Beatles Escaped Fraud Prosecution09 November 2006
Beatles Escaped Fraud Prosecution
The Bank of England decided to turn a blind eye on the former Beatles, despite them flouting strict laws on money transfers in the 1970s.
According to new documents released this week (ends10NOV06), Lennon and Harrison's affairs were investigated by the Bank due to the tight regulations of the time, after payments of GBP300,387 ($572,828) and various loans appeared in the stars' accounts.
But Bank staff were allegedly too starstruck to follow up investigations on the two men, report's British newspaper The Guardian.
Under British law, limits were imposed on the movement of money in and out of the UK, which the Beatles stars broke.
However the Bank ignored the offences, deeming them too minor to prosecute.
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