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Former RBS Banker Likely to Face Jail Time for £3m Mortgage Scam

reuters.com | December 13, 2013

By Jonathan Stempel

Andrew Ratnage, 49, a former relationship manager at the bank, abused his senior position to approve a string of false and inflated valuations for homes he owned, a court at the Old Bailey was told.

Former RBS banker likely to face jail time for £3m mortgage scam
A Royal Bank of Scotland executive has been warned he faces jail after admitting pulling off a £3m mortgage scam.

By Court reporter | Published Dec 12, 2013 | 0 comments
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Andrew Ratnage, 49, a former relationship manager at the bank, abused his senior position to approve a string of false and inflated valuations for homes he owned, a court at the Old Bailey was told.

The charges and pleas in full

1 Ratnage [and Pask]: obtaining a service by deception. Guilty

2 Ratnage [and Pask]: obtaining a service by deception. Guilty

3 Ratnage [Pask]: false accounting. Guilty

4 Ratnage [and Pask]: obtaining a service by deception. Guilty

5 Ratnage [and Pask]: fraud. Not guilty

6 Andrew Ratnage: false accounting. Guilty

7 Andrew Ratnage: false accounting. Guilty

8 Andrew Ratnage: false accounting. Guilty

9 Andrew Ratnage: false accounting. Guilty

10 Andrew Ratnage: false accounting. Guilty

11 Andrew Ratnage: false accounting. Guilty

The scam involved ramping up the values of the properties to obtain excessively large loans.

The five properties were in Barretts Grove and Lidfield Road, Stoke Newington, north London; Rayne Road, in Braintree, Essex; Roman Road, Mile End, east London; and Middle Wall, in Whitstable, Kent.

Ratnage funnelled money into two companies called Oasis Property Investments and Oasis Property Trading between July 2005 and May 2010.

At the brief hearing, he spoke only to confirm his name and enter guilty pleas to three counts of obtaining a service by deception and seven counts of false accounting. Ratnage denies one count of fraud, which is to the value of approximately £1m.

Judge Cooke QC ordered the Crown to indicate within 14 days whether they would seek to have Ratnage tried on the single count of fraud.

The judge warned the banker a custodial sentence was likely. He said: “The quantum of it is such that it seems inevitable to me.”

Ratnage, of Brentwood, Essex, was released on conditional bail, with a residence requirement and a ban from seeking work in the financial sector.

His co-defendant, Raymond Pask, has yet to enter pleas and will return to the Old Bailey on 10 January for a plea and case management hearing.

No date for Ratnage’s sentencing has been set.

The two former Royal Bank of Scotland executives had first appeared in the Old Bailey to hear the trial on 30 September.

 

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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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