Rendlesham: Fraudster admits �700k loan scam
A SUFFOLK man has admitted attempting to defraud Barclays Bank of �700,000 in a lorry loan scam.
Adam Taylor, formerly of Church Street, Stradbroke, pleaded guilty to five offences when he appeared at Ipswich Crown Court for his plea and case management hearing.
Taylor, 38, admitted that between June 30, 2008 and October 1, 2008 he committed fraud by making a false representation to Barclays Bank PLC.
Taylor did so by representing invoices provided by AA Car and Commercial Ltd, of Rendlesham, were the true purchase price of five haulage trucks from Renault.
He pleaded guilty to two further charges, both involving the theft of a credit balance from the bank – one valued at �283,000 and the second worth �419,255.
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The fourth and fifth offences Taylor admitted both involved converting criminal property over a three-month period in 2008. These related to the total of �702,000 stolen from Barclays.
After hearing his guilty pleas, the court was told that Taylor, now of Winters Road, Norwich, had no previous convictions.
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Judge Rupert Overbury released Taylor on conditional bail until his sentencing.
The sentencing will take place at the end of a trial involving a Creeting St Mary finance broker.
Taylor’s co-accused Daron Mann, of Jordan Close, Creeting St Mary, denied all five of the charges admitted by Taylor.
Mann has also pleaded not guilty to an additional charge.
The 41-year-old is accused of committing fraud between June 30, 2008 and October 1, 2008, by abusing his position.
It is alleged that as a financial broker he committed fraud when he was expected to safeguard or not act against the financial interests of another, namely Barclays Bank PLC, by using loan monies obtained to buy vehicles on behalf of another, for his own purposes, in breach of the Fraud Act 2006.
Judge Overbury released Mann on unconditional bail until his trial which is scheduled to take place at Ipswich Crown Court on March 21.
The trial is estimated to last for two weeks.