A 52-year old man has pleaded guilty of fraudulently obtaining mortgage funds of more than £250,000 between 2003 and 2005.
Edward Lyons also pled guilty at Glasgow Sheriff Court to an offence in terms of Section 327 of the Proceeds of Crime Act 2002, by illegally transferring £30,000 of the proceeds from the sale of one of these mortgaged properties to his daughter.
Sentence has been deferred on Lyons until 27 April. The Crown also advised the Court that it would be seeking to recover the proceeds of Lyons’ crimes by a confiscation order. A confiscation hearing under the Proceeds of Crime Act 2002 has been set down for 25 May 2010.
Lyons, who claimed he was self-employed when he was employed and earning £20,000, admitted defrauding £119,000 from Preferred Mortgages between May 2003 and August 2005.
Scott Pattison, Crown Office director of operations, said: “Edward Lyons failed to disclose accurate information to mortgage companies in a deliberate ploy to defraud them of money. This involved a gross abuse of trust. The Crown Office specialist National Casework Division is committed to working with other agencies to ensure that financial crime is investigated robustly and where there is sufficient evidence
