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Three brokers stand trial over alleged £4m mortgage fraud

Twelve people, including three mortgage brokers, are currently standing trial for alleged mortgage fraud totalling £4m.

Witnesses are currently giving evidence at the trial, according to the Bournemouth-based Daily Echo.

The defendants include a conveyancing clerk, three mortgage brokers, seven property buyers and the wife of a broker. They are accused of inflating property prices and applying for mortgages higher than the value of the properties concerned.

Some of the eight properties involved were later repossessed, the court heard.

Amanda Powis, 44, is facing 17 charges of fraud, while Lee Smith, 32, Paul Morgan, 36, Maxine Gribben, 38, and Peter King, 43, are facing one charge of fraud.

Alex Chiswell, 33, is facing 10 charges of fraud, Colin Zaczyk, 40, and Dermot O’Malley-Keyes, 60, are facing five charges each while Madeline O’Malley-Keyes, 59, is facing two charges. John Hudson, 51, and Robert Baird, 51, are facing two charges, respectively.

 

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  • Paul Barnes 11th June 2013 at 6:52 pm

    Bang them up

  • Sam 12th November 2012 at 7:00 pm

    The worst ever estate agent and the rudest women ever Lisa chiswell what goes around comes around I hope no one will ever rent from them again they hold onto money and If she don’t like you she will try and get you out luckily for me I was one step ahead!!!

  • charlotte Dean 2nd October 2012 at 11:31 am

    As a former sub-prime underwriter back in the boom days, I have to agree with Chris G. We all knew what was going on. I worked for more than 1 lender who actively encouraged us underwriters not to delve too deep (I remember getting a dressing down for carrying out a Land Registry Search which identified the application was fraudulent. What was ’employed self-cert’ if not an open invite to commit fraud? If every broker, lender, valuer was forced to stand trial for mortgage business conducted in that period I think the prison cells would be very full and anyone who can’t see that obviously doesn’t know much about mortgage activity at that time.

  • Chris Gardner 1st October 2012 at 4:07 pm

    Many of the comments here seem to imply the FSA and authorities are targetting those with non-aglo-saxon names?

    Think about it. Its ludicrous to think there may be merit in that.

    What is scary is that many of the pracitces for which these people have been charged (bumping up sale prices for example) were widespread during the boom years – lenders and brokers knew it – it was a game of cat and mouse and all participants did it with a willing heart. Ask any BDM, Broker or underwriter.

    If i were there lawyer my defence would revolve around mitigation – ie it was custom and practice.

    There must be a lot of brokers etc out there clenching there cheeks today.

  • John 1st October 2012 at 2:15 pm

    @ seadgull, AJK isn’t saying all people with foreign sounding names are fraudsters. They are saying that most of the mortgage frauds reported by this and many other publications have a high if not majority of names with a foreign origin and that which ever way you look at it is a fact.

  • John 1st October 2012 at 1:13 pm

    AJK is only saying we we’ve all been thinking!

  • rob smith 1st October 2012 at 8:32 am

    @john | 28 Sep 2012 10:25 am

    Sorry – ajk has a point.

    There may be a reason for that………

  • Craig 28th September 2012 at 5:44 pm

    Agree with with John and Ajk

  • GHU 28th September 2012 at 2:43 pm

    Anon 6.11 – I suspect it shows the weakness of the AVM model

  • john smith 28th September 2012 at 1:57 pm

    why has it taken 7 years to go to court? were these mortgages being paid. there should be more brokers up in court for these kind of offences. back in 2003 – 2005 regulation was not as tight and brokers were instructing their own valuations.

  • seagull 28th September 2012 at 11:59 am

    AJK…. “non foreign sounding names” depends on where you come from, if I am from outside UK all of the above names will sound foreign to me, that means all people with British sounding names are fraudsters.

  • john 28th September 2012 at 10:25 am

    Sorry – ajk has a point.

  • Mikey 27th September 2012 at 7:12 pm

    AJK ……. you are bang out of order.

  • john smith 27th September 2012 at 6:11 pm

    the article does not give enough details. applying for properties higher than the value? surely the mortgage amount will reduce if the properties were downvalued. the article does not mention dodgy surveyers involved

  • ajk 27th September 2012 at 6:02 pm

    Wow makes a change to see non foreign sounding names are committing fraud as well as others!