The trial of seven men involved in the Essex and London Properties scam has ended. One man pled guilty, four men were found guilty by the jury and two men were acquitted. The case was investigated and brought to court by Essex Police.
The Essex and London Properties scam persuaded ordinary investors to become limited partners in a Scottish Limited Partnership. In effect, investors were giving loans to the company at 10% annual interest. The money was supposed to be invested in UK property. More than £13m was taken in and only one property valued at around £150k was purchased. The rest of the money was stolen.
The five men who were found guilty were
Most of these men have also been linked to other scams. The two who were acquitted were Mitchell Mallin (the company director) and Anthony Whymark (a sales agent who owned Apex Alternatives).
The five men who were convicted will be sentenced at the end of July. For a more detailed report visit this article on the Safe Or Scam blog page.