Property fraudster Ian McGarry has completed the payment of a £1.5m confiscation order at the request of the Serious Fraud Office.
The confiscation order was paid in full on 19 August.
It comes more than three years after the former chartered surveyor was jailed in June 2011 for a £49m mortgage fraud. He was jailed for six and a half years for conspiracy to obtain money transfers by deception and obtaining money transfers by deception.
McGarry was ordered to pay a confiscation order of £1.5m or face another six years in prison. He also paid a total of £157,342.87 in accrued interest, as he exceeded the time to pay which he was permitted by Judge Beddoe sitting at Southwark Crown Court on 30 August 2012.
Mark Thompson, head of the SFO’s proceeds of crime division, said: “The court found that Mr McGarry had benefitted substantially from his criminality. The complex way in which Mr McGarry had arranged his affairs made this a protracted and complicated enforcement. However, the SFO is committed to ensuring that fraudsters do not benefit from their crimes.”
joanna.bourke@estatesgazette.com
