Director admits guilt in £1m property fraud

Posted: December 11th, 2012

A director has admitted that he carried out an extensive property fraud, involving faked emails and a fictional real estate investment and totalling £250,000, The York Press reports.

However, former property firm director Guy Brudenell still denies two further frauds involving potential property investments worth £1 million.

The bankrupt businessman, who racked up debts of £21 million in 2009, admits committing fraud between the 23rd and 25th March 2009 by falsely claiming that a £240,000 investment would be put into property.

Brudenell has also admitted sending fraudulent emails in other people’s names on 23rd March, 2nd April, 15th April and 8th July in the same year.

He also admitted making an article for use in fraud by opening a NatWest bank account in 2009 which was used to hold some of the money involved.

The outstanding charges against Brudenell detail two instances where the North Yorkshire businessman deceived would-be investors into giving him six-figure sums, claiming that the money would be used for property deals.

In November 2008 he allegedly claimed £600,000 from one potential backer and, between December 2008 and January 2009, £400,000 from another.

The charges against Brudenell also maintain that he sent email messages connected to the fraud between January and September 2009.

Brudenell once had commercial interests both in the UK and abroad, including stakes in aviation, hotels, restaurants and property companies, but was declared bankrupt in 2009 after amassing debts of £21 million.

The entrepreneur was previously a director at New Bond Street-based property companies Feversham Developments and the Helmsley Property Trading Company.

His property investment portfolio included shares in two Helmsley luxury hotels, the Feversham Arms and the Black Swan.

Brudenell will now appear before Teesside Crown Court to answer for all outstanding charges against at a date to be determined.

Source:Bridgingandcommercial.co.uk

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