A former broker involved in a mass mortgage fraud has lost his multimillion pound property empire.

Olankunle Okubote, 53, of Broughton Avenue, London, has had a Civil Recovery Order on 10 properties in London and Birmingham made against him at the High Court following an application by the National Crime Agency.

The NCA’s claim asserted that Mr Okubote traded as a mortgage broker and helped a number of clients obtain mortgages by using false information.

The agency added that he had used at least 12 different names in order to gain a major property portfolio.

Mr Okubote opened bank accounts, obtained mortgage advances and purchased properties via false names through his association with a number of solicitors who were struck off or fined after SRA investigations.

Mr Okubote was convicted of mortgage fraud and sentenced to 30 months in prison at Wood Green Crown Court in December 2011, in regards to arranging mortgages on three properties.

“Okubote thought he was being clever by attempting to use a range of aliases and a network of professionals to build up a property portfolio of in excess of £4.1 million,” said Stephanie Jeavons, Deputy Director Operations for the NCA’s Economic Crime Command.

“However, this has now been removed as a result of the Civil Recovery action by the NCA. Unlike most people who have built up property portfolios, Oukubote did so on the back of fraud.”

Following his conviction, a confiscation order totalling at £17,110 was made.

Property freezing orders were made on the 4th April 2013 and then 13 February the following year.

On the 17th March 2015, a Civil Recovery Order was made under the Proceeds of Crime Act 2002 on 10 properties:

•    Broughton Avenue, Finchley, London
•    Finchley Lane, Hendon, London  
•    Curness Street, Lewisham, London
•    Denham Road, Barnet, London
•    Selhurst Road, Croydon, London
•    Constable Close, Friern Barnet, London
•    Symphony Close, Edgeware, London
•    Hardwicks Way, Wandsworth, London
•    Kitson Road, Camberwell, London
•    Alfred Knight Way, Edgbaston, Birmingham

Also, three properties based in North London, which the NCA submitted Mr Okubote had acquired with fraudulent mortgages, were recovered by the NCA as a settlement in October 2014. These properties were estimated at a total value of £825,000.