David Evans QC acts for one of Six individuals charged with offences in connection with a series of high value commercial mortgage frauds. The case is being tried at Southwark Crown Court.
The investigation was referred to the Serious Fraud Office in March 2006 by West Midlands Police following a complaint from the Cheshire Building Society.
The SFO allege that: 'the defendants participated in a series of frauds whereby they dishonestly obtained loans from banks or building societies that were secured on six commercial investment properties. Each property was transferred between companies controlled by one of the defendants and his associates at highly inflated prices in a series of back to back transactions. On the basis of the grossly inflated prices, fraudulent valuations and forged leases, the defendants applied for and obtained mortgage advances totalling nearly £50 million. The mortgages were quickly defaulted on and the lenders suffered significant losses'.
Five individuals were charged with offences of conspiracy to obtain a money transfer by deception and dishonestly obtaining a money transfer. One was charged with conspiracy to obtain a money transfer by deception.
At the relevant time:
- IG was a chartered surveyor
- FP was the sole principal of her own firm, based in Birmingham.
- HS was a solicitor employed at a Solicitors' firm based in Birmingham.
- FL was a partner at a firm in, Wanstead, East London.
- SA was a company director and property owner.
- SL was a partner of a Solicitors' firm in Edgware