Targets of mortgage fraud investigations include estate agents, surveyors, solicitors, accountants, independent financial advisers (IFAs), mortgage brokers, property developers or individuals who may have become involved in fraudulent property transactions or received the proceeds of crime.
The current economic climate which has led to a downturn in the housing market means that mortgage fraud is more likely to become the subject of investigations, whether by the Financial Services Authority (FSA), Serious Fraud Office (SFO), police or any other investigation agency.
These investigations may relate to small scale mortgage fraud, involving individuals obtaining a higher mortgage through providing untrue or misleading information. However, they may also focus on large scale mortgage frauds, for example the obtaining a number of loans in relation to the same property through fraudulent means, or using corporate structures to hide the true beneficial ownership of the property or misleading shareholders and investors by the over-inflation of the value of a company's property assets.
The FSA confirmed in July 2010 that their campaign against mortgage fraud has already seen 92 mortgage brokers banned and £1.5m of fines issued. A number of these cases came as a direct result of their Information From Lenders scheme, which facilitates lenders reporting suspected cases of fraud to the FSA.
Our team of experienced fraud solicitors can advise individuals, professionals and companies who may be caught up in such investigations or who fear that they may be exposed to such allegations or are victims of such behaviour. This would include:
- representation of individuals or the company at dawn raids or interviews under caution or compulsory interviews
- conducting company investigations to identify fraudulent activity
- advice about making money laundering reports to SOCA and parallel regulatory proceedings that may be conducted by the FSA, the Solicitor's Regulation Authority (SRA) or any other regulatory body.
We can also advise companies seeking to ensure that their corporate governance provides adequate defences against mortgage fraud.
If you would like to talk to our criminal law solicitors, please contact John Harding
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