Boxing promoter Barry Hughes admits fraud
Boxing promoter Barry Hughes has admitted a £1.2m mortgage fraud.
Hughes, from Renfrewshire, also admitted laundering £150,000 and using some of the dirty cash to buy a £30,000 Rolex watch.
His pregnant wife Jacqueline - who also faced charges - walked free after prosecutors dropped the case against her.
Sheriff Alan Mackenzie granted bail until next month when Hughes will return to the dock to learn his fate.
After more than two and a half years of court proceedings the 35-year-old pled guilty to fraudulently getting his hands on £1,287,955 for two mortgages.
He admitted lying on mortgage applications about his wife's income in January 2004 for one property in Bridge of Weir and in November 2006 for a second in Kilmacolm.
Father-of-four Hughes claimed his 37-year-old wife made £160,000 from her business McDonald Interiors - but divorce papers lodged by her in 2006 stated she was "financially dependent" on her husband.
The court was told that in January 2004 Hughes applied for a self-certified mortgage in his wife's name for £429,955 claiming that she was self-employed and owned McDonald Interiors.
Based on the information given to a mortgage broker the application was completed and granted.
Procurator fiscal depute Bernard Ablett told the court: "The lenders state that if they had known that the income details were false they would not have approved the loan request."
Before buying property at Kilmacolm, Mrs Hughes began divorce proceedings and papers were lodged at the Court of Session.
Mr Ablett said: "The summons stated that the marriage had broken down irretrievably.
"It averred that Jacqueline Hughes had been financially dependant on Barry Hughes both prior to, and after, their marriage on August 10 2003.
"They also indicated that Jacqueline Hughes had not worked since the birth of their first child in 2000."
It was reported in January 2008 that Mrs Hughes dropped the divorce proceedings for the sake of their two daughters.
A note in the records of Hughes' accountants suggests that he told them his wife did not work.
She did run a business called McDonald Interiors from 1998 which later changed to Star Design and bank records show it was in business until 2003.
Records from HMRC and DWP show Mrs Hughes was a flight attendant between 1995 and 1997 and earned a maximum of £6,840 per year and that she received income support between October 2000 and September 2003.
She had declared no income to HMRC from 2003 until August 2009, and between then and February 2010 received £25,000 of wages from working as an office clerk with a taxi company.
Mr Ablett added: "The total amount of loans obtained by the accused as a result of the false statements in the application forms amounts to £1,287,955."
Mrs Hughes' not guilty pleas to the charges she faced were accepted. She kissed her husband before she left the dock.
Hughes also admitted two money laundering charges - for receiving £128,885 after selling a property and spending £30,000 towards a Rolex watch.
Proceeds of crime papers were served on him and a hearing will take place at a later date.
Sheriff Alan Mackenzie agreed to continue Hughes' bail until next month where he will return to court to be sentenced.