A woman who was jailed for her part in one of the biggest mortgage fraud cases seen in England and Wales has been ordered by the court to pay back just £202.

Sent to prison for two years, Nicola Spencer-Whalley pocketed around £40,000 for her role in a multi-million pound mortgage con that was one of the biggest ever seen in England and Wales.

As reported in The Daily Post, the conspiracy involved building up a vast property portfolio and exploited weaknesses on the part of lenders. Nicola Spencer Whalley’s mortgage applications involved £1.5 million. A detailed police investigation began five years ago and revealed one of the biggest mortgage frauds of its type to come before a court.

At the time of sentencing, Judge Rowlands said Spencer-Whalley and her conspiritors were seeking to make “easy money”.

 

Spencer-Whalley, of Colwyn Bay, did not attend the hearing at Chester Crown Court.

During the hearing, the court heard that Mrs Spencer-Whalley had raked in £39,248.17 for her part in a mortgage swindle that was valued at between £15 and £24 million, but will only have £202.47 confiscated.

The swindle occured between 2003 and 2008 and saw mortgage lenders duped into lending thousands of pounds in mortgages on properties across North Wales, Cheshire and the North West.

Nicola Spencer Whalley’s mortgage applications involved £1.5 million.

The £202 must be paid within three months.