A SOLICITOR accused of fraud said he loaned cash to a client to purchase properties after a building society manager told him "he didn't care where the money" came from.
Jurors at Cardiff Crown Court heard that Benjamin Jason Cornelius breached regulations by putting up money and then undertaking conveyancy procedures for the said properties on behalf of the borrower and Bradford & Bingley.
The prosecution said this amounted to a conflict of interest as he is prohibited from acting professionally when he has supplied the cash.
Cornelius, of St Andrews Close, Mayals, denies eight counts of fraud and eight of transferring criminal property.
The allegations reflect the "mortgage or re-mortgage" of eight homes and date back to 2008.
David Richards, to whom the defendant advanced his cash in relation to four of the properties concerned, was charged separately and has pleaded guilty to fraud.
Cornelius said he put up funds and then when Richards quickly re-mortgaged via a banking product known as "back to back" mortgaging, he got his money back plus the usual fees for his conveyancy work.
The 37-year-old owns a portfolio of properties across Swansea and described his conveyancy dealings with Richards as strictly professional.
He told officers that the process of him "bridging" money for Richards to buy properties came about after Nick Rosser, the then business development manager (BDM) for Bradford and Bingley "explained" to him that he "could do the bridging".
"I treated David Richards as a client when I was doing the conveyancy," said Cornelius in police interview.
The court heard Cornelius said that everything in the procedure was done correctly and that the lender wasn't at any risk as the cash advance had come from legitimate funds.
Statement
He told police that in a meeting with his independent financial adviser Tony Rees and Mr Rosser, the BDM had told him "he didn't care" where the money came from.
Cornelius said that it was because of what was said in the meeting that he began the bridging in the first place.
Giving evidence, Mr Rees said he did recall such a statement from the BDM. He added that he wasn't aware that Cornelius was also acting in the conveyancy for the properties for which he advanced cash.
When asked about his alleged comment, Mr Rosser told the court that it didn't sound like the sort of words he would have used.
The trial continues.
julia.bosnyak@swwmedia.co.uk
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