UK: Fraudster convicted in 2013 ordered to pay further £250,000
By Law Society Gazette
Published
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Kallakis and co-conspirator Alexander Williams were convicted of conspiring to defraud banks of more than £750 million in 2013
A property dealer convicted of one of the UK’s largest ever mortgage frauds a decade ago has been ordered to pay a further £250,000 – money from a tennis club debenture identified by the country's Serious Fraud Office.
In a hearing at Southwark Crown Court, a Judge ordered that Achilleas Kallakis pay £250,000. Earlier this year the convicted fraudster was ordered to pay £92,500, recovered from a settlement over a donation to a private school.
The £250,000 was identified by the authorities after investigators traced funds through ‘a complex chain of offshore accounts, including a family trust’ to the fraud.
Kallakis’ name was displayed alongside other notable members on the debenture board at prestigious west London sports club The Queen’s Club’s reception, in return for the debenture purchased in 2007. He also received club membership and access to its men’s tennis championship.
Kallakis and co-conspirator Alexander Williams were convicted of conspiring to defraud banks of more than £750 million in 2013. Kallakis was sentenced to seven years and five months imprisonment and six years of disqualification from acting as a company director.
He and Williams used forged or false documents to obtain loans to finance a property portfolio including homes in Mayfair and Knightsbridge and the headquarters of the Daily Telegraph in central London.
