eric pebble Posted January 17, 2009 Share Posted January 17, 2009 (edited) Five admit defrauding investors of £80m in property swindle http://business.timesonline.co.uk/tol/busi...icle5533115.ece Five buy-to-let cheats have pleaded guilty to defrauding property investors of an estimated £80 million in a Ponzi-style scheme. The former directors of three Gateshead-based property companies used their victims' money to fund a lavish lifestyle in a scam that the Serious Fraud Office (SFO) described as “simply staggering”. ---------------------- The tip of the tip of the tip of an iceberg.... It is simply INCREDIBLE that these people were EVER allowed to run this "business" at all. The fact that they got away with it at all for as long as they did speaks volumes about how utterly insane the world has become...... Edited January 17, 2009 by eric pebble Quote Link to comment Share on other sites More sharing options...
Bearback Posted January 17, 2009 Share Posted January 17, 2009 Between 2001 and 2003, John Potts, Peter Gosling, Natalie Laverick, Peter Graham and Eric Armstrong sold about 4,000 residential properties, mostly in the North East, to 1,750 investors through their companies - PPP, Practical Property Portfolios These guys werent buy to let cheats they were selling houses to BTL parasites, and the parasites lost, LOL. Quote Link to comment Share on other sites More sharing options...
Tonkers Posted January 17, 2009 Share Posted January 17, 2009 They just p!ssed it all up the wall as well. 2003! Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted January 17, 2009 Share Posted January 17, 2009 They just p!ssed it all up the wall as well.2003! best thing to do with the proceeds of crime IMHO. At least they werent proper LIAR LOANS. Quote Link to comment Share on other sites More sharing options...
manterik Posted January 17, 2009 Share Posted January 17, 2009 These guys werent buy to let cheats they were selling houses to BTL parasites, and the parasites lost, LOL. Nail firmly hit on the head there. Agree completely. Quote Link to comment Share on other sites More sharing options...
notthereyet Posted January 17, 2009 Share Posted January 17, 2009 Five admit defrauding investors of £80m in property swindlehttp://business.timesonline.co.uk/tol/busi...icle5533115.ece Five buy-to-let cheats have pleaded guilty to defrauding property investors of an estimated £80 million in a Ponzi-style scheme. The former directors of three Gateshead-based property companies used their victims' money to fund a lavish lifestyle in a scam that the Serious Fraud Office (SFO) described as "simply staggering". ---------------------- The tip of the tip of the tip of an iceberg.... It is simply INCREDIBLE that these people were EVER allowed to run this "business" at all. However, an investigation in 2003 by the Department for Trade and Industry that resulted in the liquidation of the companies found that many of the properties, in worth about half the sum paid by investors at between £10,000 and £12,000 each, were unrefurbished and in undesirable areas. An estimated 2,600 properties worth £65 million earned no income and about two thirds were unlet, either because they were uninhabitable, or subject to a compulsory purchase order. The “rental guarantee” insurance, which the cheats admitted that they had used as a marketing tool, was also worthless, the DTI found. MORE and More of these cases to come, This era will go down in history as the BIG CON PERIOD. :angry: Quote Link to comment Share on other sites More sharing options...
porca misèria Posted January 17, 2009 Share Posted January 17, 2009 These guys werent buy to let cheats they were selling houses to BTL parasites, and the parasites lost, LOL. /me thinks he sees another PTerry perceptive fantasy materialising. This is just soooo Moist von Lipvig, the master con-man who relied on his victims perception that he was a mug and they were conning him. Quote Link to comment Share on other sites More sharing options...
Compukit UK101 Posted January 17, 2009 Share Posted January 17, 2009 (edited) 405 years and we still haven't learned a thing. (edit: sorry, 406, can't count ) From Shakespeare's Hamlet, 1603: LORD POLONIUS: Neither a borrower nor a lender be; For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry. Edited January 17, 2009 by Caveat Vendor Quote Link to comment Share on other sites More sharing options...
deflation Posted January 17, 2009 Share Posted January 17, 2009 I know fraud investigations can take a while, but the investigation BEGAN in 2003. 5 years to convict. Quote Link to comment Share on other sites More sharing options...
Mr. Miyagi Posted January 17, 2009 Share Posted January 17, 2009 However, an investigation in 2003 by the Department for Trade and Industry that resulted in the liquidation of the companies found that many of the properties, in worth about half the sum paid by investors at between £10,000 and £12,000 each, were unrefurbished and in undesirable areas. That would be the whole of the north east then Quote Link to comment Share on other sites More sharing options...
tiggerthetiger Posted January 17, 2009 Share Posted January 17, 2009 If it sounds too good to be true then........... Quote Link to comment Share on other sites More sharing options...
