11th
Apr 2016
A con man who ran an estate agency stole £123,000 from dozens of property landlords in order keep his company running.
Over a four year period, the 44-year-old kept rent and deposits paid by tenants which he failed to give to his clients/landlords.
The estate agency company had four branches in Stoke, Milton, Leek and Crewe went bankrupt in 2014 with total debts of more than £198,000.
The clients that were conned out money are outraged that the man was given a ‘soft’ sentence as he received a suspended prison sentence in the Stafford Crown Court, after admitting to his guilt.
One landlord who was owed £900, Peter Heard, said: "I feel he should have had an immediate prison sentence for what he has done."
The fraudster told his staff to tell landlords who were asking for their rents, that he was out of the office.
Over the four years, the managing director of the estate agent put monies received from tenants, including deposits, into the company's 'working capital' account. Although it was found that the fraudster had used £123,000 of ill gotten gains to fund the company it still went bankrupt in 2014 owing £198,000.
Prosecutor Christopher Hudson said: "Remaining staff had little notice to the closure and up to 2014 they were being told to chase business."
Mr Hudson also added: "Not only deposits, but rent money was used as working capital. By the end, the accounts have been described as 'chaotic'."
The boss of the company pleaded guilty to fraudulent trading between April 2010 and April 2014 and to two charges of fraud between September 2010 and August 2012 and from September 2010 to April 2014.
He received a suspended two-year prison sentence.
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