A property trader who masterminded a £3m mortgage fraud with the help of his mother is facing jail.
The Old Bailey heard that Wayne Stubbs, 44, and Wendy Stubbs, 61, massively overstated their incomes in applications for luxury properties in Notting Hill, Kent and Huddersfield.
In one case, Ms Stubbs claimed to be earning £120,000 a year as a financial consultant when in reality she was unemployed and receiving state benefits.
Mr Stubbs claimed to be a high-earning ‘unit trust dealer’ but had not paid any tax or national insurance since 1995.
Mr Stubbs’ girlfriend Rachel Gledhill, 39, was cleared of taking part in the fraud.
Prosecutor Nicholas Mather said the mother and son worked individually and together to obtain a number of different mortgages by lying about their employment in the application process.
Mr Mather said that Mr Stubbs was “behind each and every one of the transactions”.
Mr Stubbs and Ms Stubbs applied for a £300,000 mortgage on a property in Crofton Lane, Orpington, in 2002, and a £237,500 mortgage from Intelligent Finance on a flat in Linden Gardens, Notting Hill, in 2003.
Mr Stubbs then applied for a £225,000 mortgage from the Fast Track Mortgage Centre on a property in Hollyfield Avenue in Quarmby, Huddersfield, in 2004.
He then applied for a £237,500 mortgage from Halifax for a flat in Park Hill Road, Bromley, Kent.
In 2006 Mr Stubbs and Ms Stubbs applied for a £1.2m mortgage from Intelligent Finance on a property in Orpington Road, Chislehurst, also in Kent.
Two years later Mr Stubbs falsely stated the source of a £230,000 deposit on a different flat in Linden Gardens.
Mr Stubbs and Ms Stubbs, both of Kent, were convicted of four counts of obtaining a money transfer by deception for which they are jointly charged.
Ms Stubbs was also found guilty of three counts of entering or becoming concerned with a money laundering arrangement, and a count each of obtaining a money transfer by deception, acquiring criminal property and fraud by false representation.
Ms Stubbs denied but was convicted of entering or becoming concerned with a money laundering arrangement and two counts of acquiring criminal property.
Ms Gledhill, of Huddersfield was cleared of two counts of obtaining a money transfer by deception and one of acquiring criminal property.
Mr Stubbs and Ms Stubbs will be sentenced on 4 December at Woolwich Crown Court.
