Buy-to-Let Developer Jailed for Six Months

March 5, 2019
The Financial Conduct Authority (FCA) led an investigation and ultimately a successful case against a buy-to-let developer who ran unlawful property schemes and also mislead varied investors in African Land and Reforestation Projects. Good news that a continuation of cleaning up the industry is taking place to route out the illegal nonprofessionals.
Sentence passed was 6 months which was reduced from 12 months following the accused, Mr Robert McKendrick, admitting to breaching the freezing orders and providing an account of where the money was held (hope is that much of the investors money will be returned as possible).

McKendrick was said to have mislead investors and operated and promoted unlawfully to gain investors and monies. Also, in breach of a freezing order, he had appointed his wife to manage his portfolio of buy to let properties at a higher rate of commission compared to his previous letting agent payments made. The income from rental was placed in his wife’s’ account and this was not disclosed.

Mark Steward, Exec. Director of enforcement and market oversight at the FCA, was quoted as saying: “In this case, McKendrick misled investors and then, in contempt of court, failed to comply with court orders requiring him to properly account for the losses.

The FCA will ensure that defendants who mislead investors are held to account to the fullest extent possible.”

Full story available to read on the Mortgage Solutions website.

EAN Breaking News

Breaking News from the team at Estate Agent Networking. Have a new story to share with us? Then please get in contact today! When and where we can we will refer to third party websites with a 'live link back' where news was released first.

You May Also Enjoy

Breaking News

Ignoring these simple winter property maintenance tasks could cost you big time

The latest research from nationwide cash buying company and quick sale specialists, Springbok Properties, has revealed that failing to complete some of the most common winter home maintenance tasks could cost homeowners thousands of pounds, as ignored issues turn into major repair jobs over the colder months. Springbok Properties analysed a series of essential winter…
Read More →
how to present your property for sale
Breaking News

Half of first-time buyers delaying until after the Budget

The latest research from eXp UK has revealed that almost half of first-time buyers (47%) have paused their homebuying plans until after the Autumn Budget, as uncertainty around potential tax and housing policy changes continues to weigh on buyer confidence. However, it’s not short-term tax tweaks they’re waiting for. The survey of aspiring homeowners, commissioned…
Read More →
Breaking News

Moneyfacts Average Mortgage Rate dips below 5%

The Moneyfacts Average Mortgage Rate has dropped below 5%. The latest analysis by Moneyfactscompare.co.uk reveals how the rate has changed over time.  Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said: “Borrowers will no doubt be thrilled to see mortgage rates drop, particularly the millions due to come off a cheap fixed rate before the year is…
Read More →
Breaking News

Does the market even need a Budget boost?

The latest market analysis from London lettings and estate agent, Benham and Reeves, has suggests that, despite mounting speculation around what support might come for homebuyers in the forthcoming Autumn Budget, the UK property market is already showing impressive stability and resilience – raising the question of whether it even needs a policy boost at…
Read More →
Estate Agent Talk

What You Need To Consider Before Diving Into Property Investments

Are you interested in exploring property investments? This is a smart choice because it means that you can explore ways to diversify and grow your finances, even over a limited period. That said, there are lots of factors that you need to consider here to make sure that you are going to be able to…
Read More →
Breaking News

Forget kerb appeal: LRG report reveals what really triggers a homebuyer’s offer

One of the UK’s largest property services groups has published its debut sales report, uncovering what genuinely persuades buyers to make an offer – and the findings challenge the traditional focus on kerb appeal. While sellers often guess which improvements will pay off, the data shows where money is well spent and where it’s wasted.…
Read More →