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interestrateripoff

Mortgage Fraud Man Must Repay £10,000

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http://www.thestar.co.uk/news/Mortgage-fra...epay.5577322.jp

A SOUTH Yorkshire mortgage advisor who helped con banks and mortgage companies out of hundreds of thousands of pounds must repay more than £10,000 of the rewards he reaped from his crimes.

David Carter, who ran Network Financial Solutions on Middle Lane, Rotherham, was found guilty of six counts of obtaining mortgages by deception following a trial at Sheffield Crown Court in March.

The 55-year-old, of Main Street, Wentworth, Rotherham, worked with accountant John Wright, 51, of Henley Avenue, Norton, to submit false applications to mortgage lenders on a string of properties around South Yorkshire.

He received commission payments for each mortgage and also for life insurance payments made in some cases.

Carter was sentenced to three years' imprisonment in May for his role, which related to 15 applications totalling more than £1.3 million.

He was back before Sheffield Crown Court to answer a proceeds of crime hearing, to determine how much benefit he had received and how much he should pay back.

David Brooke, prosecuting, said an agreed sum of £7,524.27 had been reached between South Yorkshire Police, the Regional Assets Recovery Team and the defence, relating to the six guilty verdicts.

But the jury had been unable to reach a decision on one further count, leading to a not guilty verdict being returned on a direction by the judge.

DC Craig Law, who calculated the benefit Carter had enjoyed as a result of his crimes, said a further £2,640.88 should also be confiscated relating to the not guilty count, on the "assumption" it had also been a fraudulent application.

He said in the trial the jury had to be "sure beyond reasonable doubt" – the criminal standard of proof – but in the proceeds of crime hearing the judge only had to satisfy the civil standard – "on the balance of probabilities".

John Carmichael, defending, said that would be "going beyond the verdicts of the court".

He said: "They are asking you to ignore the recorded verdict of the court and make an assumption which is inconsistent with that recorded verdict."

But Judge John Swanson ordered the total amount of £10,165.15 be repaid by Carter within the next three months. If he defaults on the payments he faces six months in prison and will still have the debt to repay when he comes out.

Judge Swanson said: "There is ample evidence in this case that David Carter knew very well what was being undertaken was a fraud on a bank or building society."

He added: "All the jury's acquittal means is that they could not be sure of their guilt.

"I do not have to decide if I am sure but I have to decide on the balance of probabilities whether that sum is the result of general criminal conduct, and I have no difficulty in doing that at all."

Good.

Edit

Although should have been jailed as well.

Edited by interestrateripoff

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So, he has to repay £10k, but what how much fraudulent money was pumped into the property market ?

He should be made to repay that too, as a fine. The people who obtained this money should also have to pay it back to the lenders.

That would be justice, IMO.

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only 10k?????

I have friends who have overpaid by 100k to buy houses - thinking the housing market was kosher and genuine

really - only 10k????

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only 10k?????

I have friends who have overpaid by 100k to buy houses - thinking the housing market was kosher and genuine

really - only 10k????

This spiv could probably clear that paltry £10K fine by selling his car.

Disgusting.

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Wow,

so now in Britain you get a free go at fraud.

Spin the wheel, if you get caught, all you have to do is pay your money back. No doubt the trial cost the taxpayer many times that amount.

And if you get away with it, free money.

Someone please tell me, where is the deterrent in all of this?

Lets get sensible please. Fraud is a serious and damaging crime. There should be a mandatory prison sentence for it. And you should have your assets siezed if convicted, all of them.

That might make it a little less appealing. Cos after reading about this, I am considering have a go myself.

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Guest UK Debt Slave
only 10k?????

I have friends who have overpaid by 100k to buy houses - thinking the housing market was kosher and genuine

really - only 10k????

Yep. Disgraceful.

He should have got 10 years in clink + the fine

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3 years in jail :lol: let's hope he learns something

and what about all the other advisers advocating liar loans? there were at least 5 on that Money Programme special dating from 2003

Edited by codeine

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From reading the article it seems the prosecution have only taken into account the defendants 'particular' criminal conduct. The offences (number of) would have allowed the prosecution to use criminal lifestlye, where the defendant must prove that his income in the previous six years was legitimate, which would include an assets purchased the last six years.

It would be difficult, but not impossible for the prosecution to go down that route

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A small financial penalty and 3 yrs in what's likely to be a category D (open) prison! Wow! just Wow! :angry:

He should be completely asset stripped (& pity that he can't get a birching as well).

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Justice has not been served.

