Disgraced Enron-scandal banker runs Hove pub

Gary Mulgrew Gary Mulgrew

A former banker jailed for his part in one of the biggest financial scandals in living memory is rebuilding his life running a Hove pub.

Gary Mulgrew was one third of the so-called NatWest Three who spent 37 months in a United States prison after becoming implicated in the multi-billion dollar collapse of energy firm Enron.

Two years on from his release, the 50-year-old is working and living in Brighton and Hove. He is focusing his attentions on two pubs in the city, being a single parent to his son and his search for his teenage daughter who was taken to Tunisia by his ex-wife six years ago.

US prosecutors claimed the trio co-ordinated the sale of NatWest holdings in Enron-related investments in an off-the-books partnership with an energy firm’s chief financial officer, Andrew Fastow, which allowed the firm to hide its liabilities. Allegedly the trio made $7.3 million from the deal.

In July 2006, following long extradition battle with the US, they agreed a plea bargain which saw them serve 37 months in a US jail.

The Glasgow-born father-of-two says that the trio were punished for their naivety as the only ones who came forward and volunteered information even before Enron went bankrupt.

But he says that he has not allowed the bitterness and anger to take control of him. He is determined to be there for his 16-year-old son Calum who he was away from for four years and to find his daughter Cara Katrina who he has not seen in six.

He has told his extraordinary tale in a prison memoir, Gang of One, which is now available in paperback and he is working on turning the book into a screenplay for a major Hollywood film.

Mr Mulgrew plans to pour all the money earned from the book into child abduction charity Reunite. He says that all the book and film work is aimed at helping find his daughter.

He said: “I just want her to know she was missed and that she was loved.

“Most parents would find it difficult being away from their children for a month and I’ve not seen her in six years.”

Mr Mulgrew served more than three years in the Big Springs prison in Texas surrounded by gang members and violent prisoners.

He said: “I’m not a brave guy, I’m not a tough guy, I just had to get home for my son.

“Weirdly, I think it gave me more confidence because I did survive it.”

Having previously owned bars in London, he now co-owns the Brighton Rocks Bar, Rock Place, and the Noble House in Portland Road, Hove, which opened about six months ago following a refurbishment costing more than £200,000.

He says a lot of people who come into the pub know about his background and are understanding about what he went through.

He said: “Brighton is such a great place, such a great mixture of people and very accepting.

“At the time I was depicted in the press as a posh, rich banker even though I’m a working-class guy from Glasgow.

“They slaughtered us, they |wrote about us like we were already guilty.

“I’m not that unusual here, many people have a story to them.”

Comments(25)

Fight_Back says...
11:22am Tue 30 Oct 12

Good on Gary for picking up his life. The US legal system is one of the most corrupt on the planet in that only the very rich can ever hope to get a fair trial. The British Government should hang it's head in shame that it works hand in glove with the Americans.

John Steed says...
12:22pm Tue 30 Oct 12

Fight_Back wrote:
Good on Gary for picking up his life. The US legal system is one of the most corrupt on the planet in that only the very rich can ever hope to get a fair trial. The British Government should hang it's head in shame that it works hand in glove with the Americans.
well put, he is also an inspirational and motivated character

Jimmy Stewart's Imaginary Rabbit says...
1:34pm Tue 30 Oct 12

Fight_Back wrote:
Good on Gary for picking up his life. The US legal system is one of the most corrupt on the planet in that only the very rich can ever hope to get a fair trial. The British Government should hang it's head in shame that it works hand in glove with the Americans.
Well if he made 7.3 million he should be rich enough even for American justice!

But no, that's a cheap joke and broadly I agree with you.

AmboGuy says...
2:15pm Tue 30 Oct 12

As long as he serves a good Guinness his past doesn't bother me at all!

Brighton Bill says...
2:39pm Tue 30 Oct 12

Quote, the US legal system is corrupt, that's a joke, the British Bankers are not far behind them, they are the ones who have wrecked this Country.

Brighton Bill says...
2:40pm Tue 30 Oct 12

Quote, the US legal system is corrupt, that's a joke, the British Bankers are not far behind them, they are the ones who have wrecked this Country.

george smith says...
3:47pm Tue 30 Oct 12

Brighton Bill wrote:
Quote, the US legal system is corrupt, that's a joke, the British Bankers are not far behind them, they are the ones who have wrecked this Country.
totally agree, they were bailed out with our money and they still do as they like, bonuses and the like

banargustrolls says...
4:48pm Tue 30 Oct 12

"to find his daughter Cara Katrina who he has not seen in six."

Come on Southampton subs..

tinker000 says...
5:43pm Tue 30 Oct 12

Fight_Back wrote:
Good on Gary for picking up his life. The US legal system is one of the most corrupt on the planet in that only the very rich can ever hope to get a fair trial. The British Government should hang it's head in shame that it works hand in glove with the Americans.
Not only the legal system but along with the corrupt USA general government /life style.

Cash Bull says...
5:53pm Tue 30 Oct 12

Served his time and obviously got out of it with some money to spare. Good Luck to him.

All lefties Smell says...
6:40pm Tue 30 Oct 12

Banks are wrecking this world, they are caught up in a greed cycle of money and worth. How much bonus will I get this month if I manipulate the price of oil or grain. I can be a millionaire and live in a big house at the expense of the worlds resources and the little man who has to suffer their greed. They will tell you another story of course and some will probably tell you to your face that they just don't care. I don't know this mans story but he and his type are guilty alright.

Hoarder12345444 says...
10:18pm Tue 30 Oct 12

Which pub does he actually run?

Brighton Bill says...
10:25pm Tue 30 Oct 12

Hoarder12345444 wrote:
Which pub does he actually run?
Brighton "Rocks Bar" Rocks Place Kemp Town and "Noble House" Portland Road Hove.

Capt. Sensiblé says...
12:02am Wed 31 Oct 12

All lefties Smell wrote:
Banks are wrecking this world, they are caught up in a greed cycle of money and worth. How much bonus will I get this month if I manipulate the price of oil or grain. I can be a millionaire and live in a big house at the expense of the worlds resources and the little man who has to suffer their greed. They will tell you another story of course and some will probably tell you to your face that they just don't care. I don't know this mans story but he and his type are guilty alright.
sounds familiar...the ones who are brave enough to go against the mob are usually shunted out of the organisation...I was a banker for a spell, and I can tell you the whole financial services industry is rife with corruption, greed and willful ignorance

ShorehamBeachcomber says...
6:24am Wed 31 Oct 12

Hoarder12345444 wrote:
Which pub does he actually run?
Used to be the Golden Cross

Jimmy Stewart's Imaginary Rabbit says...
10:37am Wed 31 Oct 12

ShorehamBeachcomber wrote:
Hoarder12345444 wrote:
Which pub does he actually run?
Used to be the Golden Cross
Ah thanks. Know where it is now. (Off topic but why DO pubs change their names so that no one knows the place you're talking about and thus where to find them. Don't they want any customers?)

doggle says...
11:24am Wed 31 Oct 12

Thanks for the heads-up. Two pubs I shall never visit again.

Brighton Bill says...
1:01pm Wed 31 Oct 12

Jimmy Stewart's Imaginary Rabbit wrote:
ShorehamBeachcomber wrote:
Hoarder12345444 wrote:
Which pub does he actually run?
Used to be the Golden Cross
Ah thanks. Know where it is now. (Off topic but why DO pubs change their names so that no one knows the place you're talking about and thus where to find them. Don't they want any customers?)
On Portland Road Hove.

Brighton Bill says...
1:01pm Wed 31 Oct 12

Jimmy Stewart's Imaginary Rabbit wrote:
ShorehamBeachcomber wrote:
Hoarder12345444 wrote:
Which pub does he actually run?
Used to be the Golden Cross
Ah thanks. Know where it is now. (Off topic but why DO pubs change their names so that no one knows the place you're talking about and thus where to find them. Don't they want any customers?)
On Portland Road Hove.

Man in the High Castle says...
4:23pm Wed 31 Oct 12

Folks, if you have any sympathy for this gentleman, then y'all are the latest to be duped by a convicted swindler and con artist. You would feel differently if you knew one of the tens of thousands, as I do, whose lives were affected by either losing their job at Enron and/or their retirement savings held in Enron stock.

Think about your circle of family, friends, and acquaintances and tally those impacted by the current financial crisis. Recognize that the actions of those involved in the Enron con game went beyond the incompetence and skirting the rules responsible for the crisis and ventured into outright theft that came at the expense of all the "little people" just like you that earn an honest living each day and try to put something aside for their golden years.

Whatever flaws exist in the American justice system, I can assure you that one is not that privileged, rich, white men are too frequently held to account for their actions. In fact, my opinion is that these so called white collar criminals get off way too easy and that Gary Mulgrew should still be doing hard labor under the West Texas sun, given how many people were ripped off in this scheme. It offends me that he apparently retained enough of his ill-gotten gains to start anew in better financial shape than likely everyone whose lives were affected.

