Catch me if you… Oh, you can?

by BN20 Mar 2012

Insider is a great fan of the extravagant lifestyles fraudulent mortgage brokers treat themselves to. Not ones to put their fraudulently obtained pennies away for a rainy day (like an escape to South America when their game is up), it seems brokers just love to live it up, with no thought of what the consequences might be tomorrow. And so it went for Olakunle Okubote of London in the UK, who was recently sentenced to two and a half years in jail. Okubote, who enjoyed a lavish lifestyle in a million pound property in the borough of Finchley, was engaged in a series of frauds, where he obtained discounts on properties which lenders and borrowers knew nothing about. Hence, these poor borrowers were in fact mortgaged for more than the value of their property – gives negative equity a new name. He also brokered loans for criminals with false documents, one of which (Kola Ajibade, who had been imprisoned for 18 years in America for drug trafficking) eventually led to his scam coming unstuck. Okubote took his ill-won gains (which he hid via a series of bank accounts in false names) and invested not only in the prime residential property, but a self-esteem boosting Bentley and a Land Rover – perhaps to aid his escape? However, he was too late for that. And now he won’t be getting behind any wheel for some time.