:angry:

While debtors prisons would result in a sizeable minority of the population being jailed, men like this, facilitators, in a position of trust and authority SHOULD be imprisoned.

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3 years in jail :lol: let's hope he learns something

and what about all the other advisers advocating liar loans? there were at least 5 on that Money Programme special dating from 2003

Watch it HERE - http://video.google.co.uk/videoplay?docid=...75&hl=en-GB

Mortgage Fraud/LIAR LOANS were/was/is ENDEMIC in the UK. It is THE KEY to HPI.

House prices would NEVER, EVER have been able to rise the way they have without LIAR LOANS.

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Wow,

so now in Britain you get a free go at fraud.

Spin the wheel, if you get caught, all you have to do is pay your money back. No doubt the trial cost the taxpayer many times that amount.

And if you get away with it, free money.

Someone please tell me, where is the deterrent in all of this?

Lets get sensible please. Fraud is a serious and damaging crime. There should be a mandatory prison sentence for it. And you should have your assets siezed if convicted, all of them.

That might make it a little less appealing. Cos after reading about this, I am considering have a go myself.

Agree but haven't you noticed yet, in the UK there is no deterrent for any crime. You read about it all the time. You kill/rape someone, if you do actually go to prison - only a few years in there. Cushy prisons now too. The only 'serious' crimes that appear to be warranting jail attention are downloading MP3's, old people who won't pay their council tax etc.!

Edited by Spoony

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He received commission payments for each mortgage and also for life insurance payments made in some cases.

Carter was sentenced to three years' imprisonment in May for his role, which related to 15 applications totalling more than £1.3 million.

Three years in prison and a £10k fine for committing fraud at least 15 times to the tune of £1.3 million.

So that's a 73 day custodial sentence (2 months and 2 weeks) for each count of mortgage fraud and a fine of £10k, which is approximately 0.77% of the £1.3 million he intentionally helped to steal from the banks (and, thus, future tax payers).

Who says crime doesn't pay.

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He was. You even highlighted the fact in the original article.
But Judge John Swanson ordered the total amount of £10,165.15 be repaid by Carter within the next three months. If he defaults on the payments he faces six months in prison and will still have the debt to repay when he comes out.

Had this bit stuck in my head, I thought the jail term was suspended unless he failed to pay. So in fact he has 3 years plus an extra 6 months if he fails to pay?

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Guest KingCharles1st

He was fined for being a pro-active sales agent for the Banks... :unsure:

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I'm not sure this is fraud at all really. There's little or no difference between him, the bosses at HBOS, Fred at RBS, Kirstie, the money printers at the BOE, etc.

That's the problem with the past few years: people's moral compasses have been completely messed up.

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I'm not sure this is fraud at all really. There's little or no difference between him, the bosses at HBOS, Fred at RBS, Kirstie, the money printers at the BOE, etc.

That's the problem with the past few years: people's moral compasses have been completely messed up.

15 fraudulent applications sounds like an average day in the office for some of these salesmen. Not sure what this guy did wrong to actually get prosecuted (probably conspiring with an "accountant" to get the dodgy references).

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15 fraudulent applications sounds like an average day in the office for some of these salesmen. Not sure what this guy did wrong to actually get prosecuted (probably conspiring with an "accountant" to get the dodgy references).

I agree. If the justice system was fair, ALL his colleagues should face prosecution. Country-wise.

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He was fined for being a pro-active sales agent for the Banks... :unsure:

This is the key point here, surely?

Lets face facts here. Lenders were totally complicit in all of this so the use of the word "fraud" in relation to what this guy has done is probably not warranted. He's probably been hung out to dry to avert attention from the bank.

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Watch it HERE - http://video.google.co.uk/videoplay?docid=...75&hl=en-GB

Mortgage Fraud/LIAR LOANS were/was/is ENDEMIC in the UK. It is THE KEY to HPI.

House prices would NEVER, EVER have been able to rise the way they have without LIAR LOANS.

I suspect that LLs were just the specific mechanism. If LLs hadn't, for some reason, been possible, another mechanism would have been found.

Blaming LLs for HPI is like blaming the poison rather than the poisoner.

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I suspect that LLs were just the specific mechanism. If LLs hadn't, for some reason, been possible, another mechanism would have been found.

Blaming LLs for HPI is like blaming the poison rather than the poisoner.

Maybe so --- but they are important - and hardly mentioned in the msm.

They led to the stupid-multiples mortgages. i.e. They forced "prices" up - and the stupid-multiples mortgages have evolved in order to "match" - and thus prop up the stupid, insane, and unaffordable prices. That is where we are now.

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