English Regulators Put Heat On British Barristers Suspected Of Mortgage Fraud, Real Estate Scams

In London, England, Financial Times reports:

• More than 100 law firms suspected of mortgage fraud were investigated last year as part of a crackdown on rogue solicitors. New figures show that last year the Solicitors Regulation Authority, which supervises 113,000 solicitors, completed 106 investigations into firms where there was suspected misconduct in relation to mortgages or property. Of these 106, 22 firms have been closed down, 24 cases have been referred to the police for investigation, and 30 cases have been referred by the SRA to the Solicitors Disciplinary Tribunal, which has the power to strike off solicitors. There are other investigations continuing. The action is estimated to have saved lenders more than £15m.

• There has been concern about rising levels of property fraud with the SRA’s own figures showing an increase in reports of suspected property fraud involving solicitors up from 85 cases in 2005 to 400 in 2009. In the past, property fraudsters have used corrupt or incompetent solicitors to help them carry out property fraud. [...] Detective Superintendent Robert Wishart, of the City of London Police, national lead force for fraud investigation, said: "We are committed to working closely with the SRA during 2010 and beyond to target corrupt solicitors who we believe are a significant enabler of property fraud.”

Source: Law firms probed over mortgage fraud.