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This was on BBC today on "The One Show"
Not great in building confidence especially for investors....has anyone been impacted by this or similar cases cases?
Thanks for the share.This recent post is about this individual's business partner:Successful private prosecution against guruProperty Tribes warned against the pair, and fended off legal threats so that landlords had the due diligence to hand:Freshstart Living : Charlie Cunningham : Andrew CamilleriViewpoint Salford, Camilleri, CunninghamThis also happened recently:Investors come unstuck in LiverpoolIn some cases it can be down to bad management by the developer or business owner, other times it is out and out fraud. Generally the court decides which it is.However, whichever reason it has turned pear-shaped, investors often end up lose most, if not all, of their money.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks for the update Vanessa, this is very helpful
Shouldn't the SFO police etc be investigating and putting a stop to this?. Confidence in British property investment must be impacted.
I was offered a very lucrative commission to sell these by this group to Indian investors which sounded VERY tempting but then I smelled a rat and ran away as fast as I could! Cant resort to cheating people to earn money ... have enough confidence in my caliber to do this properly anyway unlike these thieves!
It seems that quite a few Chinese investors have been ripped off as well.
Hopefully none of them are senior Party members or the British Govt could find themselves under pressure from the Chinese Govt.
These fraudsters could cost the UK economy dear.
The FO needs to take an interest into this fraud.
The last thing the UK needs is the Chinese withdrawing investment capital from the UK.
Having read this post, I will come out and admit I was also caught into their BMV marketing and almost lost my deposit with them. They offered BMV properties with false pictures. I had paid deposit for one. However what they didn't expect was I would drive up from SE to Manchester to verify the property before exchange of contracts. The properties were not habitable properties - and they offered rent guarantee for 12 months, what nonsense!
Talked to their main sales guy, eventually told, they could not give deposit back, and that I should take legal action!
Next day, I took legal action, few days before my hearing, a lawyer representing Fresh Start calls me to agree to pay all my monies back. So in the end no court and I was paid back deposit and expenses!
Maybe I was lucky to take fast legal action, and to silence my case, they paid up. If they hadn't, news would have broke out and their party would have come to a fast halt.
I had taken everything in writing via email from their sales guy. Where I was promised a sound property, reality was different. This evidence saved me.
Looks like you managed the situation well, I wonder how many of these scam are still going on now?
This tarnishes the image of good developers and damages the whole 'Buy-2-Let' market..!