A man who defrauded four people out of more than £200,000 while posing as a mortgage adviser has been spared an immediate jail sentence.
Adam Francis, 48, appeared at Chester Crown Court on Friday, July 24 to be sentenced after pleading guilty to four counts of fraud by false representation.
How the fraud worked
Between February 2017 and August 2018, the victims had each been seeking help for new mortgages and approached Francis after seeing his adverts offering his services as the "Mortgage Man". Francis worked with a second defendant, a qualified accountant, who has since died.
Francis met all of the victims in person, purporting to be a mortgage or financial adviser. His associate worked as the accountant.
They told the victims that to secure the deals, they needed to hand over mortgage deposits, various charges, and solicitors' fees. To persuade the victims the mortgages were legitimate, Francis engaged with professionals, gave the impression he was carrying out the work, spoke with estate agents, made initial enquiries with legitimate mortgage advisers, and instructed solicitors, paying initial fees to obtain documentation which was provided to the victims who believed their money was safe and the conveyancing process was underway.
Victims lost over £203,000
In reality, Francis and his associate had already stolen all the money. The victims became aware they had been conned when they contacted the solicitors to check progress, only to be told their mortgages had not progressed and there was no money held in any client account.
They reported the allegations to Cheshire Police and Francis was arrested. Between them, the four victims reported losses of just over £203,436.
Following his arrest, Francis answered no comment to all fraud allegations. He was later charged with four counts of fraud by false representation. A further count was ordered to lie on file.
Sentence and reaction
On Friday, Francis, of Rowan Rise in Banton, Northwich, was sentenced to 25 months in prison, suspended for two years, and up to 20 days rehabilitation requirement.
Detective Constable Catrin Phoenix, of the Economic Crime Unit at Cheshire Police, said: “Francis was a cunning and deceitful individual who convinced his victims into handing over more than £200,000, believing that he was a legitimate mortgage adviser and money was being used towards their mortgage.
“In reality, Francis had no financial qualifications, and he used the victim’s cash for his own personal gain.
“While we have been unable to recover any of the victim’s cash, I do hope that the fact Francis has now been held accountable for his actions will provide them with some closure.”
During the sentencing, Judge Everett described how Francis “took the victims for a ride,” and stated his actions were “totally shameful” and “a con from beginning to end” which caused significant distress to the victims.
