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Solicitor cleared of Mortgage Fraud

Patrick Upward QC and Stan Reiz recently concluded the trial of a solicitor ("OI") accused of conspiracy to defraud and money laundering.

The Crown's case was that the 8 defendants were involved in a fraudulent business deal involving the back to back sales of 84 flats in Thamesmead. The flats were purchased by a shell company with no bank account in 2006 for a price of £15 million and sold on to individual purchasers for just under £19 million, creating a profit of over £3.5 million in 6 months. It was alleged that the valuations of the properties were exaggerated and false documents were tendered to lenders to secure mortgages.

OI was a partner at two separate firms during the conspiracy period and was responsible for the conveyancing and transferring the profits of the fraud to numerous bank accounts of individuals and companies. He was a former professional footballer who trained at a criminal firm before being instructed in this conveyancing matter. He denied acting dishonestly and claimed he was naive.

The jury cleared OI and 6 of the other defendants; including an accountant and three mortgage brokers, unanimously following a 10 week trial at Southwark Crown Court. One further defendant faces sentence following his pleas of guilty.

30 November 2009

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