Millionaire boxing tycoon stands trial over mortgage fraud

Millionaire boxing tycoon stands trial over mortgage fraud


A renowned boxing tycoon has appeared in court with his wife, facing mortgage fraud charges totalling £1.5 million.

Barry Hughes, 32, and his wife Jacqueline, 35, allegedly lied about their income to acquire mortgages to purchase three properties.

The pair of Kilmacolm, Renfrewshire, allegedly managed to swindle £1.5 million through these fraudulent mortgage applications, purchasing property and expensive cars.

The millionaire duo face charges under the Proceeds of Crime Act as they are believed to have profited from the sale of the properties which they bought.

It’s been reported that the Scottish couple claimed that Mrs Hughes was earning £60,000 per annum as an employee of McDonald Interiors in August 2001.

The application enabled them to obtain a mortgage of £180,000 to purchase a property at 2 Dulruith Park in Brookfield. The Hughes unlawful activities did not end there. In January 2004 it’s alleged they claimed she was receiving an annual income of £160,000 in order to gain a £429,995 property at 13 The Grange in Bridge of Weir.

In November 2006, the pair increased Jacqueline’s supposed income further, claiming she was earning between £160,000 and £429,995. Their fabrications on this occasion enabled them to get hold of a £859,999 mortgage, which they used to purchase a property at The Avenue in Kilmacolm.

According to STV News, Mrs Hughes has also been charged with gaining £25,000 from renting out the Kilmacolm property. Mr Hughes has been accused of purchasing a luxury car worth over £80,000, in addition to a watch worth £30,000.

The pair appeared at Glasgow Sheriff Court on Tuesday for a procedural hearing on the case. Both Mr and Mrs Hughes denied the charges.

Defence lawyer Iain Fleming, representing Mr Hughes, asked the court to adjourn the case until October this year until further investigations can be completed.

Sheriff Linda Ruxton approved the adjournment and set the trial for October 3 2011.  

The case is ongoing.

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