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Ex-RBS Manager Facing Jail Term over £3m Mortgage Fraud

mortgagestrategy.co.uk | December 11, 2013

By Devraj Ray

A former relationship manager at Royal Bank of Scotland is facing a possible jail sentence after pleading guilty to two out of three counts relating to a £3m mortgage fraud.

The case, originally brought before the Old Bailey in October, involves two former RBS executives, Andrew Ratnage and Raymond Pask, who are accused of inflating valuations on a series of properties and obtaining mortgages worth a combined figure of over £4m.

They also stand accused of funnelling the funds into special purpose companies Oasis Property Investments and Oasis Property Trading between 2005 and 2010.

Ratnage, 49, last week pleaded not guilty to the charge of fraud by abuse of position, while pleading guilty to the remaining charges of money laundering, and obtaining property by deception.

The five properties in question were in Barretts Grove and Lidfield Road in Stoke Newington, Rayne Road in Braintree, Roman Road in East London as well as in Whitstable, Kent.

No further developments will be made in the case until Pask is brought before the court next week to enter his own pleas.

RBS declined to comment.

 

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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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