Fraudster found guilty in £24m mortgage swindle to pay back just £200

Fraudster found guilty in £24m mortgage swindle to pay back just £200

A woman who was jailed for her part in one of the biggest mortgage fraud cases seen in England and Wales has been ordered by the court to pay back just £202.

Sent to prison for two years, Nicola Spencer-Whalley pocketed around £40,000 for her role in a multi-million pound mortgage con that was one of the biggest ever seen in England and Wales.

As reported in The Daily Post, the conspiracy involved building up a vast property portfolio and exploited weaknesses on the part of lenders. Nicola Spencer Whalley’s mortgage applications involved £1.5 million. A detailed police investigation began five years ago and revealed one of the biggest mortgage frauds of its type to come before a court.

At the time of sentencing, Judge Rowlands said Spencer-Whalley and her conspiritors were seeking to make “easy money”.
 
Spencer-Whalley, of Colwyn Bay, did not attend the hearing at Chester Crown Court.


During the hearing, the court heard that Mrs Spencer-Whalley had raked in £39,248.17 for her part in a mortgage swindle that was valued at between £15 and £24 million, but will only have £202.47 confiscated.

The swindle occured between 2003 and 2008 and saw mortgage lenders duped into lending thousands of pounds in mortgages on properties across North Wales, Cheshire and the North West.

Nicola Spencer Whalley’s mortgage applications involved £1.5 million.

The £202 must be paid within three months.

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Spencer Fortag
Spencer Fortag 25 Aug 2016

The funny thing is, I mentioned the brick issue in my blog back in April: http://medwayproperty.blogspot.co.uk/2016/04/the-medway-property-market-and-lack-of.html

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SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

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jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

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jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

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TheWaspNestRemover
TheWaspNestRemover 11 Aug 2016

You agree to pay for the treatment needed to get rid of fleas, ants, mice, wasps nests and other pests unless you can prove that these are a result of us not meeting our repairing responsibilities or these...

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madisonwelch80
madisonwelch80 02 Aug 2016

16% is quite a raise. Let's hope this tendency won't continue for long.

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madisonwelch80
madisonwelch80 02 Aug 2016

?66,963 is a serious price drop However buying a property it a serious investment only small percentage of the UK population could afford.

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madisonwelch80
madisonwelch80 02 Aug 2016

Wow, it kind of surprised me. I mean counting on mom and dad's bank even after retirement is too much. That's the moment in life when one should have ensured themselves. I am shocked.

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AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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