Company found guilty in Buy to let fraud
A Gateshead property investment firm have pleaded guilty to running a multi million pound fraud on investors and will be sentenced in March.
The five directors of the company sold around 4,000 buy to let homes to 1,750 investors for approximately £80,000, robbing them of around £65,000 after promises of high spec properties.
PPP promised refurbished properties in up and coming neighbourhoods, which would then be let to rented tenants and then be managed and maintained on their behalf.
The investigation which was carried out by the Serious Fraud Office (SFO), found that properties where in fact lower quality than promised. 49 of the properties renovation work hadn’t even started and most were in undesirable locations.
Buildings and Contents Insurance and rent cover was also offered by the company, but the SFO also found this to be a shame.
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January 21st 2009