Man sentenced for £500,000 mortgage fraud

Tuesday 1st June 2010

A Sunderland man who fraudulently obtained over £500,000 in mortgages has been given a suspended sentence and ordered to repay £5,500 – the only cash he had in his account at the time of his arrest.

Regional paper, the Sunderland Echo, reported that Brandon Lee Clark had lied about his income to lenders, saying he earned £45,000 a year, when most of the time he worked as a “cash in hand” personal trainer.
A Proceeds of Crime Act hearing at Durham Crown Court heard that although Clark made “very good money”, his only assets were a “sofa and a telly”.
Jane Waugh, defending Clark, said that in spite his fraud he had kept up to date with his mortgage payments “so no lender has lost out”.
She insisted that as a personal trainer “he has wealthy clients who pay in cash. He knew he would never get a mortgage without a credit history, so he invented one.”
The Recorder, Mr Graham, Hyland QC, stated that Clark’s benefit from criminal activity had reached £507,939.05. However, as the realisable assets were only £5,550 a confiscation order was made for that amount.
If the money is not paid within 28 days Clark will serve three months in prison.

Most Read News Stories

New Bridge Doctors site launches
Tuesday 10th February 2009

RBS set to give bonuses whilst Obama caps bankers’ pay
Thursday 5th February 2009

Brokers’ four most dreaded words:
Tuesday 18th November 2008

Base Launches Fast-Track Commercial Mortgage Offering Guaranteed Commission
Wednesday 20th February 2008

Send To Friend      Print      RSS Feed      News Archive      Bridging Loan Questions

Feedback:

If you have any queries about this news story or our news section, please contact us

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player