Six appear in court over alleged commercial mortgage fraud

Thursday 7th January 2010

Six people have appeared at Southwark Crown Court, in London, having been accused of being involved in a £50 million commercial mortgage fraud.

Londoners Simon Lawrence, a former partner at Darlingtons Solicitors and Laurence Ferrigan, a former partner at the CFB Partnership, appeared alongside three people from Birmingham and one from Hertfordshire.

After they were charged with conspiracy to obtain a money transfer by deception, the six were released on bail and the case adjourned until March for a case management hearing.

Mr Ferrigan and Mr Lawrence were investigated by the Serious Fraud Office (SFO) last year, following a complaint by Cheshire Building Society.

An inquiry was also launched by West Midlands Police, as it emerged that numerous lenders had been defrauded in a string of fraudulent mortgage applications concerning six commercial investment properties.

The inquiry, which began in March 2006, is said to have uncovered one of the most sophisticated frauds investigators have ever seen.

Cheshire Building Society confirmed that mortgages were secured on the six commercial properties and never repaid.

 

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