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The Masked Tulip

Multi-Million Pound Mortgage Fraudsters 'have No Money Left', A Court Is Told

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A CONMAN involved in a sophisticated £5 million mortgage fraud conspiracy has been ordered to pay back just £500.

Swansea Crown Court heard that Mark Cainen benefited from the scam to the tune of more than £900,000 — but now the only assets the authorities can find is £500-worth of computer equipment which police seized during their investigation.

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They have to go to prison either way.

Last December Cainen was sentenced to eight years in jail for his part in the operation, and John to three years and four months.

Cainen was back in the dock today for a hearing under the Proceeds of Crime Act.

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But an order can be made which if they do not pay back generates more jail time - and investigators can come back to the court to expand if they see evidence of money later...

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Fellow conman Paul John made almost £20,000 from the scam, but now has no recoverable assets at all — and so must pay back a nominal sum of £1.

Not always what it seems - but I'm uncertain if it is in this case.

From another story, non-property, earlier this year - although I doubt anything will be recovered here.

'Nominal order'

Kaur, who is currently awaiting deportation, was told to pay back £1.

A Crown Office spokesman: "When an accused has no available assets at the time a confiscation case is settled, a nominal order for £1 is made against them.

"This measure ensures that the Crown can confiscate any assets traced in the future, up to the total amount they made from their criminal activity.

"It can in effect be a financial life sentence, ensuring those who benefited from crime in the past cannot accrue any assets until the money they made is repaid.

"In this case, the Crown is pursuing assets internationally and, with the assistance of criminal justice partners both in the UK and abroad, is seeking to identify the final source of the laundered funds with a view to recovering the full sum."

http://www.bbc.co.uk/news/uk-scotland-north-east-orkney-shetland-31041036

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