A former relationship manager at Royal Bank of Scotland is facing a possible jail sentence after pleading guilty to two out of three counts relating to a £3m mortgage fraud.
The case, originally brought before the Old Bailey in October, involves two former RBS executives, Andrew Ratnage and Raymond Pask, who are accused of inflating valuations on a series of properties and obtaining mortgages worth a combined figure of over £4m.
They also stand accused of funnelling the funds into special purpose companies Oasis Property Investments and Oasis Property Trading between 2005 and 2010.
Ratnage, 49, last week pleaded not guilty to the charge of fraud by abuse of position, while pleading guilty to the remaining charges of money laundering, and obtaining property by deception.
The five properties in question were in Barretts Grove and Lidfield Road in Stoke Newington, Rayne Road in Braintree, Roman Road in East London as well as in Whitstable, Kent.
No further developments will be made in the case until Pask is brought before the court next week to enter his own pleas.
RBS declined to comment.