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Buy-to-Let Developer Jailed for Six Months

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.

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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.

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