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Mortgage fraudster behind bars ordered to pay £61,000

  • 25/06/2015
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A solicitor jailed for four years for mortgage fraud has been ordered to pay more than £61,000 or face another 14 months in prison.

Nicholas Jones, from Flintshire, who is currently one of four defendants involved in the North Wales mortgage scam serving a prison sentence, was given three months to pay or be forced to spend another 14 months in prison, the BBC wrote.

Jones’s criminal benefit was said to be almost £150,000, according to a hearing taking place at Mold Crown Court.

Jones was jailed for four years in 2013 along with four others who received varying prison sentences for what was reportedly the largest mortgage fraud investigated in England and Wales, in terms of the number of mortgages involved.

Four of the five defendants are still serving their sentence, while the fifth person, Susan Lowry-Huws, was given a 12-month sentence suspended for two years.

The defendants were accused of duping lenders by inflating the actual value of the property used as security, disguising the fact that in some cases no deposit was put down, as well as inflating the rental income potential to make the mortgage rate more acceptable.

Some 50,000 items of evidence relating to 189 mortgage applications made between 2003 and 2008 were considered by the jury, while the prosecution found that in some cases the apartments on which mortgages were advanced did not exist at all.

The value of the fraud was said to amount to anything from £15.5m to £24m.

The inquiry took North Wales Police five years to carry out, culminating in a trial which saw the jail terms of the main four defendants total 21 years.

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