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Boxing tycoon is jailed over mortgage fraud

BOXING tycoon Barry Hughes has been jailed for more than three-and-a-half years for mortgage fraud.

JAILED: Hughes, from Kilmacolm, was sentenced to 43 months.
JAILED: Hughes, from Kilmacolm, was sentenced to 43 months.

After more than two-and-a-half years of court proceedings, the 35-year-old pled guilty to fraudulently securing £1,287,955 for two mortgages.

Father-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 at Glasgow Sheriff Court Hughes, from Kilmacolm, Renfrewshire, was jailed for 43 months after 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.

Passing sentence, sheriff Alan Mackenzie told him: "Notwithstanding all that has been said on your behalf the fact remains the deception you engaged in was not only audacious, involving extravagant claims to secure very substantial loans, but was also repeated.

"Given the gravity of the catalogue of offending to which you have tendered guilty pleas, I consider that no disposal is appropriate other that custody."

Jacqueline Hughes made no comment as she left court with Hughes's father.

In January 2004, Hughes applied for a self-certified mortgage in his wife's name for £429,955 claiming she was self-employed and owned McDonald Interiors.

Based on the information given to a mortgage broker, the application was completed and granted.

Procurator-fiscal depute Bernard Ablett told the court: "The lenders state that if they had known the income details were false they would not have approved the loan request."

The purchase of 5 Juniper Avenue, Bridge of Weir, was finalised in March 2004.

Before buying the property at 3 The Avenue, Kilmacolm, Mrs Hughes began divorce proceedings and papers were lodged at the Court of Session.

Mr Ablett said: "The summons stated the marriage had broken down irretrievably. They averred that Jacqueline Hughes had been financially dependant on Barry Hughes both prior to, and after, their marriage on August 10, 2003.

"They also indicated Jacqueline Hughes had not worked since the birth of their first child in 2000."

This came after it was revealed Hughes had a relationship with former Miss Scotland Michelle Watson.

It was reported in January 2008 Mrs Hughes dropped the divorce proceedings for the sake of their two daughters.

In November 2006, Hughes paid a deposit of £25,000 to reserve a plot - which became 3 The Avenue and was to be in his name. After the date of entry was postponed when money was not transferred, Hughes went to the previous mortgage broker and arranged for a loan to be taken out in his wife's name.

In December that year, the missives were changed to her name, but the sale could not proceed because a contract had already been signed in his name.

A further mortgage application was made to the Bank of Scotland for £858,000. It claimed Mrs Hughes was the 100% owner of McDonald Interiors and in the 2004, 2005 and 2006 had earned between £160,000 and £224,000.

Lenders again said that had they known the income details were false they would not have approved the loan request.

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