Agent sentenced for part in mortgage fraud

An estate agent whose business failed in the downturn has been sentenced for her part in a mortgage ring that defrauded almost £5m.

The eight-year swindle covered properties purchased in Ammanford, Swansea and West Wales, and involved inventing identities, falsifying documents and setting up dummy companies.

Mortgages on the properties were defaulted upon, leading lenders to write off large sums.

Emma Davey, 44, of Carmarthen, played what the court heard was a "peripheral role" in the fraud; she admitted a single count of conspiracy to defraud and was given a one year jail term, suspended for two years. She was also ordered to do 200 hours of unpaid community work.

Three others - not involved in estate agency - received longer sentences which were not suspended. All four conspired to defraud mortgage lenders.

The fraud ring used computer software to create P60 end of year tax documents and bogus pay slips as well as ficticious lettings contracts. Cash was moved between bank accounts in false names to make it appear that mortgage applicants had regular income.

False identities were assumed, with two of the jailed changing their names officially.

Davey received £225,000 for one property and later remortgaged it; she then received a further £50,000, although much of this was transferred to the account of another of the accused.