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Five Admit Defrauding Investors Of £80m In Property Swindle

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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 by eric pebble

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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.

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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.

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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.

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:

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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.

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405 years and we still haven't learned a thing. (edit: sorry, 406, can't count :unsure: )

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 by Caveat Vendor

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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 ;)

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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......

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.

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snip

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.

i think QE2 tried...just look at the damage she did to his eye and jaw.

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Oh I misread the title.

I though it said £800billion and was an article about Applegarth, Crosby, Hornby, Goodwin and Crawshaw.

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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? :unsure:

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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? :unsure:

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.

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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).

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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 by The Masked Tulip

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  • 284 Brexit, House prices and Summer 2020

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      • down 5% +
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      • Even
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      • up 5%



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