Regulation 

Five jailed over £9m mortgage scam

Five jailed over £9m mortgage scam

Five people who participated in a mortgage application scam for a potential £9m have been sentenced at Cardiff Crown Court today.

Peter Gay, Kenneth Bacon, Malcom Pow, Michael Bishop and Supriya Misra were involved in submitting at least 80 fraudulent applications to several high street lenders from January 2009 to September 2013.

More than half of the applications were completed resulting in loans in excess of £4m being granted. Applications that did not complete sought the lending of funds totalling in excess of a further £5m.

The group, which included Robert Maxwell and Omer Mian who will be sentenced later this month, used false payslips, false accounts and false employer references in order to deceive lenders into approving the requests.

Gemma Vincent of the Crown Prosecution Service said: "This was a complicated case with a considerable amount of evidence to present.  The defendants were professional people who used their status and knowledge for criminal activities. 

"Fraud such as this can undermine the economic system upon which we all depend.

"The CPS will continue to work with the investigating authorities to tackle those who seek to manipulate financial procedures."

Bacon, 66, was jailed for five years after being convicted of three counts of conspiracy to defraud and eight of making an article for use in fraud.

Bishop, 39, was sentenced to four years’ in jail for conspiracy to defraud and fraud while Gay, 64, was jailed for three years and nine months for three counts of conspiracy to defraud and one count of supply of an article for use in fraud.

Misra, 39, was ordered to serve 33 months’ imprisonment for two counts of fraud and pleaded guilty to a further four counts of fraud and one count of conspiracy to defraud.

Pow was jailed for 26 months after pleading guilty to conspiracy to defraud.

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