Serious Fraud Office raids Buy2letcars, alleges “fraudulent scheme”

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The Serious Fraud Office announced last week that it is investigating “suspected fraud in relation to the activities of the Raedex Consortium, including the companies Buy2Let Cars, PayGo Cars, Raedex trading as Wheels4Sure and Rent2Own Cars”.

One individual has been arrested and another interviewed. Two residential properties were searched.

The identity of the individual arrested, and why the SFO suspects fraud may have occurred, is yet to be revealed.

Having closed to new investment in February, gone bust in March, and been raided by the Serious Fraud Office in April, Buy2letcars is shaping up to be the most dramatic collapse of an unregulated investment scheme since London Capital and Finance collapsed in 2019.

The speed of developments stands in marked contrast to the 8-year period in which Buy2letcars was allowed to market itself to investors as a “recession inflation and stagnation proof” investment (2012 website copy).

As late as May 2020 it was promoting itself in Peer2Peer Finance News with a two page spread, claiming a “zero per cent default rate” and that the scheme should be considered by “investors who have been frustrated by low savings rates and stock market volatility”, despite the reality that anyone who can’t put up with the volatility of mainstream stockmarket investments certainly doesn’t have the risk tolerance for investing in obscure unlisted loss-making nano-cap companies.

8 thoughts on “Serious Fraud Office raids Buy2letcars, alleges “fraudulent scheme”

  1. It was only raided as the principal, Reginald Larry Cole, was of a certain “origin”, no other reason whatsoever.

    Isn’t it funny how other schemes that have failed in similar spectacular fashion,don’t get “raided” by the serious fraud office, even though those schemes were of a similar ilk.

    Their is only one reason it was raided and it s nothing to do with criminality at all.

  2. I believe Marcia as well Mike, i would like to ask why other scandals such as this where the main player’s have all been of “white british” origin have not suffered the same embarassing fate of being raided by the serious fraud office when the sums alleged to have been defrauded were many millions above Reggie’ supposed fraud , you know why don’t you, it is obvious why.

  3. @Nameera/Marcia
    You mean failures like the £237m London Capital & Finance collapse? The one raided by SFO where at least 5 people have been arrested where all the main players were white. Oh wait…

  4. Brev – Please remove the name of Marcia [removed] above, i just knew that name seemed familiar, today i decided to google it after a colleague told me who she was, and Marcia [removed]

    I highly doubt the comment was made by her.

    Do you not screen and vet comments on this site ?

  5. Removed for now. I don’t generally police use of real first and last names, but if Marcia wants her surname restored and it’s her real name she’s free to get in touch.

    And no, as with most blogs, comments are generally not pre-screened (except on certain threads where it is necessary for legal reasons). All comments are the responsibility of their poster.

  6. I invested in 11 units several months ago and can empathise with the strength of feeling of fellow investors here on BondReview. To say I am disappointed in the apparent duplicity by B2LC would be a gross understatement, but it is what it is and we need to hope that justice will prevail.

    Reginald Larry Cole and Scott Martin were my points of contact, and kept reassuring me the company was rock solid and flying high. Shame on them for their shameless duplicity and fraud.

    Reginald Larry Cole and Scott Martin just took £42,000 off me on 1 February 21, knowing they were insolvent. You can’t get much lower than that. I have loans to pay. It’s hopeless.

    No wonder Reg could afford to be Chauffeur-driven in a Rolls Royce etc. and Scott Martin also lived the high life.

    Having spoken with the FSCS, I can tell you that that they are indeed ‘investigating’ the situation to determine whether Raedex Consortium/B2LC has any ‘civil liability to its customers’ in the form of due payments to investors for example. They suggested that I (and other investors) sign up to their newsletter to keep abreast of the situation. Go to the FSCS website, open the ‘Failed Firms’ tab and type in ‘Raedex Consortium Ltd’ and follow your nose to the Newsletter sign-up.

    Just feel so cheated and deceived.

    Join the Buy2LetCars Investor Group if you’ve been scammed like me. I’m not sure I am allowed to post the full URL here, but here goes:

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