A Welsh landlord who rakes in almost £100,000 a year in housing benefit from a £700,000 property portfolio is paying off court fines at just £40 a month.
Mark Thorogood, 50, who calls himself the “pied piper of Llandudno” was fined almost £7,000 by Llandudno Magistrates last week for failing to hold licences for three HMOs.
However, Thorogood successfully obtained a consolidation on outstanding court fines which allows him to pay them off at just £40 per month. He owes the courts at least £12,000 in fines, which will take at least 25 years to clear.
The properties in Llandudno, which were the subject of court action, and the property listed as his address on court documents, are thought to be worth around £700,000.
Thorogood was banned by the Financial Services Authority (FSA) from being involved with regulated financial services and fined more than £104,000 in 2010. Trading as Property Park Mortgages, he knowingly submitted fraudulent mortgage applications for himself and his wife, inflating his income from £22,950 to £120,000 and her income from £8,832 to £95,000.
Despite pleading not guilty to the latest breaches he was fined £5,000, ordered to pay legal costs of £1,500, investigative costs of £234 and a victim surcharge of £125.
According to the Daily Post, Thorogood previously admitted not paying the FSA fine, which he claims is “unjust”.
He has previously protested his innocence to the Daily Post, saying: “I have been victimised. I am an entrepreneur and I will take a few calculated risks.
“I have housed more people than you can imagine. I am the pied piper of Llandudno and I had tenants chasing me asking for somewhere to live.”
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