Mother and son convicted of £3m mortgage fraud

A property trader who masterminded a £3m mortgage fraud with the help of his mother is facing jail.

The Old Bailey heard that Wayne Stubbs, 44, and Wendy Stubbs, 61, massively overstated their incomes in applications for luxury properties in Notting Hill, Kent and Huddersfield.

In one case, Ms Stubbs claimed to be earning £120,000 a year as a financial consultant when in reality she was unemployed and receiving state benefits.

Mr Stubbs claimed to be a high-earning ‘unit trust dealer’ but had not paid any tax or national insurance since 1995.

Mr Stubbs’ girlfriend Rachel Gledhill, 39, was cleared of taking part in the fraud.

Prosecutor Nicholas Mather said the mother and son worked individually and together to obtain a number of different mortgages by lying about their employment in the application process.

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