Thursday, Apr 02, 2009
BLT properties up for grab
The Times: £80m buy-to-let fraudster John Potts jailed
A company director whose luxurious lifestyle was funded by an £80 million property fraud has been jailed for five years.
Potts, 60, from Sunderland, and fellow directors of his buy-to-let company, Practical Property Portfolio, stole from 1,750 investors, who were promised 15 per cent annual rental returns.
Posted by peter_2008 @ 11:09 PM (796 views) Add Comment
3 Comments
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1. quiet guy said...
"The firm took in £80m to buy and refurbish flats for rent, but the homes, in the north-east of England, had not been tenanted and were often derelict. The plan attracted more than 1,750 investors, most of whom lost money."
I wonder how many more such stories we'll be hearing over the next few years?
2. little professor said...
How come this took so long??? This scam was originally reported over six years ago:
http://www.chroniclelive.co.uk/north-east-news/todays-evening-chronicle/2003/03/15/property-firm-in-cash-probe-72703-12739054/
http://www.guardian.co.uk/money/2004/mar/06/buyingtolet.housingpolicy
3. Neil B said...
Is a BLT property a sandwich shop?