Four property developers from the same family have been jailed for multiple counts of mortgage and investment fraud which resulted in investors losing over £1.5m while the defendants reaped a benefit of over £2.8m.

Audrey Osbourn, 66, and her sons Gary Moore, 44, Clayton Moore, 48, and Ian Moore, 45 were found guilty this week of fraud and money laundering-related offences.

The four were sentenced to three years in prison each at Merthyr Tydfil Crown Court in Wales apart from Ian Moore who was given a sentence of two years and four months imprisonment.

The court heard that Ms Osbourn ran a mortgage brokerage business, Credence Finance Limited (FRN 304069, listed as based in Neath, West Glamorgan on the FCA register).

The company was used as a vehicle to submit multiple false declarations of income in support of mortgage applications.

In addition to the mortgage frauds, the family attracted a number of investors to Dreamscape Homes, including family friends, employees, and Credence customers.

The investors provided around £20,000 to £104,000 each. Some of the investors re-mortgaged their own homes to fund the investment. They received Share Certificates in return but none of the investors received a return as the land was never developed.

Gurminder Sanghera, unit head at the Crown Prosecution Service Serious Economic Organised Crime and International Directorate (SEOCID), said: “Between them, Audrey Osbourn and her sons committed multiple offences of fraud and money laundering through dishonesty, misleading mortgage providers and betraying the trust placed in them by friends, employees and customers. They did so for their own personal benefit.

“The victims suffered financial hardship as a consequence of the defendants’ greed. Others described the emotional heartbreak and distress caused to them and their families.

“We will now pursue confiscation proceedings against them to ensure they have not benefitted from their criminal conduct and, if possible, to compensate the victims.”

The SEOCID was launched in April 2022 as the CPS’s response to the changing nature of crime. It brings together specialists in organised and economic crime.