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£30M Mortgage Fraud Conviction - 14 Years

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Not seend this posted anywhere yet, someone actually getting a hefty sentence. Bank employees involved too.

"A former Virgin Atlantic pilot has been jailed for 14 years for committing a £30m mortgage fraud in Berkshire.

Mark Entwistle, 47, of Kensington, west London, recruited corrupt solicitors and accountants to approve his loan applications while he pretended to be a property developer based in Windsor."

Full article here:

http://www.bbc.co.uk/news/uk-england-berkshire-29605167

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Bank employees got off lightly.......

Bank employees were also found guilty of involvement in the multi-million pound fraud, including accountant Nicholas Pomroy, 58, of Baughurst, Hampshire, who was sentenced to three years; and solicitor Matthew Robinson, 40, of Heydon, Norfolk, who received five years.

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Full article here:

Det Supt David Poole said "Testimony was heard in court about the stress suffered by some whose homes have been sold from underneath them, those who lost life savings and investments, and those who lost jobs."

http://www.bbc.co.uk/news/uk-england-berkshire-29605167

I could not work out what was involved, from the BBC's story alone; how innocent individuals (outside of banks) had lost money - the nature of the frauds.

Some further insight from regional newspapers - knew a homeowner who fell for a fake solicitor who banked the cash and ran - but this involves bent solicitors in good firms - somthing homeowners should be somewhat alert to maybe.

..When mortgages and loans were granted, Gilbert did not comply with his professional duties to notify the Land Registry of the legal charges already held against the properties under the other mortgages/loans.

..The fraudsters also entered in to agreements to buy properties from unconnected homeowners, the loans were obtained, but the home owners were told at the time of completion that the lenders had withdrawn their funding and they were no longer purchasing the properties

..Along with solicitor Jonathan Gilbert, 48, a former partner of Wilmett Solicitors, in Broadway, Maidenhead, former Virgin Airways pilot Entwistle worked to obtain illegal mortgages on a number of properties and development sites in Windsor between 2005 and 2009.

http://www.windsorexpress.co.uk/News/Areas/Windsor/Fraudster-Mark-Entwistle-jailed-after-orchestrating-35m-mortgage-fraud-in-Windsor-14102014.htm

http://www.windsorobserver.co.uk/news/roundup/articles/2014/10/14/104507-windsor-fraudster-mark-entwistle-jailed-after-35m-mortgage-scam/

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Pack your trunks

i'm sat on the beach waiting for the show :) no skin in this game

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Lie to borrow and throw the money down the drain by spending it on an over valued house...not a problem. Lie to borrow and invest it in beer and bookers and they will lock you up.

:lol:

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A former Virgin Atlantic pilot has been jailed for 14 years for committing a £30m mortgage fraud in Berkshire.

Mark Entwistle, 47, of Kensington, west London, recruited corrupt solicitors and accountants to approve his loan applications while he pretended to be a property developer based in Windsor.

In reality, he was spending the money at casinos in Las Vegas and on a luxury boat, Southwark Crown Court heard.

Two solicitors and an accountant were also jailed for fraud.

Entwistle and solicitor Jonathan Gilbert, 45 - a partner at Wilmett's solicitors in Reading and Maidenhead - conned RBS and Northern Rock out of more than £6m, the court heard.
Bank employees were also found guilty of involvement in the multi-million pound fraud, including accountant Nicholas Pomroy, 58, of Baughurst, Hampshire, who was sentenced to three years; and solicitor Matthew Robinson, 40, of Heydon, Norfolk, who received five years.
Thames Valley Police said the investigation, which began in 2009, was among one of its longest ever.

http://www.bbc.co.uk/news/uk-england-berkshire-29605167

The four men conned lenders by pretending to buy homes of householders who were unaware their properties were being used in the scam.

Victims lost their homes and the solicitors’ firm where the lawyer was a partner went bust, with the loss of 70 jobs, as a result of the calculated four-year conspiracy.

They were so brazen in their scheme that they even managed to raise five separate mortgages on the same unoccupied house.

Following a five year police probe and 26-week trial, Gilbert along with Virgin Airways pilot Mark Entwistle and mortgage brokers Matthew Robinson and Nicholas Pomroy were jailed.
Entwistle, 47, who had a large property portfolio as a developer and traded under various derivatives of “Rigsby New Homes,” worked with Gilbert to obtain illegal mortgages on a number of properties and sites between 2005 and 2009.

One house in St Mary’s Road, Ascot, was remortgaged five times for more than £3m. The property has since been demolished.

The gang also took out mortgages on properties already owned by unconnected people, who had no idea a mortgage had been taken out on their home until the lender told them payments had been missed.

Some now face losing their homes as a result.

http://www.walesonline.co.uk/news/local-news/organised-gang-raked-30m-taking-7928890

So it has taken the boys in blue 5 years to get these lot in jail - makes you wonder how many more there are out there who have got away with something similar.

I don't understand how people could have lost their homes though?

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Det Supt David Poole said "Testimony was heard in court about the stress suffered by some whose homes have been sold from underneath them, those who lost life savings and investments, and those who lost jobs."

Maybe those homes where mortgages were granted (and the funds misappropriated) were taken by the banks. Current owners told at the last minute mortgage funding had been withdrawn.

No doubt there is some obscure bit of law somewhere that says contract rules can be over ridden when banks are on the hook for a wedge..

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Fair play to him pity, the bank can print some more in an instant.

Just shows how even being an airline pilot now longer pays well enough to live the good life.

You may be right, but its not like our expenses grabbing politicians are on the breadline...mostly its just greed.

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"Bank employees were also found guilty of involvement". Sounds about right...

Ha!!!!!

This is just a TINY, TINY, TINY tip of the tip of the tiip of the tip [x10 trillion] of the iceberg.

MORTGAGE FRAUD/LIAR LOANS:

The Greatest Fraud & Pyramid/Ponzi Scam in All History -- and THE principle toxic cause of all our problems today.....Planned, Organised and Orchestrated by the Banksters..... Few, if any of whom have been properly pursued, prosecuted and jailed. :rolleyes:

Edited by eric pebble

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