A loyal wife who used her IT skills to help her “overbearing” mortgage broker ex-husband secure £2.4 million worth of fraudulent loans by forging valuation reports dodged jail with a suspended sentence today (Monday).
Nicola Hardy, 27, of Water Lane, Pontefract, Yorkshire photoshopped the reports on her laptop, resulting in nine properties being re-mortgaged in excess of their market value.
“You were in a difficult position of saying ‘no’ to this overbearing bully of a husband,” Judge Michael Gledhill QC told her at London’s Southwark Crown Court (pictured).
At the time Hardy shared a home at Highams Park, Chingford, East London with her husband and worked for West End-based commercial property consultants Lambert Smith Hampton.
Typically Hardy altered the number of bedrooms in a property to falsely inflate its value or increased its potential rental yield on independent valuers’ reports.
Negative findings such as rising damp were removed and in one case a property deemed unfit for the open market was described by Hardy as in a “modernized condition.”
She was sentenced to six months imprisonment, suspended for eighteen months, ordered to perform 100 hours community service work and pay £500 costs.
Her ex-husband Neil Edward Durbidge, 30, of Peel Road, Wembley, has pleaded not guilty to the charges and is due to stand trial early next year.
Hardy pleaded guilty to four charges relating to City-based Basinghall Finance plc in that she dishonestly made false representations regarding the mortgage valuation on 62 Brownlow Road, 55b Bruce Road, 17a Essex Road, Willesden and 5 Villiers Road, Cricklewood, North-West London on various dates between November 20, 2007 and January 31, 2008.
She also admitted five similar charges relating to Capital Home Loans Ltd., of Admiral House, Harlington Way, Fleet, Hampshire, regarding Flat 14, Norfolk Court, Harrow, Flat 12, Nicoll Court, Willesden and 23, Woodford Place, 21 Flamstead Avenue, and 21a Flamstead Avenue, Wembley, on various dates between January 11 and February 26, 2008.
Prosecutor Mr. Matthew Banham told the court: “She is not the prime mover. She only became involved as a result of her husband, but she did provide essential assistance and this fraud could not have been completed without her technical assistance.”
No financial loss has occurred because all the clients have kept up with their mortgage repayments, but all the lending companies agree they would never have advanced the loan amounts if they knew the true valuations.
A total of £2,418,850 was loaned on the properties and another £862,000 worth of remortgages applied for were refused.
Although no loss has yet occurred all the lenders consider the loans “at risk”.
“No bonuses were received for securing the mortgages and there was no financial incentive apart from Mr. Durbidge’s employers believing he was busy and successful,” said Mr. Banham.
In May 2008 Basinghall Finance spotted the forgeries and a month later Hardy’s husband was sacked for gross misconduct.
City of London Police raided the matrimonial home on June 13, 2008 and in Hardy’s laptop, recovered from the boot of a car parked outside, officers found evidence of her forgeries.
“When questioned Hardy answered all questions and admitted using photoshop on her laptop so her husband could fill his quota,” said Mr. Banham. “She said she felt she was pressured into it by her husband.”
Hardy’s lawyer Mrs. Isabelle Forshaw described her client’s former marriage as “unequal”, “exploitative” and “flawed”.
“This defendant had nothing to gain whatsoever apart from trying to keep a difficult relationship together.
“Mr. Durbidge had been her whole life. She was with him for ten years from the age of sixteen. It was her first relationship and he was all she had ever known.”
After the arrests Hardy returned to her native Yorkshire.
Hardy even paid for the couple’s “lavish” 2007 wedding as Mr. Durbidge struggled to keep a failing mortgage business afloat before getting a job as a broker.
“I am dealing with a young lady of good character acting under some pressure from her husband,” announced Judge Gledhill. “Over a pretty long period of time this lady has altered reports in order for her husband to assist clients.
“There is no direct benefit, but it was thoroughly dishonest,” added the Judge.
He told Hardy: “I know you have suffered since you were arrested, but you have continued working and tried to pay off your debts and rebuild your life and have a new boyfriend who is in court along with your father today.”
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