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

Estate Agent Talk

Landlord Safety Certificate Cost Breakdown for London Property Owners

London Safety Certificate is your trusted provider in London, offering fully accredited and dependable services to help landlords meet their legal obligations with confidence. As a landlord, you’re responsible for guaranteeing that your property meets UK legal safety standards, which means obtaining various safety certificates. The costs for these certificates can vary; for instance, a…
Read More →
Breaking News

Nationwide House Price Index – Thoughts from the Industry

The latest Nationwide House Price Index for July 2025 shows that: House prices increased by 0.6% between June and July of this year. On an annual basis, the average house price increased by 2.4% up from a 2.1% annual rate of growth in June. As a result, the average UK house price now sits at…
Read More →
Breaking News

Nationwide House Index – July 2025

Annual house price growth edges higher in July Annual rate of house price growth increased modestly in July to 2.4%, from 2.1% in June House prices were up 0.6% month on month UK house price to earnings ratio at lowest level in over a decade at c.5.75 Headlines Jul-25 Jun-25 Monthly Index* 540.5 537.4 Monthly…
Read More →
Breaking News

Late payment reforms offer hope for SMEs

The Government has unveiled its Small Business Plan aimed to support SMEs and unlock growth. This plan outlines their intention to tackle late payments, an issue which costs the UK economy £11bn a year and forces 38 businesses to shut down every day. Richard Beresford, Chief Executive of the National Federation of Builders (NFB), said:…
Read More →
Breaking News

Late payment reform is welcome, says FMB

Measures announced as part of the Government’s ‘Small Business Plan’, to tackle late payments and tool theft, futureproof skills, and improve access to finance, are welcome steps to create a more level playing field for small building companies, say the Federation of Master Builders (FMB). Brian Berry, Chief Executive of the FMB commented: “Late payments…
Read More →
Social Housing 2019
Breaking News

Build to Rent sees global surge

Build to Rent Goes Global: New Data Reveals Surge in UK, US, Australia and New Zealand New global data from Inventory Base reveals that Build to Rent (BTR) is no longer a UK phenomenon. n, it’s a rapidly expanding housing model gaining serious traction across New Zealand, Australia, and the United States. Nowhere is this…
Read More →