Victims lost deposits and fees to a man with no financial advice qualifications
A man who posed as a mortgage adviser under the trading name "Mortgage Man" has been sentenced after defrauding four people out of more than £203,000.
Adam Francis, 48, of Rowan Rise, Barnton, Cheshire, appeared at Chester Crown Court on 24 July, where he received a 25-month custodial sentence, suspended for two years, along with a rehabilitation requirement of up to 20 days. He had previously pleaded guilty to four counts of fraud by false representation, with a fifth count ordered to lie on file.
The court heard that between February 2017 and August 2018, Francis advertised his services as a mortgage and financial adviser, attracting victims who were seeking assistance arranging new mortgages. He worked alongside a second defendant — a qualified accountant who has since died — and together they presented themselves to victims as reputable professionals offering legitimate services.
According to Cheshire Police, Francis (pictured right) met each victim in person and instructed solicitors, paid initial legal fees, and made enquiries with genuine mortgage advisers and estate agents in order to generate documentation that gave victims the impression their transactions were progressing. In reality, Francis and his associate had already taken the money.
Victims only discovered the fraud when they contacted solicitors directly and were told no mortgage had progressed and no funds were held in any client account. Combined losses across the four victims totalled just over £203,436.
Following his arrest, Francis made no comment in response to all fraud allegations. He was subsequently charged with four counts of fraud by false representation.
"Francis was a cunning and deceitful individual who convinced his victims into handing over more than £200,000, believing that he was a legitimate mortgage adviser and money was being used towards their mortgage," said Detective Constable Catrin Phoenix of the economic crime unit at Cheshire Police.
"In reality, Francis had no financial qualifications, and he used the victim's cash for his own personal gain. While we have been unable to recover any of the victim's cash, I do hope that the fact Francis has now been held accountable for his actions will provide them with some closure."
Sentencing Francis, Judge Steven Everett said he had "took the victims for a ride," describing his conduct as "totally shameful" and "a con from beginning to end" that caused significant distress.
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