Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property Industry Eye. Read the original article for full details.
Bogus Mortgage Adviser Sentenced for £203,000 Fraud
Adam Francis, 48, of Rowan Rise, Banton, has been sentenced to 25 months’ imprisonment, suspended for two years, after admitting to defrauding four people of more than £203,000 by posing as a mortgage adviser. The sentencing took place at Chester Crown Court, where Francis was also ordered to complete up to 20 days of rehabilitation activity.
Francis pleaded guilty to four counts of fraud by false representation, with a fifth count ordered to lie on file. The offences occurred between February 2017 and August 2018, when four victims approached Francis after seeing advertisements for his services as the “Mortgage Man.” All victims were seeking assistance in securing new mortgages.
Working alongside a qualified accountant, who has since died, Francis falsely presented himself as a mortgage or financial adviser. He and his associate persuaded the victims to pay mortgage deposits, legal fees, and other charges, claiming these were necessary to progress their applications. To support the deception, Francis contacted estate agents, made initial enquiries with legitimate mortgage advisers, and instructed solicitors, paying some initial fees to obtain documents and correspondence. These materials were then shown to the victims to create the impression that their mortgage applications and conveyancing were progressing, when in fact the funds had already been stolen.
The fraud was uncovered when the victims contacted solicitors directly to check on the progress of their transactions and discovered that no funds were being held in client accounts and their mortgage applications had not advanced. The four victims reported losses totalling more than £203,436.
Following an investigation by Cheshire Police, Francis was arrested. He answered “no comment” during police interviews but was subsequently charged and later admitted the offences.
During sentencing, His Honour Judge Everett described Francis’s actions as “totally shameful” and “a con from beginning to end,” noting the significant distress caused to the victims.
This case highlights the importance for letting agents and inventory clerks to verify the credentials of mortgage and financial advisers involved in property transactions, to help protect clients from similar fraudulent activity.
Source: Property Industry Eye