Criminal Mortgage Broker

dunstonh

Because he was our financial adviser/insurance broker/pensions adviser etc ,,

No he wasnt. I just checked his permissions on the FCA register and he was a mortgage and insurance adviser. Not a financial adviser and not authorised or regulated to deal in savings, investments or pensions. Indeed, his company name even verifies that is it only mentions mortgages and insurance.

Effectively, you have been a victim of fraud by an unregulated individual in the areas in question. He has the same permissions to take money off you as your postman or window cleaner has. ie none

I don't know what protection exists for activities carried out by an unregulated individual committing fraud.

holly_hobby

This is truly awful, but neither the mortgage lender, nor any finanical institution are at fault or culpable in this matter.

This means that if you stop paying your mortgage, you will eventually have the house made the subject of a possession order, whilst destroying your credit record for the next 6 yrs - and will always have to disclose of this repossession in requested, in any future mge/financial application - regardless of the time that may have passed, or the reason for the default. So whilst it may not suit, you must continue to service your mge.

What I would ask, is what is being done to trace and recover assets and funds under the Proceeds of Crime Act, in relation to the finanical loss suffered by you and his other "investors" ?

Hope this helps

Holly

Paul_Plumber

dunstonh wrote: »

No he wasnt. I just checked his permissions on the FCA register and he was a mortgage and insurance adviser. Not a financial adviser and not authorised or regulated to deal in savings, investments or pensions. Indeed, his company name even verifies that is it only mentions mortgages and insurance.

Effectively, you have been a victim of fraud by an unregulated individual in the areas in question. He has the same permissions to take money off you as your postman or window cleaner has. ie none

I don't know what protection exists for activities carried out by an unregulated individual committing fraud.

He began his fraud with us back in 2002 with our regular savings, he talked us into remortgaging our home for cash investment, he swindled our mortgage money in 2006 , his FSA registration criteria changed through years, it is not unusual to trust and hand over authority to your financial adviser with regards accounts etc

Paul_Plumber

Lets not forget that the building society paid him a sum of money for mortgage he arranged for us and then stole !
The criminal broker is hiding behind his Mock Tudor Mansion doors which are frequently visited by court officials bearing papers to serve, he never answered the door! He is a man of straw everything hocked leased borrowed etc,, Walter Mitty'esc character who lived a life we all paid for, we are not alone with over fifty others conned ! Wish us luck !

holly_hobby

The mge lender paid him a procuration fee for arranging the mge,, which you completed and agreed to submit - all quite normal and within the law, as despite him being a cad he WAS a registered and regulated mortgage adviser, as Duns has verified for you.

The bottom line is neither the lender nor the bank he produced fake statements for, have any liability in this matter - this lies solely between you and him, you received the funds, you gave the funds to him to invest and he did otherwise.

As I have asked, what is being done to sieze and recover assets under criminal recovery ? (although if as you say he lived beyond his means, and owes every b*gger, you may be lucky to see any of it back)

Wish you well

Holly x

Paul_Plumber

holly_hobby wrote: »

The mge lender paid him a procuration fee for arranging the mge,, which you completed and agreed to submit - all quite normal and within the law, as despite him being a cad he WAS a registered and regulated mortgage adviser, as Duns has verified for you.

The bottom line is neither the lender nor the bank he produced fake statements for, have any liability in this matter - this lies solely between you and him, you received the funds, you gave the funds to him to invest and he did otherwise.

As I have asked, what is being done to sieze and recover assets under criminal recovery ? (although if as you say he lived beyond his means, and owes every b*gger, you may be lucky to see any of it back)


Wish you well

Holly x

The police are in charge of that but we all reckon he's got nothing !
Criminal proceeds go to the Crown we are led to believe. One of our group paid for a deep search conducted by a forensic accountant (land registry, company house etc) he came up clean but empty but may be some equity in his home in region of 200k
He owes so far 2.8 million and the amount is rising. He was a senior Labour Party member in north west Durham and they are all running scared so the true amount will never be known, particularly about his offshore scam...

dunstonh

Paul_Plumber wrote: »

He began his fraud with us back in 2002 with our regular savings, he talked us into remortgaging our home for cash investment, he swindled our mortgage money in 2006 , his FSA registration criteria changed through years, it is not unusual to trust and hand over authority to your financial adviser with regards accounts etc

He was not a financial adviser. He was a mortgage adviser. When the fraud started, he had no permissions for financial advice/investment class business. So, whilst it is normal to trust a financial adviser with investments, financial advisers would have issued documentation to you that states you make the cheque payable to the provider. Not the adviser or adviser firm. You are a victim of fraud by this person but the person didnt actually have the permissions to do what he did. You fell victim to this individual because you thought he was someone who he was not.

Lets not forget that the building society paid him a sum of money for mortgage he arranged for us and then stole !

Which doesnt make the lender liable for you handing a cheque over payable to someone committing a fraud.

Now, there is a potential area that may apply. If the mortgage advice was documented to borrow money to invest that money then that almost certainly would be considered bad advice. Firstly a mortgage adviser cannot give that sort of advice and secondly, it is just the wrong thing to do. So, the PI insurer may have to consider a complaint on that basis. If there is no PI insurer and there are no assets to pay a complaint then the FSCS may consider it. That is unless borrowing to invest was your idea.

holly_hobby

I doubt that the mge application states the rmge & equity release was for investment purposes Duns., which in general is not permissible (notwithstanding the pch of a 2nd property, BTL/holiday home etc), and even so, it doesn't equate that the mge introducer would also be the indvidual administering and managing the monies released for the "investment".

As long as he was a registered and authorised mge adviser at POS/submission, and the reason for rmg was acceptable, thats where the lender will argue their regulatory responsibility, re their contact with him and any recommendation/advice, ceases.

The only route IMHO for our OP is via criminal proceeds action, which given the scale of the scheme compared to the actual value of located and siezed assets and funds, may unfortunately never recoup their actual loss.

Like all schemes of this nature, the promise of high returns for little risk seems to good to be true not to invest, unfortunately thats because sadly it is .....

My heart goes out to you, even though you (and others) made it relatively easy for him, you weren't to have known what checks you should have made or how investment deposits are administered .... hoping that there is something in the pot for you and your fellow "investors".

Holly x

dunstonh

As long as he was a registered and authorised mge adviser at POS/submission, and the reason for rmg was acceptable, thats where the lender will argue their regulatory responsibility, re their contact with him and any recommendation/advice, ceases.

Absolutely agree that the lender has no liability. However, I was wondering whether the mortgage adviser via their PI insurer would be for bad mortgage advice.

GMS

dunstonh wrote: »

Absolutely agree that the lender has no liability. However, I was wondering whether the mortgage adviser via their PI insurer would be for bad mortgage advice.

If the adviser had planned this meticulously I doubt he would leave himself open to questioning from the lender. Raising finance for speculative purposes would mean no mortgage and no end result.

Probably find 'home improvements' on the app form