"apprentice" Mortgage Broker Charged With Fraud

[deflation]

I'm not sure if this should be in 'off-topic' because of "The Apprentice" link. I don't watch it myself but many others may be interested to know that liar loans are still alive and kicking in the West Country, although it seems he got caught.

"A recently fired contestant on the BBC’s business talent show The Apprentice has been charged with four counts of fraud by false representation.

The charges against Christopher Farrell, 29, from Plymouth, relate to allegations that he forged documents, including pay slips and P60s, in a bid to secure mortgages for his clients."

http://www.bridgingandcommercial.co.uk/newsstory?id=1376&type=newsfeature&title=apprentice_star_and_mortgage_broker_appears_at_police_station_charged_with_fraud

Edited December 9, 2010 by deflation

[Reck B]

I suspect this is just an isolated case of fraudulent activity in the mortgage industry. I can't see it being a widespread issue at all. Regulators would have seen to this somewhere along the mortgage approval process. I guess this is just the one case which slipped under the net.

Everyone else who took a mortgage since 2003 actually earns >£50k p.a and could prove it with original P60's and payslips couldn't they?

[juvenal]

I suspect this is just an isolated case of fraudulent activity in the mortgage industry. I can't see it being a widespread issue at all. Regulators would have seen to this somewhere along the mortgage approval process. I guess this is just the one case which slipped under the net.

Everyone else who took a mortgage since 2003 actually earns >£50k p.a and could prove it with original P60's and payslips couldn't they?

How very true. Thank god for effective regulation that has kept these breaches down to just one.

[right_freds_dead]

they will get a fine much lower than the amount of money he pocketed through mortgage fraud. its like the governments share if you will.

[@contradevian]

I suspect this is just an isolated case of fraudulent activity in the mortgage industry. I can't see it being a widespread issue at all. Regulators would have seen to this somewhere along the mortgage approval process. I guess this is just the one case which slipped under the net.

Everyone else who took a mortgage since 2003 actually earns >£50k p.a and could prove it with original P60's and payslips couldn't they?

The FSA have assured me this is indeed the case, and as we know those guys are always on top of things.

[Daft Boy]

they will get a fine much lower than the amount of money he pocketed through mortgage fraud. its like the governments share if you will.

This individual just got fined £120k by the FSA on top of his court sentence and loss of his living for forging liar loans

http://www.fsa.gov.uk/pubs/final/alan_hill.pdf

[Fishman]

I'm not sure if this should be in 'off-topic' because of "The Apprentice" link. I don't watch it myself but many others may be interested to know that liar loans are still alive and kicking in the West Country, although it seems he got caught.

"A recently fired contestant on the BBC’s business talent show The Apprentice has been charged with four counts of fraud by false representation.

The charges against Christopher Farrell, 29, from Plymouth, relate to allegations that he forged documents, including pay slips and P60s, in a bid to secure mortgages for his clients."

http://www.bridgingandcommercial.co.uk/newsstory?id=1376&type=newsfeature&title=apprentice_star_and_mortgage_broker_appears_at_police_station_charged_with_fraud

That was the lad with the Scouse accent ?

Sugar showed his true business ethics last night when he commented that as long as his teams got the cash in their pockets from

tourists then that was it - job done. Not a care about the level of service or providing value for money afterwards.

Now that Liz has gone and that annoying prat Baggs is still there, my interest will wane.

[Fishman]

I suspect this is just an isolated case of fraudulent activity in the mortgage industry. I can't see it being a widespread issue at all. Regulators would have seen to this somewhere along the mortgage approval process. I guess this is just the one case which slipped under the net.

Everyone else who took a mortgage since 2003 actually earns >£50k p.a and could prove it with original P60's and payslips couldn't they?

Surely an Inland Revenue investigation is warranted if an individual declares, for example, £60k earnings for a particular tax year but

records show they only paid around £4-5k income tax ?

Send em all a tax bill.

The deficit could be reduced in a matter of months !

[athom]

I suspect this is just an isolated case of fraudulent activity in the mortgage industry. I can't see it being a widespread issue at all. Regulators would have seen to this somewhere along the mortgage approval process. I guess this is just the one case which slipped under the net.

Everyone else who took a mortgage since 2003 actually earns >£50k p.a and could prove it with original P60's and payslips couldn't they?

Friends of mine who liar loaned said the banks were ok with self employed customers who couldn't prove all their earnings as they understood that people would have lots of earnings they hid from the tax man and apparently they were the sort of people the banks wanted to lend huge sums of money to. It's all good.

[Mrs Bear]

I'm not sure if this should be in 'off-topic' because of "The Apprentice" link. I don't watch it myself but many others may be interested to know that liar loans are still alive and kicking in the West Country, although it seems he got caught.

"A recently fired contestant on the BBC’s business talent show The Apprentice has been charged with four counts of fraud by false representation.

