18th Feb 2014 Boxing tycoon Barry Hughes facing jail after admitting mortgage fraud Share After more than two and a half years of court proceedings the 35-year-old pled guilty to fraudulently getting his hands on £1,287,955 for two mortgages.Dad-of-four Hughes claimed his wife Jacqueline, 37, made £160,000 from her business McDonald Interiors - but divorce papers lodged by her in 2006 stated she was "financially dependent" on her husband.Yesterday (Wed) at Glasgow Sheriff Court Hughes, from Kilmacolm, Renfrewshire, admitted lying on mortgage applications about his wife's income in January 2004 for one property in Bridge of Weir and in November 2006 for a second in Kilmacolm.He also admitted two money laundering charges - for receiving £128,885 after selling the first property and spending £30,000 towards a Rolex watch.Mrs Hughes' not guilty pleas to the charges she faced were accepted. She kissed him before she left the dock.Proceeds of crime papers were served on Hughes and a hearing will take place at a later date.Read More by SmartSearch See more articles by SmartSearch Share post See our other popular articles 18th Apr 2024 Fighting FinCrime in financial services: optimising the balance between innovation and compliance by SmartSearch 14th Feb 2023 ‘Failure to prevent’ fraud, false accounting or money laundering could soon be a punishable offence by SmartSearch 2nd Feb 2023 SmartSearch COO named Technology Businesswoman of the Year at national award by SmartSearch See more
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