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. Have a new story to share with us? Then please get in contact today!

You May Also Enjoy

Breaking News

UK Construction Sector Activity Remains Stagnant

Glenigan’s data shows construction sector performance is depressed in a tough socio-economic landscape The value of underlying (under £100 million) work starting on-site during the three months to the end of July declined 11% and fell 29% below last year’s levels. Residential construction starts fell sharply, declining 25% against the preceding three months and dropping…
Read More →
Estate Agent Talk

Seven fire safety myths every business should avoid

Fire safety is one of those responsibilities that often doesn’t receive the attention it deserves – until something goes wrong, that is. For many businesses, compliance has fallen into the trap of being a tick-box exercise that’s centred around annual inspections, manual training exercises, and having the right paperwork in place. And although these are…
Read More →
Breaking News

Suzy Lamplugh’s legacy underlines the need to always make lone-worker safety a priority

More than 40 years after estate agent Suzy Lamplugh disappeared while attending a work appointment, her legacy remains a powerful reminder that personal safety must be central to workplace practices. On 28 July 1986, 25-year-old Suzy Lamplugh left her London office for an appointment and never returned. Her disappearance led her parents, Diana and Paul…
Read More →
Breaking News

Prime London sellers return to market

The latest analysis from Beham and Reeves has found that the number of homes listed for sale at £2m or above across Prime Central London increased during the second quarter of 2026, although performance continues to vary considerably between the capital’s most prestigious neighbourhoods.   Benham and Reeves analysed current Prime Central London property listings…
Read More →
Estate Agent Talk

What to know when buying land

The closure of UK Land & Farms (UKLAF) has left a significant gap in the UK’s specialist land market with buyers and sellers now forced to adapt after 18 years of relying on UKLAF as the cornerstone of the industry. As interest in land continues to grow, the company says the closure also serves as…
Read More →
Letting Agent Talk

Tenant demand strong, landlord supply shrinking

New RICS data shows tenant demand at its strongest in over a year – while landlord supply keeps shrinking. That’s not bad luck. It’s a trust problem, and it’s fixable. “These numbers should be good news for landlords. Demand is the strongest it’s been in over a year. Instead, they are deciding to head for…
Read More →