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Corrupt Broker Slammed over Mortgage Scam

bridgingandcommercial.co.uk | February 27, 2014

By Chanice Henry

A mortgage broker has been severely disgraced in legal proceedings for his fraudulent conduct.

David Reid of Washington Mortgage Centre recently admitted 22 charges of obtaining money transfer by deception and one charge of participating in fraudulent business. The 23 charges are thought to add up to around £1.6 million.

Although detectives believe the scam is worth around £3.5 million involving 50 victims.

Judge Guy Whitburn, QC, said: “This is an appalling fraud on people who trusted him in an area which he was extremely well-known.

“This is a bare-faced fraud.”

The judge said Reid would be remanded in custody until the next hearing and warned him: “It is inevitable, in a serious a fraud as this, that you will be punished by a substantial period of imprisonment.

“My view is that should start now.”

The investigation was launched after a number of customers reported they were unable to access money invested through the centre.

In January last year one victim attempted to access her cash only to realise she had been duped. Prior to the realisation, Reid assisted with some of the proceedings at her husband's funeral.

The woman, who was just one of about 30 people in court watching conman Reid admit his guilt, said: “We thought he was such a good friend of the family.

“He gave the eulogy in the church, standing in front of the coffin.

“He stood at the front of the church and gave this magnificent spiel about my husband being such a good friend.

“To me, that now has just made a mockery of the whole thing.

“He was a Jekyll and Hyde, he was totally believable. I think that’s why it has hit me so hard.”

Wealthy businessman David Reid, 49, was arrested last year whilst also being suspended from his membership at the Durham North West Labour Party.

In conjunction with the investigation, officers raided Mr Reid’s home, a large detached house at St John’s Mews in the village of Burnhope, County Durham, and an office linked to the Washington Mortgage Centre, in Washington.

Speaking on the arrest of Mr Reid prior to the charge, DCI Christina Barrett said: "We know that a lot of people are very concerned about their dealings with this business, often involving large sums of money.

"We have received a number of allegations of financial irregularity relating to investments made through the Washington Mortgage Centre over a number of years.

"I would like to appeal for anyone who has been involved financially with the Washington Mortgage Centre and who has any concerns to contact one of our officers on the 101 non-emergency number.”

Investors who claim they are victims of the suspected fraud contacted the Sunderland Echo claiming they had lost hundreds of thousands of pounds through the company.

A number of these investors have been supporting each other as the case progresses and are continuing efforts to get their money back.

One man, who asked not to be identified, told the Sunderland Echo: “We lost money when we went to remortgage a property. We were told the money had been put into an off-shore account.

“Then all of a sudden, we could not get in touch with anyone at the company for love nor money that was when we called the police.”

The complex financial investigation had been on-going since January 2013 officers were thought to have been investigating alleged financial irregularities stretching back a number of years.

Reid will be sentenced on March the 17th.

 

Back to February 2014 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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