There is no claim of innocence in this article. Just some whining about unfair punishment. So, rather than view Mr Mulgrew as the victim in this affair, you should recognize him for what he is. A thief.

Hove Actually says...
10:26pm Wed 31 Oct 12

ShorehamBeachcomber wrote:
Hoarder12345444 wrote:
Which pub does he actually run?
Used to be the Golden Cross
Used to be the Golden cross, then it was the Jamaica inn now it's the Noble House

You cannot polish a t**d

Fairfax Sakes says...
10:15am Thu 1 Nov 12

Man in the High Castle wrote:
Folks, if you have any sympathy for this gentleman, then y'all are the latest to be duped by a convicted swindler and con artist. You would feel differently if you knew one of the tens of thousands, as I do, whose lives were affected by either losing their job at Enron and/or their retirement savings held in Enron stock.

Think about your circle of family, friends, and acquaintances and tally those impacted by the current financial crisis. Recognize that the actions of those involved in the Enron con game went beyond the incompetence and skirting the rules responsible for the crisis and ventured into outright theft that came at the expense of all the "little people" just like you that earn an honest living each day and try to put something aside for their golden years.

Whatever flaws exist in the American justice system, I can assure you that one is not that privileged, rich, white men are too frequently held to account for their actions. In fact, my opinion is that these so called white collar criminals get off way too easy and that Gary Mulgrew should still be doing hard labor under the West Texas sun, given how many people were ripped off in this scheme. It offends me that he apparently retained enough of his ill-gotten gains to start anew in better financial shape than likely everyone whose lives were affected.

There is no claim of innocence in this article. Just some whining about unfair punishment. So, rather than view Mr Mulgrew as the victim in this affair, you should recognize him for what he is. A thief.
Thats fine, except you missed out one important point: you're a complete moron. Put your petty bitterness aside for whatever failings your own life has by trying to blame others.
The gist of this story is of someone who was a criminal, done their time and is trying to get their life back on track. No one is saying they feel sorry for this guy, but if you think the principle of punishment and redemption should not exist, then every single human would be behind bars. Now get back to work please, those roads aren’t going to sweep themselves

Fairfax Sakes says...
10:15am Thu 1 Nov 12

Man in the High Castle wrote:
Folks, if you have any sympathy for this gentleman, then y'all are the latest to be duped by a convicted swindler and con artist. You would feel differently if you knew one of the tens of thousands, as I do, whose lives were affected by either losing their job at Enron and/or their retirement savings held in Enron stock.

Think about your circle of family, friends, and acquaintances and tally those impacted by the current financial crisis. Recognize that the actions of those involved in the Enron con game went beyond the incompetence and skirting the rules responsible for the crisis and ventured into outright theft that came at the expense of all the "little people" just like you that earn an honest living each day and try to put something aside for their golden years.

Whatever flaws exist in the American justice system, I can assure you that one is not that privileged, rich, white men are too frequently held to account for their actions. In fact, my opinion is that these so called white collar criminals get off way too easy and that Gary Mulgrew should still be doing hard labor under the West Texas sun, given how many people were ripped off in this scheme. It offends me that he apparently retained enough of his ill-gotten gains to start anew in better financial shape than likely everyone whose lives were affected.

There is no claim of innocence in this article. Just some whining about unfair punishment. So, rather than view Mr Mulgrew as the victim in this affair, you should recognize him for what he is. A thief.
Thats fine, except you missed out one important point: you're a complete moron. Put your petty bitterness aside for whatever failings your own life has by trying to blame others.
The gist of this story is of someone who was a criminal, done their time and is trying to get their life back on track. No one is saying they feel sorry for this guy, but if you think the principle of punishment and redemption should not exist, then every single human would be behind bars. Now get back to work please, those roads aren’t going to sweep themselves

the wall_ says...
10:17am Thu 1 Nov 12

you're right "hove" you can't polish a terd but by jove i've tried!! lol

but you've got to admire gary for trying his best .. there's enough simple simons around who just would not bother trying to make a go of it as gary is doing

it's bull to label gary a bad or nasty person .. he did wrong and paid for it with no help from the blair regime at the time!

some people go to the wall and never recover from what he and the others went through .. but i'm guessing he will make good and prove a lot of people wrong!

i'll have a wonderful drunken time the next time i'm down in hove at the rocks! lol

Barquentine says...
11:25pm Thu 1 Nov 12

'Having previously owned bars in London, he now co-owns the Brighton Rocks Bar, Rock Place, and the Noble House in Portland Road, Hove, which opened about six months ago following a refurbishment costing more than £200,000.'

So they let him keep the money he nicked then ? that was nice of them.

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