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Adviser jailed for £5m mortgage fraud

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Adviser jailed for £5m mortgage fraud

A Rotherham mortgage adviser has been jailed for three years for his part in a £5 million mortgage fraud.

During a five week trial in March, a court heard how a gang of seven people, including 55 year old mortgage adviser David Carter of Network Financial Services in Rotherham and 51 year old accountant John Wright, worked together to con mortgage lenders out of £5 million by submitting false mortgage applications.
Mr Carter was found guilty of six counts of obtaining mortgages by deception. He was sentenced to three years’ imprisonment.
Mr Wright, who compiled false accounts to be used in the fraudulent mortgage applications, was found guilty on seven counts and was sentenced to three years’ imprisonment.
Three of the five other defendants pleaded guilty and received prison sentences between nine months and two years.
Although mortgage lenders only suffered a loss in two of the fraudulent cases, one loss was estimated to be between £15,000 and £20,000, whilst the other was between £50,000 and £100,000.  
A spokesman for the South Yorkshire Police’s money laundering team commented: “This has been a lengthy and complex three year financial investigation – the sentencing is appropriate to the criminality involved and these individuals are now subject to confiscation proceedings, where their benefits from crime will be valued by the court and will be required to be repaid.”

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