A nightclub owner and yacht designer has been jailed for mortgage fraud after first trying to blame his broker.
Arthur Wilder was sentenced to three years in prison at Hull Crown Court this week for falsifying his income on mortgage applications despite having claimed that his brokers had done so without his knowledge.
The Hull Daily Mail reports that 67 year-old Wilder claimed to have designed super yachts for a James Bond film, Saudi princes and the King of Spain.
In 2006 and 2007, during the boom years of the mortgage market, Wilder claimed he earned £300,000 a year in his home loan applications.
In the first instance he applied for £1 million mortgage from the Royal Bank of Scotland to buy a stately home called Raithby Hall in Lincolsnhire, the court heard.
But the deal collapsed and he was unable to buy the property.
A year later, however, he was able to secure a £1.4m remortgage from the same lender on a property he owned near Scunthorpe using the same income figures.
However, he had no evidence to back up his earnings.
In both applications he failed to disclose a previous bankruptcy.
Wilder used £630,000 from the remortgage to buy himself a yacht.
But the bank eventually repossessed his property when he failed to keep up repayments.
Judge Mark Bury said: “You saw an opportunity to exploit the mortgage market and you did so but ultimately it all come crashing down around your head.”
In his comments to Wilder, the judge also commented on how the industry has made significant improvements since the pre-credit crunch years as applicants are now required to provide proof of earnings.
The Judge said that the fact Wilder had tried to blame his broker was an “aggravating” factor in the case.