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Mortgage fraudsters hit with £540,000 fine

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  • 19/05/2011
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Mortgage fraudsters hit with £540,000 fine
A couple have been ordered to pay up to £540,000 between them after spending 13 years committing mortgage fraud.

Michael and Anita Creamer, from Conwy in North Wales were a part of a group of seven who conspired to get false mortgages over a period of 13 years, reported North Wales Weekly.

In some cases, properties were sold on using one fraudulent mortgage after another, with the intention of extracting as much equity as possible from the properties.

The couple were jailed last December but returned to Mold Crown Court last week, where they were fined £540,000.

Judge John Rogers QC approved an agreed order that Michael Creamer had benefited to the tune of £540,964. He was ordered to pay back £219,000.

Anita Creamer was said to have benefited to the tune of £390,964 and she was ordered to pay £229,000.

The judge warned the couple that if they failed to pay the fine within 12 months, they would serve an additional 33 months each in jail.

Michael Creamer was previously jailed for four years and two months in December and Anita Creamer, his wife for two years.

Another member of the group, David Williams from Rhos on Sea in Wales, was jailed for 15 months by the Crown Court and ordered to pay £70,000 or serve an additional 20 months in jail.

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