Follow Us on Facebook Follow Us on Twitter Follow Us on Google+ Follow Us on Pinterest Follow Us on Tumblr Visit our YouTube Channel Subscribe to our Feed Subscribe via FriendFeed

Connect With Us

Mortgage Fraud Committed By Past Season Apprentice Star Christopher Farrell

by Jim ONeil on February 3, 2011

in Personal Finance News

Former Royal Marine sniper Christopher Farrell was among the contestants on the last season of the BBC1 show, The Apprentice. The 29-year-old is now in trouble with the law. It turns out this is not the first time but it is the first occasion on which he has been accused of fraud. On Friday, Mr. Farrell was sentenced to nine months in prison for fraud by false misrepresentation.

Prior to beginning filming of the popular television show last season, a routine search conducted by police revealed that Mr. Farrell had an extendable baton and a knucklebuster in his car. Mr. Farrell pled guilty to two counts of possession of offensive weapons in September 2009. He was ordered to pay close to £850 and provided a two-year conditional discharge.

Between November 2007 and August 2009, Mr. Farrell was a mortgage broker with Mortgages for Plymouth. At this job, he altered one remortgage application and three mortgage applications, inflating the income of his clients. This allowed the individuals to borrow more money and it also increased his commissions. Mr. Farrell admitted to fraud on loans totaling over £750,000.

The losers in this situation were the mortgage lenders, who made loans they would not have issued had they been provided accurate information. The clients did not have any knowledge that Mr. Farrell

altered their applications. One bank discovered false information on an application, which led Mr. Farrell to initially blame co-workers, later changing his plea to guilty.

In addition to his prison sentence, Mr. Farrell faces a two-year suspension and must perform 200 hours of community service. Unfortunately, he is just one of an increasing group of mortgage advisers to break the law during the recent housing bubble. More of these mortgage fraud cases will likely become known as the housing market continues to recede and borrowers start defaulting on their unaffordable mortgages.

Ed J

The bailouts and stimulus are part of the agenda to destroy our economy and embrace global socialism via the new world order and the North American Union. Another part of the agenda is amnesty, outsourcing, "gun control", and big government represented by global corporations and the UN.
AN EU style trading block and poverty will be the result.

Comments on this entry are closed.

Previous post:

Next post: