Adam Francis, 48, of Rowan Rise, Barnton, Cheshire, has been sentenced to 25 months in prison, suspended for two years, for defrauding four victims of more than £200,000. He pleaded guilty to four counts of fraud by false representation at Chester Crown Court on Friday, July 24.
How the fraud operated
Between February 2017 and August 2018, Francis advertised his services as the 'Mortgage Man'. His victims approached him after seeing his adverts, seeking help with new mortgages. Francis worked with a second defendant, a qualified accountant who has since died.
Francis met all victims in person, pretending to be a mortgage or financial adviser. Together, they convinced the victims they were reputable professionals. They told them they needed to hand over mortgage deposits, various charges, and solicitors' fees.
Deception and discovery
To make the fraud appear legitimate, Francis engaged with estate agents, made initial enquiries with legitimate mortgage advisers, and instructed solicitors, paying initial fees to obtain documentation. The victims believed their money was safe and the conveyancing process was underway.
In reality, Francis and his associate stole all the money. The victims only realized they had been conned when they contacted solicitors and were told no mortgages had progressed and no money was held in a client account. They reported the matter to Cheshire Police, and Francis was arrested. He answered 'no comment' to all allegations but was later charged.
Impact and sentencing
The four victims reported total losses of just over £203,436. Detective Constable Catrin Phoenix of Cheshire Police's Economic Crime Unit 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.'
She added: '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 sentencing, His Honour Judge Everett said Francis 'took the victims for a ride,' describing his actions as 'totally shameful' and 'a con from beginning to end' that caused significant distress.
