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Two solicitors charged in alleged £50m mortgage fraud

Two solicitors have today been charged in an alleged £50m commercial mortgage fraud.

The solicitors appeared at City of London Magistrates Court today after being charged with offences in connection with a series of high value
commercial mortgage frauds.

Mark Knights of Cheshire (born 20/06/64) and Kamran Malik of Birmingham (born17/01/79) are charged with three counts of obtaining a money transfer by deception.

The proceedings are to be transferred to Southwark Crown Court.

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Comments

There are 11 comments at the moment, we would love to hear your opinion too.

  1. So much for ‘qualifications’ and ‘professionalism’, from my experience of handling claims the quantum increases with the level at which the firm pitches its marketing machine.

  2. So, I wonder if sorting out this mess will land all good solicitors with a £10,000 average bill in the same way good IFA’s are somehow accountable for the rouges in our industry.

    No?……thought not!

  3. I was lead to believe that solicitors were supposed to be one of the professional groups. Is level 4 going to make any difference – I doubt it

    One of my favorite quotes by Warren Buffett sums it up perfectly…

    “In evaluating people, you look for three qualities: integrity, intelligence, and energy. And, if you don’t have the first, the other two will kill you.”
    .

  4. Now I know this will not get put on the boards I am starting to see a trend in all walks of trades from solicitors to IFA’s to Brokers to Dr;s being struck off, is it me? Do many have names associated with overseas countries?

  5. To be honest if you are going for fraud £50m would tempt 95% of the population, the other 5% already have much more than £50m.

    This fraud is best described as ‘If it looks to good to be true, then it almost certainly is.

    As for the people who authorised the release of the £50m, somebody forgot to put anti fraud checks in place.

    In the very large international companies mainly American, a cheque valued at £20000 had to have full audit and Board approval the higher the value the more difficult it was to get approval, simply because whoever got it wrong paid with their job. No golded goodby’s just a straight kick out of the door and into touch.

  6. Solicitors have compulsory individual Professional Indemnity Insurance. Previosly the Law Society ran it, but due to the high level of claims it collapsed.

  7. In fairness, there will be crooks in any profession. Post-RDR there will still be the odd IFA that runs off with the old lady’s funds.
    What will happen to IFAs post-2012 is that the duffers and incompetents (of which there are currently quite a few) will become a lot fewer.

  8. Let`s hope the FSA don`t read about this case, I will not be able to cover the liability for this as well.

  9. Makes me laugh that some assumption of integrity is placed on these two as they are solicitors – just better trained to avoid detection. How many solicitors do you think beleive there job is about any sense of justice or fair play?? Maybe its just criminal lawyers who tend to give up that notion early, or family lawyers & divorce lawyers…surely they always play fair with integrity.

  10. Whatever happened to innocent until proven guilty?

  11. Johnstone Hooton - Price 19th February 2010 at 3:00 pm

    I am a trained solitor and mortgage adviser by trade, these people give me and the industry a bad name, lock em up and throw away they key, i for one will not ever shop at harrods again until something is done about this

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