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Finance boss forced to repay £350k after loan fraud

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Finance boss forced to repay £350k after loan fraud

A former finance boss, who was recently jailed for two years, has been ordered to pay back the £350,000 he obtained through a loans scam, according to a report on the Journal Live website. 

Andrew Lawson, who became a car salesman after leaving the finance sector, used his understanding of the motor finance industry to get thousands of pounds in car loans.

The 40-year-old businessman faked the loan applications and took out the money in the names of his unsuspecting friends and family members, which included his wife and brother-in-law.

He also lied to clients of his own car sales company and conned them out of huge sums of cash.

Lawson appeared at Newcastle Crown Court back in May, when he was jailed for two years.

The fraudster has now had £250,053.75 of the scam money confiscated under the Proceeds of Crime Act.

He admitted to fraud, theft and obtaining money transfers by deception, which totalled £381,000.

Detective Constable Brian Oakley, of Northumbria Police, said: “The order imposed by the court represents the total benefit of Lawson’s criminal activity.

“Lawson is currently serving a two-year custodial sentence; the amount of the order imposed is a debt which ultimately will still have to be paid.”

He continued: “It’s an excellent result for both the police and the law abiding community, it serves as a warning to any other criminals that crime does not pay.”

Lawson was previously the director and owner of Newcastle-based Alchemy Finance, which was taken over by North Riding Finance.

He stopped working for the finance company in 2006 and then opened the car sales business, Motor and Van Stop, in 2007.

Lawson was arrested in September 2008 after a number of people had been caught up in the fraud, and fraudulent cheques began being sent to other car dealers.

Detective from Northumbria police launched a money laundering investigation and discovered what Lawson had been doing.

The police found that the scammer had benefitted from the fraud, and stated: “When criminals are convicted they may not only sacrifice their freedom but they can also lose the cash and ill-gotten gains they’ve gathered through criminal activities.

“Northumbria Police does not tolerate those who live their lives on the back of crime. We will continue to target criminals who live extravagant lifestyles without any obvious legal source of income.”





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