A fraudulent mortgage broker has been sentenced to two and a half years in prison. Olakunle Okubote, 50, of Broughton Avenue, Finchley N3 3EH was jailed and forced to hand over more than £23,000 on 24th February, following a five-week trial at Wood Green Crown Court.
Olakunle Okubote was forced to hand over more than £23,000
He owned a Bentley and Land Rover. As a result, Territorial Policing Payback Unit commenced with a proactive financial investigation into the affairs of the broker, subsequently identified to be Olakunle Okubote trading as ‘First Channel’.
The mortgage broker assisted criminals to obtain mortgages providing them with false documents and information. He secured cash discounts on new builds, which he kept, with the knowledge of the conveyancing solicitors, ranging between £10,000-£20,000 on each property.
The lenders and borrowers were unaware, which resulted in the borrower obtaining a mortgage larger than the purchase price.
He concealed his activities by transferring funds between bank accounts in various names and identities. The documents were verified by other brokers, believed in an attempt to conceal his involvement.
Okubote received £15,000 after securing a mortgage for Michael Kolawole. That person was identified to have been imprisoned for 18 years in America in the name of Kola Ajibade for Drug Trafficking.
Akin Olojo was arrested by the Territorial Support Group, based in Finchley, in possession of about £2,000 cash.
TSG Payback Unit commenced with financial enquiries into Akin Olojo’s financial affairs and discovered that he had obtained mortgages in two different names, one of which contained false employment and identity documents, brokered by Okubote.
Hertfordshire Police arrested two others in a connected prosecution, who had a mortgage brokered by Ola Okubote.
All of these investigations were joined, and enquiries were undertaken into the mortgage broker’s affairs.
The conveyancers were independently dealt with by the Solicitors Regulatory Authority.
Olakunle Okubote, Michael Kolawole (aka Kola Ajibade) and Akin Olojo (aka Akin Latunji) were convicted after a five-week trial at Wood Green Crown Court.
Michael Kolawole, 51, of Winchester Close, SE17 was imprisoned for 12 months. He was ordered to pay £2,000 costs and a confiscation order is ongoing.
Akin Olojo, 28ys, of Foyle Road, N17 received a suspended sentence on 13th January 2012. He was ordered to pay £2,000 costs and a confiscation order is ongoing.
Further civil proceedings are underway to remove all the other available assets from Okubote, whose assets are restrained.
“Olakunle Okubote was a confident criminal. I am pleased that the prosecution team were able to successfully conclude the criminal proceedings, under the leadership of Jonathan Wright from Castle Chambers,”Detective Sergeant Jason Aldridge, in charge of the investigation, said. “We plan to take away all their available assets through confiscation and civil recovery to ensure that every available asset is taken away from these individuals.”
