tannock pleaded guilty to stealing $76,500 from the late Vorhees Place, and his wife Alice yesterday.The case came just 11 days after sisters Lorraine Smith and Audra-Ann Bean were convicted of senior abuse against their elderly grandmother, Lenice Tucker.They deceived the 87-year-old into adding their names to her bank accounts just days after her 91-year-old sister Lesseline died in July 2010.They then siphoned off almost half a million dollars for their own use.Tannock, Smith and Bean must return to court on June 1 for their sentencing dates to be fixed.Chief Inspector Sean Field-Lament of the Financial Crime Unit said: “My hopes are that these significant results will act as a deterrent for people considering taking advantage of elderly victims.“The successful use of the new Senior Abuse Register Act 2008 should reassure the public of the commitment of the Bermuda Police Service and the Office of the Director of Public Prosecutions to safeguard all of Bermuda’s citizens, no matter their age or circumstance.”He advised: “The Bermuda Police Service strongly recommends the public to think ahead and plan for the future regarding the security of their financial assets.“In particular, it is important to have an estate/business management plan and/or a will in place, administered by trusted family members or friends, in consultation with reputable legal advisers.“It is advisable to do this well in advance, while persons have the ability and presence of mind to responsibly consider all their options.”
Vorhees Place worked hard all his life to become wealthy through business and property, only to have his savings plundered by a woman he trusted as he lay on his deathbed.
Mr Place, who died aged 93 on August 19 August 2009, was one of Bermuda’s most successful businessman and won accolades for his community service.
However, as Supreme Court heard yesterday, the wealth he accumulated was looted by Barbara Tannock, a financial consultant who won his trust in his twilight years [see main story].
Mr Place began his long career in the hospitality industry working as a hotel bartender before going on to work on cruise ships servicing Bermuda.
In 1953 he acquired Dagwood’s on Dundonald Street, later renaming it Place’s Place.
The popular bar still exists today, and Mr Place went on to build his wealth by acquiring various other properties.
He married his wife, Alice, in 1976. He was known for his community service; he was one of the founders of the Leopard’s Club in Hamilton and also helped organise the May 24 Half Marathon Derby.
Mr Place was honoured with a Cablevision Community Service award in 2006.
He and Mrs Place met Tannock in 2005 when she was appointed as their client relationship manager at HSBC Bank of Bermuda.
Supreme Court heard yesterday how she later became their personal financial consultant, at her own suggestion.
She took control of their bank accounts and won their trust to the extent that they would sign banking documents for her without reading them, according to prosecutor Garrett Byrne.
Tannock abused that trust in order to steal tens of thousands of dollars from them.
At one point, when Mr Place was seriously ill, she pretended she was using their savings to buy him a bed that he needed.
However, Mr Byrne told Supreme Court, she rented a bed from the Red Cross instead and directed the money for medical expenses into her own pockets.
Just a month before Mr Place’s death, Tannock stole $13,000 him and his wife.
Just nine days after he passed away, she withdrew a further $12,500 from their account which she used to pay her own debts including two large mortgages and her son’s school fees.
The scam continued until January 2010, by which time Tannock had plundered the couple’s account of a total of $76,500.
She admitted to the crime yesterday and will be sentenced at a later date.
