The SFO has charged six individuals in relation to a number of high value commercial mortgage frauds. It has been alleged that the defendants participated in a series of frauds whereby they dishonestly obtained loans from banks and building societies that were secured on commercial investment properties. Each property was transferred between companies controlled by one of the defendants at a highly inflated price in a series of transactions. The defendants, having inflated prices and obtained fraudulent valuations and subsequently forged leases, applied for and obtained mortgage advances that amounted to almost £50 million. The mortgages were quickly defaulted on and the lenders suffered significant losses.
Register Now As you are not an existing subscriber please register for your free daily legal newsfeed service.Register
If you have any questions about the service please contact email@example.com or call Lexology Customer Services on +44 20 7234 0606.
Six charged in £50 million mortgage fraud
- Herbert Smith Freehills LLP
- Peter Burrell, Graham More, Stephen Flaherty, Nichola Peters, Susannah Cogman and Daniel Hudson
- United Kingdom
- January 6 2010
If you are interested in submitting an article to Lexology, please contact Andrew Teague at firstname.lastname@example.org.
“I enjoy the CLANZ newsstand and find it highly relevant to my job. I definitely have forwarded various articles to my colleagues on occasion where there is a point of general interest, particularly employment or IT law. I...
“I enjoy the CLANZ newsstand and find it highly relevant to my job. I definitely have forwarded various articles to my colleagues on occasion where there is a point of general interest, particularly employment or IT law. I really appreciate the service, it's a quick way for me to keep up to date in a way I wouldn't otherwise have time to.”