A former sales executive, who conned high street b

A former sales executive, who conned high street building
societies out of more than a hundred thousand pounds when his
business crashed, has been jailed for a year.

Carlo Rocco, 35, turned to mortgage fraud when he failed
to get enough financial assistance from banks for his kitchen
fitting firm, Snaresbrook Crown Court was told.

Rocco, a married man of Staines Road, Ilford, first fell
into dishonesty by telling lies in order to get credit from a
series of money lenders.

Later on he submitted false details to building societies
so as to obtain mortgages on various properties in Ilford, said
Mr George Papageorgis, prosecuting.

Rocco pleaded guilty to three charges of obtaining services
by deception, three of obtaining property by deception, one of
procurring the execution of a valuable security and five counts
of attempting to obtain property by deception.

The offences took place between September 1990 and April
1992.

Jaling him for 12 months concurrent on each charge Judge
Richard Gee told him: ‘It is always sad to hear a man of no
previous convictions, who having lived a perfectly honourable
life turns to a thorough course of dishonest conduct in this
way.

‘I understand you had problems with your business and you
felt let down by the banks but I do not think that can excuse
the thoroughly dishonest course of conduct you embarked upon.

‘
Mr Papageorgis said that Rocco started out in fraud in
September 1990 when he filled in three applications for credit,
containing false details, to the Beneficial Bank, and the Halifax
and National Provincial Building Societies.

In each case the defendant simply used a false name and
‘told fibs’ on the forms regarding his employment and ‘credit
worthiness,’ continued counsel.

By the time his three accounts were blocked he had netted
nearly pnds stlg 7,000.

He then turned his attentions and on a much grander scale
to obtaining funds with phoney mortgage applications.

The court heard that throughout 1991 Rocco applied to
different lenders for four fraudulent mortgage applications on
properties in Golfe Road, Ilford, and Suffolk Court, Newbury
Park.

Among his victims were the National Home Loans Corporation
and the Leeds Building Society.

On each occasion he claimed he was a technology manager
earning at least pnds stlg 30,000 a year.

Rocco, who used fictitious names and addresses, was able to
provide bogus employment references on letter headed paper to
support his applications.

Mr Papageorgis said that Rocco actually obtained pnds stlg
119,500 from the crooked transactions.

The court was told that he made five further unsuccessful
attempts to swindle building societies in relation to loans for
homes in the Ilford area.

If those applications had gone through he could have gained
another pnds stlg 410,000.

Counsel said that by April last year ‘police were on his
tail’ after several of the building societies decided to check
out the false employment references he had provided.

Rocco was finally arrested in May last year.

Defending him, Mr John Ryder, said that the dishonesty was
triggered by the collapse of his ‘perfectly legitimate’ kitchen
fitting company.

‘He had worked hard and successfully for the entirety of his
life.

‘
Counsel said that in the 1980’s Rocco was successful as a
sales and marketing executive in charge of 400 staff until he
decided to start up his own firm.

But a bank would only lend him pnds stlg 11,000 when he had
initially asked for an eighty thousand pound overdraft facility.

Mr Ryder said that amount was ‘wholly inadequate to support
his business’ and ‘the whole thing crashed on take-off.

‘
Counsel told the judge that Rocco’s ’embitterment’ with banks
‘fuelled’ his dishonesty.

But Mr Ryder described his fraud as a ‘dishonest means to an
honest end’ because he intended to rent the houses out and pay off
the mortgage arrears.

ends