Financier Paul Cope from Stafford is currently serving a 64-month jail term for his crimes, which include committing two counts of mortgage fraud, reported Stafford News.
Cope made £25.4m from a leasing fraud and £3m from a separate mortgage fraud involving his former luxury home in Staffordshire, which has been repossessed.
Cope orchestrated the scheme to dupe banks and finance houses in to paying for non-existent hospital equipment through bogus lease agreements.
According to the Stafford News, two other local businessmen, Andrew Oxlade and Brian Challiner, were also involved in the fraud and have each been jailed.
Under the Proceeds of Crime Act, Cope is set to have his assets seized. However, he has told the court that he has no assets hidden and therefore nothing left to be confiscated.
James Fletcher, for the Crown, told the Proceeds of Crime hearing that some of Cope’s assets totalling £401,263 had already been agreed.
But he was disputing two further sums of £121,000 and £100,000, and there could also be further “hidden assets.”
Whilst he was on bail awaiting trial, Cope breached a restraining order on his financial affairs and ended up being remanded in custody.
Fletcher told Judge John Maxwell: “Is he the type of person who would seek to put assets out of the reach of the Crown or seek to hide these assets? It is up to Cope to persuade you that he doesn’t have any other assets.”
Whilst giving evidence, Cope told the judge he has no hidden assets at all.
The Judge has reserved judgement until next month.
