Bankrupt's secret cash stash under mattress

2:40pm Tuesday 19th August 2008

A MAN claimed he was bankrupt and broke, when he really had a fortune in cash stashed under the mattress in his holiday caravan.

Victor Leslie Oliver, 63, of Hawkwell Drive, Hockley, was jailed for 18 months at Chelmsford Crown Court after admitting six fraud charges.

Oliver was declared bankrupt in 2005, with debts of nearly £250,000.

It turned out he had played the system, withdrawing £179,000 in cash from his bank account the previous year.

Much of the money was found stashed under a mattress in his caravan at a caravan park at St Lawrence Bay, near Maldon.

He also failed to inform officials he and his wife owned a house in Barking, which they had sold in 2004 for £186,000.

The Department for Business investigated Oliver and concluded he had done all he could to avoid repaying his creditors.

Oliver told investigators he had spent all his money on gambling, repaying debts and living the good life.

Passing senctence, Judge Christopher Ball QC, said: “The defendant has been engaged in a long-running battle with creditors and the Official Receiver to avoid payign his debts.

“He effectively played the system and engaged in deliberate and dishonest conduct.”

Oliver admitted four counts of fraudulent disposal of property, one of leaving out information in a banruptcy statement and one of failing to account for losses.

The Department for Business is hoping now to get an order allowing it to seize any remaining assets.

Business minister Pat McFadden said: “We are determined to crack down on cheats like these who profit by fraud.

“When someone lies about their assets they are effectively stealing from honest creditors, who are owed money and can suffer as a result.

“This prosecution sends a clear message to would be fraudsters that they won’t get away with it.”