In September the FSA banned Jones from trading, and imposed a fine of £100,000. The Rhyl-based broker breached regulatory requirements. Jones failed to ensure his customers could afford mortgages and did not keep records of income and expenditure, instead relying on general and undocumented discussions. The regulator stated that Jones, together with his business partner Simon Poole (who escaped a ban but was fined £7,000), exposed 2,000 customers to the risk of receiving unsuitable advice and losing money.

The fine for Jones was reported to be the second largest fine of its kind. Its size was justified because Jones had fraudulently applied for a mortgage in his own name and attempted to cover up wrongdoing prior to an FSA visit. Jones arranged for customers to sign and backdate documents relating to already completed sales in an attempt to show the necessary documentation was completed.

Read the story here:

http://www.dailypost.co.uk/news/north-wales-news/2008/10/01/100-000-fine-for-north-wales-mortgage-broker-55578-21936018/

A well placed source tells me Dickens’ unsuccessful defence sought to distance him from his frauds by relying on the fact that some of the irregularities on his mortgage applications were very similar to those on other applications arranged by Jones.

I understand that Dickens’ personal assets now total little more than the £690,000 illegally obtained. The man who once exploited, threatened and intimidated those unfortunate enough to be unable to obtain decent housing is about to be homeless, as the family home is up for sale. But there’s more. The Inland Revenue are demanding £1.3 million, a figure based on Dickens’ own admissions about his income. A bankruptcy petition is due to be heard shortly.

His partner Yasminah Jhurry was given a 140 hour community punishment order. And Dickens’ 70-year-old mother, who the judge accepted was only a ‘bit player’, was given a conditional discharge for two years. However her home is now under threat.

Confiscation orders are to be considered in August, according to the North Wales Weekly News:

http://www.northwalesweeklynews.co.uk/conwy-county-news/local-conwy-news/2009/02/02/steven-dickens-jailed-for-21-months-55578-22835961/

North Wales Police come out of this looking rather good. Without their willingness to investigate and devote considerable resources to building a case Dickens would surely still be causing misery to many at the sharp end of the private rental market in Colwyn Bay, Llandudno and Penmaenmawr.

DCI Hanson commented: “North Wales Police will continue to support our partners to tackle anti social behaviour”. Just as well really, as it appears one of their major partners needs all the support it can get. The contrast provided by Conwy County Borough Council’s repeated failures to respond adequately to reports of ASB or even understand what remedies they have at their disposal (as detailed in NL’s post today on the latest in a long line of critical Ombudsman reports) could not be more striking.

Perhaps Conwy CBC should now, in a spirit of post-millennial realism, adapt Blair’s cherished maxim: “Sound tough on crime. Sound tough on the causes of crime. Do sweet FA.”

Hmm, not sure they’d get it past the scrutiny committee though.