The charges against Christopher Farrell, 29, from Plymouth, relate to allegations that he forged documents, including pay slips and P60s, in a bid to secure mortgages for his clients."

http://www.bridgingandcommercial.co.uk/newsstory?id=1376&type=newsfeature&title=apprentice_star_and_mortgage_broker_appears_at_police_station_charged_with_fraud

Never mind, he's been on telly now, so he's famous, and that's the important thing.

[athom]

Surely an Inland Revenue investigation is warranted if an individual declares, for example, £60k earnings for a particular tax year but

records show they only paid around £4-5k income tax ?

Send em all a tax bill.

The deficit could be reduced in a matter of months !

yes this would be an interesting situation to find yourself in. To the tax man "no it's ok i was only obtaining money by deception!" to the banks "no it's ok i was only committing tax evasion!"

Surely this there is a man somewhere in government with a glint in his eye sharpening this axe and waiting to swing it

[@contradevian]

This individual just got fined £120k by the FSA on top of his court sentence and loss of his living for forging liar loans

http://www.fsa.gov.u...l/alan_hill.pdf

Good to see the FSA come down hard ...... on the minnows.

[Democorruptcy]

The FSA have assured me this is indeed the case, and as we know those guys are always on top of things.

Hurray for the FSA!! 57% of mortgages were income verified in Q1 2010. Nothing too shabby about that regulation. Over half have been stamped out already and we are only 3 years after Northern Rock.

Self-certification mortgages have been more or less withdrawn from the market by lenders, following the credit crunch. But non-income verified mortgages continue in the form of ‘fast track’. Even in Q1 this year, this accounted for 43% of mortgages sold.

http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2010/1020_lb.shtml

[athom]

Hurray for the FSA!! 57% of mortgages were income verified in Q1 2010. Nothing too shabby about that regulation. Over half have been stamped out already and we are only 3 years after Northern Rock.

I had to verify my income just to rent the house i'm living in, demanded by the bank holding the BTL mortgage. According to the letting agent this was now a universal requirement. Baffling why it wouldn't be for all mortgages.

[Bloo Loo]

Surely an Inland Revenue investigation is warranted if an individual declares, for example, £60k earnings for a particular tax year but

records show they only paid around £4-5k income tax ?

Send em all a tax bill.

The deficit could be reduced in a matter of months !

the DSS or whoever it is now, should match SMI claims with each of the claims they made through the broker.

Any fraud,. and sorry, no SMI.

[Reck B]

the DSS or whoever it is now, should match SMI claims with each of the claims they made through the broker.

Any fraud,. and sorry, no SMI.

+ 60,000 (+32,000 actual)

[@contradevian]

I had to verify my income just to rent the house i'm living in, demanded by the bank holding the BTL mortgage. According to the letting agent this was now a universal requirement. Baffling why it wouldn't be for all mortgages.

Yes I joked with my letting agent, that more credit checks were required to rent the property than buy it. He kind of agreed.

[Fishman]

They can't even match the SMI payment to the actual interest that need to be paid, hence the need for a standard rate, if they can't even do this how would they ever detect any fraud. Both these things should be easy to do the government just lack the will .... as with so many other things.

...and don't forget that those whose mortgage interest is below the current 3.63% standard rate are actually getting their capital paid off as well.

[South Lorne]

and many of those who receive SMI will receive it for life ... or until their mortgage is fully paid off and there is no more interest to pay.

...seeing the way our welfare system operates...they will probably receive it in the after life also.....

[Fishman]

...seeing the way our welfare system operates...they will probably receive it in the after life also.....

Yes, I can imagine the queue at the Pearly Gates will resemble that of a DSS office.

Next !

[Reck B]

...and don't forget that those whose mortgage interest is below the current 3.63% standard rate are actually getting their capital paid off as well.

It gives me a warm feeling inside knowing the taxes I pay help people build up equity;

Dear struggling, overcommitted unemployed homeowner,

On behalf of the tax paying renting population, Merry Xmas! We're glad we've been of assistance for you during these difficult financial times.

Love and best wishes,

Priced out, working renter. XX

PS - lets just cut the middle man (HMRC) out - If you can give me your mortgage account details, I'll set up a standing order each month and pay your interest and capital directly. Also - If you ever fall behind on your car repayments, let me know - I'll gladly sell my car to fund your transport aswell as your housing costs.

[19 year mortgage 8itch]

I'm not sure if this should be in 'off-topic' because of "The Apprentice" link. I don't watch it myself but many others may be interested to know that liar loans are still alive and kicking in the West Country, although it seems he got caught.

"A recently fired contestant on the BBC’s business talent show The Apprentice has been charged with four counts of fraud by false representation.

The charges against Christopher Farrell, 29, from Plymouth, relate to allegations that he forged documents, including pay slips and P60s, in a bid to secure mortgages for his clients."

http://www.bridgingandcommercial.co.uk/newsstory?id=1376&type=newsfeature&title=apprentice_star_and_mortgage_broker_appears_at_police_station_charged_with_fraud

I posted this...

last night...

in one of the numerous Aprrentice threads...

in off-topic.

You, you, you... main forum snobs.