Friday, March 13, 2009

Credit Bubbles enable Fraud.

Although the exact amount defrauded has not been revealed, a report by Ipswich Borough Council estimated banks and building societies were left out of pocket by at least £6million.

Up to 70 new-build flats were thought to be involved in the Ipswich fraud. It is believed con artists bulk-purchased Orwell Quay apartments at massive discounts and made huge sums by taking out fake mortgages at over-inflated prices, leaving them to pocket the difference.

1 comment:

The Economic Voice said...

All with the collusion of so called professionals. As well as the usual suspects of estate agents and mortgage grifters there were solicitors and surveyors involved.