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Scarborough BS suspends FD

Scarborough Building Society suspended its finance director Gerald Waterworth on February 8 and launched a police investigation into the use of funds totalling.£103,000 from an external bank account held by the society.

It says the account was for administrative expenses, no members&#39 accounts are affected and no other society employees are involved.

Waterworth joined the society as general manager finance in 1993 and was promoted to finance director in December 1997.

Scarborough has assets of £12bn and achieved pre-tax profits of £7m last year.

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