Imprisoned fraudster spared paying �100,000 bill because of the recession

A PRISONER has been spared from repaying almost �100,000 earned through crimes in Hull – because his assets have been hit by the recession.

Andrew Holland, 46, was ordered to pay back almost �200,000 after he made more than �393,387 from mortgage fraud and counterfeit DVDs.

Now, Holland, who was jailed for failing to repay any of the money, has had the amount owed reduced to �108,850 after claiming his assets were worth less due to the recession.

If he fails to pay back the new amount, Holland will have to serve a further two years and three months in default of payment.

Detective Chief Inspector Paul Welton of Humberside Police's economic crime unit, said: "The law allows us to take the full value of every asset of Mr Holland's until he has paid the value back in full.

"Values of assets do rise and fall with the economy.

"I hope Mr Holland's imprisonment sends out a strong message we will continue to pursue all criminals until their confiscation orders are paid."

Holland's crimes came to light when the police stopped him in a random check and found money and pornographic DVDs in his black Range Rover in September 2007.

When police searched his house, Holland had �7,195 in cash hidden.

It also emerged that he had defrauded two mortgage companies by lying on his application forms.

Holland, of Broadley Close, east Hull, was originally jailed for 20 months in 2008 after admitting counterfeit DVD offences.

He was also convicted of mortgage fraud and money laundering.

Detectives then took Holland, who ran a car dealership called Cars R Us in Witham, to task, using the Proceeds of Crime Act.

He was ordered to pay back �199,729 – the amount deemed to be his releasable assets within six months.

When he failed to do so, he became one of the first criminals in the region to be jailed for failing to pay back the money he had made illegally.

The three-year sentence was activated last November after he failed to make any efforts to sell his houses and a Range Rover.

However, he told the court the vehicles he was being forced to sell were now worth 30 per cent less, and said his property had been devalued by Hull floods in 2007.

Source: http://rss.feedsportal.com/c/32715/f/503342/s/143c201c/l/0L0Sthisishullandeastriding0O0Cnews0CPrisoner0Espared0Epaying0E1630E10A0Ak0Erecession0Carticle0E34551330Edetail0Carticle0Bhtml/story01.htm

Qatar Sir Michael Lyons Darren Bent Francesca Panetta Highlands Rihanna