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Confiscation Guidelines Changed

By Ian Anderson at Opus Law.  Article taken from Insidetime newspaper. Issue January 2013

Solicitor, Ian Anderson, examines the recent changes in Mortgage Fraud Law

A landmark judgment in a long awaited case involving mortgage fraud has finally been published by the Supreme Court on 14 November 2012.

R v Waya, which has taken nine months to conclude, will affect the way that confiscation orders are calculated in mortgage fraud cases.

The case will mean that convicted defendants who face confiscation proceedings or who have been subjected to hefty confiscation orders could have those orders reduced by hundreds of thousands of pounds, or quashed altogether and sent back to the Crown Court to be heard again.

The Defendant, Mr. Waya was a businessman who resided in London.  In 2003 he bought a flat for £775,000, of which £310,000 came from his own resources. The payment of £310,000 was shown to be from legitimate funds. The balance of £465,000 was obtained from a mortgage lender.  In order to obtain the mortgage Mr. Waya made false statements about his earnings and his credit history.  It was suggested that Mr. Waya’s mortgage advisor may have encouraged him to make those false claims.  The mortgage and purchase were completed in the usual way and Mr. Waya moved into the flat.

 

Read more of the article from Insidetime by clicking here

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