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Financial Advisor Jailed For

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Financial advisor jailed for multi-million pound mortgage fraud

Monday 20th September 2010


A broker who fraudulently falsified mortgage applications on behalf of one of his clients was jailed for five-and-a-half-years at Birmingham Crown Court last week.

Mark Campbell – who was working as an IFA for Oakwood Financial Management – was convicted for helping his client, Michael Browne, 49, carry out a multi-million pound mortgage fraud.

Campbell, from Coventry, falsified Browne’s mortgage applications, enabling the crooked tycoon to build a property portfolio that boasted ten properties across Coventry, as well as a villa in Spain.

Browne was originally sentenced to three years in prison, but had his sentence reduced for time he spent on remand and for entering an early guilty plea.

Police said Browne had “used the specialist skills and knowledge” of Campbell to obtain loans, by lying about his income on mortgage applications.

The IFA was caught and arrested during Operational Closedown which was part of Coventry Police’s city-wide recent crackdown on crime in the area.

Birmingham Crown Court heard how Campbell had assisted Browne by providing fake letters of employment and references to prove Browne’s overstated income.

Police said Campbell had a “no questions asked attitude” when obtaining loans for Browne, his family and associates.

Campbell had also used false pay slips for mortgage applications, which he obtained from Andrew Harris.

Harris pleaded guilty in 2009 and is currently awaiting sentencing, which will take place at a later date.

Chris Berrow, Regional Asset Recovery Team Detective Inspector, said: “Browne pleaded guilty at an early stage when he saw the overwhelming evidence against him.

“Campbell, however, denied the fraud to the end, even though there was overwhelming documentary evidence that showed he lied to banks and lending institutes time and time again.

“Campbell abused his position and used his knowledge and skills to obtain a mortgage for anyone who wanted one, no matter whether they were employed or not. He even acquired property for family members using false applications to ensure they benefited, too.”

Michael Browne’s business partner, David Vincent Smith, was also sentenced to three-and-a-half years in prison for his involvement in the mortgage scam.

Anyone like to put an estimate on the percentage of mortgage brokers who have lied to banks and lending institutions to get a deal through? i'd guess over 75%.

I'd also guess that 100% of banks were aware of the lies on mortgage applications.

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Anyone like to put an estimate on the percentage of mortgage brokers who have lied to banks and lending institutions to get a deal through? i'd guess over 75%.

I'd also guess that 100% of banks were aware of the lies on mortgage applications.

And every liar loan broker and bank could have asked for a simple P60 as proof of genuine earnings - and didn't.

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Why hasn't anyone at the FSA been held accountable? They were supposed to be regulating the industry. Didn't they do well Northern Rock liar loans etc.

According to Panorama tonight Hector Sants is on £795,192

Sir James Crosby (ex HBOS) was second in command when their gravy train went off the rails - what has he suffered?

thing is - no-one was really directly accountable at a macro-level, individual frauds don't count towards the whole of the credit crunch, and at the high level it was systemic, the individuals playing in the system simply did not have it in their remit to consider the cumulative effects of multiple cases

except..except..responsibility DOES roll up to the treasury and hence the chancellor of the exchequer at the time

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When I mention "Liar Loans" (Eric said I could use the term, as long as I didn`t used a large, bold font) to the Bulls, they tell me that it`s not a widespread problem.

However, we keep getting a news drip-feed of mortgage brokers being "found out". And as I always reply to the bulls, fraud, by it`s nature, often remains undiscovered. I wonder how many other cases will be reported over the next year or two ?

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