A former chartered surveyor jailed for his role in a £50m mortgage fraud has paid an overdue confiscation order of £1.5m plus interest.
Ian McGarry was sentenced to six and a half years imprisonment in June 2011 after pleading guilty to two counts of conspiracy to obtain money transfers by deception and four counts of obtaining a money transfer by deception.
At the time of sentencing, McGarry was ordered to pay a confiscation order amounting to £1.55m. He exceeded the time to pay permitted by convicting judge HHJ Beddoe at Southwark Crown Court and as a result has had to pay an additional £157,343 in accrued interest.
McGarry’s co-conspirator Saghir Afzal, a Birmingham-based property developer, was sentenced to 13 years imprisonment in June 2011.
An additional 10-year tariff was added to the sentence in December 2013, taking his sentence to a total of 23 years, after Afzal failed to pay his own £29.2m confiscation order in due time.
The pair were convicted after a Serious Fraud Office investigation found they had fraudulently obtained £49.3m in mortgage funds from Cheshire Building Society, Bank of Ireland, Societe Generale and Nationwide Building Society by using falsely inflated property valuations and supporting applications with fake documents, leases and forged identification
SFO head of proceeds of crime division Mark Thompson says: “The court found that Mr McGarry had benefitted substantially from his criminality.
“The complex way in which Mr McGarry had arranged his affairs made this a protracted and complicated enforcement. However, the SFO is committed to ensuring that fraudsters do not benefit from their crimes.”