PHOTO: FILE
A defendant facing charges from the Serious Fraud Office (SFO) has admitted guilt to four counts of deception concerning a mortgage fraud operation. Sentencing is set for August 14, 2024.
The defendant’s identity remains withheld and is among six individuals implicated in a sophisticated mortgage and investment fraud case pursued by the SFO. The recent admission of guilt, entered on April 5, 2024, marks a significant milestone in the investigation, showcasing the SFO’s unwavering dedication to combatting intricate fraud across various sectors.
Initiated in October 2020 after a referral from the Police, the SFO’s inquiry revealed that the defendant provided false information to their bank during a 2018 loan application. This misinformation included concealing the true property purchase price, using a cash gift certificate for the property deposit, and neglecting to disclose an existing bank loan.
Alongside the defendant, Gerard Peters, Robert Peters, and three others, who remain unnamed, were charged. A total of 41 charges, comprising deception, attempted deception, and forgery, have been lodged.
The SFO asserts that the defendants orchestrated a scheme to secure loans and properties through fraudulent claims on home loan applications and to conveyancing solicitors, often supported by fabricated documentation.
Collectively, they purportedly obtained over $8.6 million in lending and endeavored to secure an additional $3 million.
SOURCE: SFO