Lie-to-Buy Mortgage Brokers & the FSA.

MissMoneypenny

silvercar wrote: »

So he gets to keep the money and doesn't go to prison. Hmm and crime doesn't pay???

I don't know how much he made from his little deals, but I should imagine he would rather pay the money back with a fine, instead of having a criminal record for fraud on his name.

FraudBuster

FSA bans four more brokers for mortgage fraud as the Tribunal dismisses broker’s appeal

FSA/PN/038/2011
19 April 2011
The FSA has banned four mortgage intermediaries and imposed fines totalling £450,000 for knowingly using misleading and inaccurate information to secure mortgages.

Continued:

http://www.fsa.gov.uk/pages/Library/Communication/PR/2011/038.shtml

kingstreet

I sometimes look through the FSA's prohibited persons list in a fit of morbid curiosity and good ole Roger Levitt is still there nearly twenty-five years on. Takes me back a bit that does. One or two others probably remember that fiasco. Dunston? Dunston?

Senior_Paper_Monitor

and he's really worried about it !

........ http://www.thisislondon.co.uk/news/article-402210-oh-no-look-whos-back-in-business.do

kingstreet

Senior_Paper_Monitor wrote: »

and he's really worried about it !

........ http://www.thisislondon.co.uk/news/article-402210-oh-no-look-whos-back-in-business.do

In-effing-credible!

You're going to tell me Peter Clowes is a respectable figure in another part of the world now, aren't you? :eek:

Jojo1daffy

Interesting thread!
To add to the Gallery of Horrors....
http://www.fsa.gov.uk/pubs/final/grace_ukala.pdf

I come across this woman's handiwork so often I know her handwriting....... interestingly, she was fined £100k but was given a discount because she paid £70k cash..?! Is that how it works with fines??

FraudBuster

kingstreet wrote: »

In-effing-credible!

You're going to tell me Peter Clowes is a respectable figure in another part of the world now, aren't you? :eek:

And that Robert Maxwell walks on water.

FraudBuster

Jojo1daffy wrote: »

Interesting thread!
To add to the Gallery of Horrors....
http://www.fsa.gov.uk/pubs/final/grace_ukala.pdf

I come across this woman's handiwork so often I know her handwriting....... interestingly, she was fined £100k but was given a discount because she paid £70k cash..?! Is that how it works with fines??

She has a 11 year Bankruptcy Restriction undertaking:

http://www.insolvency.gov.uk/databases/ddirector/viewbrobrudetailsmore.asp?courtnumber=6508442009

poppy10_2

http://www.thamesvalley.police.uk/newsevents/newsevents-pressreleases/newsevents-pressreleases-item.htm?id=210208

A husband and wife from Slough were found guilty on 15 February of a series of fraud offences, following a trial at Reading Crown Court.

Tahir Malik, aged 44, was a mortgage broker who was made bankrupt in his former name of Amjad Ali. He ran a business in Slough called Enterprise Mortgage Solutions, as an appointed representative of Mortgage Next Network Ltd.

Malik pleaded guilty to obtaining services from Mortgage Next by deception by concealing his convictions and bankruptcy, and giving a false former employer. He also pleaded guilty to two counts of fraud, one relating to a mortgage on his former home and the other to an attempted purchase of a property in Slough. Malik also pleaded guilty to eight other offences: five of fraud and three of obtaining a money transfer by deception.

All of these offences involved his co-accused, Patrick Kamande, aged 34 and one involved Kamande’s wife, Mary Kimani.

Between 2005 and 2009, Kamande purchased or attempted to purchase a number of properties with mortgages brokered by Malik. For some of these he used false names.

One of the properties bought under a false name was later “sold” to Kamande and another to Kimani via mortgages, thus releasing equity.

Although Kamande and Kimani obtained some mortgages using their real names, they gave false details about their employment and immigration status. Kamande was in fact prohibited from employment by the UK Border Agency.

At the start of his trial, Kamande pleaded guilty to possessing a false identity document with intent (a forged Kenyan passport).

poppy10_2

http://www.bbc.co.uk/news/uk-wales-22819018

Five guilty of £20m north Wales mortgage fraud
A former police officer is one of five people who have been convicted of massive mortgage fraud worth £20m.

Antony Lowry-Huws, 63, was found guilty of conspiracy to defraud, alongside his wife, a Conwy business partner, a Flintshire solicitor and a Lancashire surveyor.

Lowry-Huws, along with his four co-defendants, had duped mortgage lenders into handing over thousands of pounds on properties across north Wales. Co-conspirator Frank Edward Darlington acted as the surveyor in the transactions, providing false property valuations and rental income figures.Solicitor Nicholas John Jones carried out the conveyancing work and submitted the fraudulent mortgage applications.

The prosecution said the deceit was achieved by inflating the actual value of the property used as security, hiding the fact that in some cases no deposit was put down, or inflating the rental income potential to make the mortgage rate more acceptable.
In some cases the apartments on which mortgages were advanced simply did not exist.