March 12 2014 Latest news:
Wednesday, January 8, 2014
Four people who were jailed for their involvement in a multi-million pound buy-to let mortgage fraud in Ipswich have now been ordered to repay more than £100,000 in confiscation orders.
Before Ipswich Crown Court for a proceeds of crime hearing were Olayemi Daniel, 47, of Dagenham, Ajayi Seun, 46, of Surrey, Didi Jordan, 45, of Surrey and Janet Mukasa, 49, of Kent.
Daniel, who was jailed for four years after being found guilty of money laundering and mortgage fraud was found to have benefitted from her offending by £17,800 but in view of her available assets was ordered to pay a confiscation order of £2,174. Seun, who was jailed for four years after admitting conspiracy to defraud, was found to have benefitted by £1,208,203 and was ordered to pay a £30,298 confiscation order while Jordan, who was jailed for three years after being convicted of conspiracy to defraud and money laundering, was found to have benefitted by £47,841 and was ordered to pay a confiscation order in that sum.
Mukasa, who was jailed for two years after being convicted of conspiracy to defraud and money laundering, was found to have benefitted by £278,821 and was ordered to pay a confiscation order of £31,400.
During their trial the court heard that the mortgage fraud was worth more than £5.5 million and involved more than 35 properties in Ipswich.
The fraud centred on the Foxgrove Gardens development off Foxhall Road, on the former site of Bull Motors.
Sentencing the defendants Judge Goodin said: “This was, on any construction, a massive fraud on lending institutions principally, but also on occasionally the deception of borrowers.”
The court heard more than £5m went through the client account of a solicitors in London, where Seun was a partner.
Fictitious identities were created and documents were forged to obtain the money from lenders.
However some real names were used and borrowers were also deceived as to their borrowing capacity by the inflation of their income or prospects, which were submitted to the lending institutions.
Judge Goodin said they were “stung badly”, and the lenders were “massively defrauded”.