Realistbear Posted January 17, 2009 Share Posted January 17, 2009 Five admit defrauding investors of £80m in property swindlehttp://business.timesonline.co.uk/tol/busi...icle5533115.ece Five buy-to-let cheats have pleaded guilty to defrauding property investors of an estimated £80 million in a Ponzi-style scheme. The former directors of three Gateshead-based property companies used their victims' money to fund a lavish lifestyle in a scam that the Serious Fraud Office (SFO) described as “simply staggering”. ---------------------- The tip of the tip of the tip of an iceberg.... It is simply INCREDIBLE that these people were EVER allowed to run this "business" at all. The fact that they got away with it at all for as long as they did speaks volumes about how utterly insane the world has become...... Just think, if the Right Honourable Gordon Hamish Brown, M.P., P.M. had not initiated a policy of "light touch" toward businesses practices on his watch as Chancellor none of this would have happened. But then we would not have had the 11 years of uniterrupted growth, miracle economics and record employment. As I have said before, had Brown been a Chancellor under the rule of a different Elizabeth he would have long since been dispatched after a short sharp shock in the Tower. It beggars belief that this country can tolerate this man in office a day longer. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted January 17, 2009 Share Posted January 17, 2009 snipAs I have said before, had Brown been a Chancellor under the rule of a different Elizabeth he would have long since been dispatched after a short sharp shock in the Tower. It beggars belief that this country can tolerate this man in office a day longer. i think QE2 tried...just look at the damage she did to his eye and jaw. Quote Link to comment Share on other sites More sharing options...
Y-QUERK Posted January 17, 2009 Share Posted January 17, 2009 I thought it was channel FIVE..... Quote Link to comment Share on other sites More sharing options...
Tonkers Posted January 17, 2009 Share Posted January 17, 2009 All with lashings of ginger beer! Quote Link to comment Share on other sites More sharing options...
Scunnered Posted January 17, 2009 Share Posted January 17, 2009 They just p!ssed it all up the wall as well.2003! Trickle-down economics in action. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted January 17, 2009 Share Posted January 17, 2009 Was Timmy the Dog involved? Quote Link to comment Share on other sites More sharing options...
Tonkers Posted January 17, 2009 Share Posted January 17, 2009 Was Timmy the Dog involved? He's on the mortgage applications Quote Link to comment Share on other sites More sharing options...
notthereyet Posted January 17, 2009 Share Posted January 17, 2009 That would be the whole of the north east then Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted January 17, 2009 Share Posted January 17, 2009 He's on the mortgage applications Quote Link to comment Share on other sites More sharing options...
R K Posted January 17, 2009 Share Posted January 17, 2009 Oh I misread the title. I though it said £800billion and was an article about Applegarth, Crosby, Hornby, Goodwin and Crawshaw. Quote Link to comment Share on other sites More sharing options...
'Bart' Posted January 17, 2009 Share Posted January 17, 2009 All with lashings of ginger beer! Nice to see Enid Blyton writing something a bit more modern for a change. I bet they only did it to raise money to pay off Uncle Quentin's ransom. I've not given away the ending have I? Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted January 17, 2009 Share Posted January 17, 2009 Nice to see Enid Blyton writing something a bit more modern for a change.I bet they only did it to raise money to pay off Uncle Quentin's ransom. I've not given away the ending have I? No, I always found myself falling asleep after page 1 of most Famous Fives. I was more a Swallows & Amazons kind of person. Off-topic: In the last 10 minutes it has suddenly got very windy in Swansea. There is a storm coming methinks. Quote Link to comment Share on other sites More sharing options...
'Bart' Posted January 17, 2009 Share Posted January 17, 2009 No, I always found myself falling asleep after page 1 of most Famous Fives. I was more a Swallows & Amazons kind of person. Never read any of the S&A books but I used to have a complete set of Famous Fives, Secret Sevens and Adventurous Fours (not too hard with the Adventurous Four as there were only about 3 books in the series). Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted January 17, 2009 Share Posted January 17, 2009 (edited) Never read any of the S&A books but I used to have a complete set of Famous Fives, Secret Sevens and Adventurous Fours (not too hard with the Adventurous Four as there were only about 3 books in the series). The above sounds like chapter headings in the Joy of Sex. Edited January 17, 2009 by The Masked Tulip Quote Link to comment Share on other sites More sharing options...
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