Between 2003 and 2008 property speculators Antony Lowry-Huws and Sheila Whalley inflated the value of properties in their portfolio and even secured mortgages on properties which did not exist.
Lowry-Huws, 65, a former police officer, was jailed for seven years, the BBC reported. Another property speculator, Sheila Whalley, 67, received a six-year jail sentence for her role in the multi-million pound fraud. Both received a ten-year ban on holding director roles.
In total, the value of the fraud is estimated to be between £15m and £24m. Judge Rhys Rowlands described the scale of the fraud as “breathtaking.”
The case was so complex it took five years to investigate. It was uncovered by Operation Valgus, an investigation into more than 1,000 mortgages made in the run up to the financial crisis.
The surveyor in the fraudulent transactions, Frank Edward Darlington, 62, was jailed for four years. Solicitor Nicholas John Jones, 54, also received a four-year sentence. Altogether, the conspirators received sentences totalling 21 years.
North Wales police detective chief inspector Iestyn Davies said: “We welcome the sentences imposed today in relation this multi-million pound investigation which took five years of painstaking investigation to reach this successful conclusion.
“Further individuals will face trial later this year in connection with the same investigation.”
