Local News -Lie to Buy sentenced :P

chucky

macaque wrote: »

Listen Tweedly Dum and Tweedle Dee, I am sitting at my computer with a police whistle in my mouth. Don't make me blow it.

a monkey with a whistle, whatever next - are you admitting that you're Graham Poll?

FraudBuster

A MAN who provided mortgage companies with false details in order to build a letting empire, has been jailed for a total of four years and nine months, following a lengthy and detailed investigation by Hertfordshire Constabulary

http://www.herts.police.uk/crimedatabase/site/content.php?article_id=5762

harryhound

silvercar wrote: »

Blaming one person guilty of mortgage fraud for wrecking the world economy is like hanging a kid for stepping on a mass murderer's big toe.

We are talking about "Lie to Buy".
"Obtaining pecuniary advantage by deception".

There are hundreds of thousands who have done it, probably aided and abetted by mortgage brokers.

There are dozens of banks who over lent and failed to do the "due diligence".
They thought they had a gambling subsidiary who could package up the toxic mess and make it someone else's problem. Lloyds insurance used to work like that 30 years ago and bankrupted lots of wealthy people.

There is at least one government, who thought buying everything on the never never (otherwise called PFI) and dumping the debts on future generations, was a good way to avoid taxing and get re-elected.

Even Mandleson, the king of spin, has been caught out sayibng UK Plc is in danger of a downward spiral

But nobody is to blame?!?

Don't let the facts spoil a good story.

Harry.

FraudBuster wrote: »

http://www.herts.police.uk/crimedatabase/site/content.php?article_id=5762

It is interesting to see that he was investigated for fiddling his speeding camera offences. I would feel a lot happier, and so would UK Plc. creditors owed billions upon billions by the rest of us, if this crook had be caught by UK Plc's superb Swiss like, or even USA like attitude to the crime of fraud.
As it it an unholy alliance of the banks and the police and the government playing the "don't rock the boat" card, is likely to wreck the UK's reputation as a safe place for a financial services industry.
Bye Bye goes 10 percent of our GDP. Financial services can be offered from anywhere in the world with an honest currency and an honest population backed up by an effective financial police force.

Kenny4315

headline News

Gordon Brown To Bolster The Economy By Building Lots Of Prisons.

JanCee

Kenny4315 wrote: »

headline News

Gordon Brown To Bolster The Economy By Building Lots Of Prisons.

This is happening near me. Land that was originally intended for office/business use is now under consideration for a bl**dy great big prison.

dopester

Was just reading a recent edition of "The Lawyer" (12th January 2009)

A couple of snippets.

THE LEGAL fallout from the economic crisis will be more severe for professional advisers than ever before, professional indemnity lawyers have warned.

It comes as The Lawyer revealed that scores of firms, including Eversheds and Fladgate Fielder, are facing professional negligence suits from disgruntled clients (The Lawyer, 5 January).

“In the last recession developments in law were driven by the property crash, with a high number of mortgage fraud cases being brought against firms,” says Blake Lapthorn partner Richard Portlock.

“Life has moved on in the last 15 years and the way clients use professional advisers has changed. Sophisticated organisations use professionals on a broader consultancy basis – therefore there’ll be a lot of fights about who’s at fault.”

The Nationwide Building Society has launched claims against Eversheds and Browne Jacobson relating to major mortgage fraud in the residential property sector.

“There is masses of mortgage fraud out there, particularly in the buy-to-let sector,” says BLG partner Richard Harrison.

“Landlords are desperate and in real trouble.”

In the commercial property sector, where claims volumes will typically be lower but values significantly higher, claims are also beginning to emerge.

Page 24 (back page)
http://cde.cerosmedia.com/1N496b0de750d3a012.cde/page/24

dopester

I thought the judge's name sounded familiar. He sat on that trial which got a lot of press coverage, where the mum's encouraged their toddlers to fight whilst filming it, a while back.

Also that one not so long ago - and mentioned here or at the other place - where the boyfriend did a load of violent damage to his willing girlfriend's leg, and filmed it, so they could make a fraudulent £100K claim against the council for a wall toppling on her. And loads of others too, that really are not pleasant at all.

So, for this case:

Judge Francis Gilbert QC said Stephens, who changed her plea to guilty on the morning of her trial, had been "thoroughly dishonest", adding: "Dishonesty is to be deterred and deplored." He said her offences must be marked by custody, imposing two concurrent eight-month prison sentences suspended for two years.

Times-a-changing with circumstance and events? A deeper understanding how lying for a larger loan can cause epic-scale damage? Only going back a few months before the raging storm hit Northern Rock, he seemed to also dish out a lot of stick to the lenders themselves.

16 Apr 2007
Fraud and forgery – cautionary tales lenders need to heed

L&E accepted the claim and paid out the full value of the loan (plus accrued interest) less than six months later under its 'six months cure or pay promise'. A year after pay-out to the lender L&E is still awaiting resolution of this claim.

We would absolutely support the need for robust identification systems combined with title insurance in the fight against mortgage fraud – it is not a victimless crime.

A rather spine-chilling story I came across of one judge's estimation of a lender in a recent case of mortgage fraud, will, I am sure, give rise to some understandable concern among the lender community.

In January this year, a man who illegally borrowed more than £200,000 by faking his wife's signature, avoided paying compensation after a judge decided lenders "brought it upon themselves".

As reported in a number of newspapers, Mr Page of Devonport was given a 12-month jail sentence suspended for two years.

He had pleaded guilty to two charges of obtaining a mortgage by deception. Judge Francis Gilbert QC said he had "no sympathy whatsoever" for mortgage companies "foolish" enough to lend money without thoroughly ensuring applications are genuine.

Fraud is of particular concern for those lenders seeking to slim down and speed up their processes as much as possible, and particularly as the property market starts to soften – borrowers experience more difficulty meeting repayments, lenders take a hard look at their book of loans, experience more arrears, and start seeing that the homework and paperwork has not always been as thorough as it ought to have been.

In light of current economic predictions and with lenders looking to speed their processes up to compete with each other it is likely the level of claims in this area will increase, and lenders must ensure they are adequately protected.

Chris Taylor
Chief executive
London & European

Full article: http://www.mortgagesolutions-online.com/public/showPage.html?page=442487

If the guy had funds left over from the £200,000 fraud with which to pay compensation - but wasn't ordered to repay.. a suspended jail sentence - well perhaps I've been stupid in my honesty and should have feasted in the debt and fraud party with so many others.

davilown

Yes its illegal to obtain funds by lying but I hope that the mortgage company and broker are made to pay for the court costs. Their mistakes were made by not ensuring the the applicant actually did earn x amount. They took the loan on out of greed and as far as I'm concerned, greed is a greater crime than fraud (although the two commonly come as one).

Debtor's prison? I think it's time to bring it back!

silvercar

greed is a greater crime than fraud

Depends how you define greed.

Is a second hob-nob greed?

A plasma TV?

Cruise on the Med?

A bigger house?

CHR15

davilown wrote: »

Their mistakes were made by not ensuring the the applicant actually did earn x amount.

But isn't that the whole point of a Self Cert Mortgage?

For people who have difficulty in proving their income (e.g the Self Employed) which may be very irregular?

I agree there should be a mechanism in place for everyone to be able to house themselves, even those whose working (and income) patterns are different from the norm.