Two convicted buy to let fraudsters are facing more time in jail if they cannot pay £94,000 compensation to their victims within six months.
The conmen – former estate agent Raymond Abramson and financial adviser Mark Jopson – were jailed after admitting a £600,000 conspiracy to defraud charges relating to a business that sourced and refurbished homes for property investors in Lancashire.
They were back before Manchester Crown Court for a judge to decide how much compensation they should pay to the customers they ripped off.
Jopson, 44, who is serving a three-year term, must stay inside for an extra 16 months if he fails to pay £42,000 within six months.
Abramson, 70, must pay £52,000, or serve an extra 18-months on top of his 31-month sentence.
The court heard that despite the fraud netting around £1 million, the pair’s net worth was £93,000.
Detective Constable John Lonsdale, of Greater Manchester Police said: “The judge ordered that any money recovered from the defendants would be paid to the victims in compensation.
“It will only be a proportion of what they actually lost but it will be some recompense for their losses.”
The pair offered property investors high yield buy to let homes by purchasing cheap, run-down properties for refurbishment.
However, they failed to carry out much of the work and the homes were not let.
Landlord fails to see the light
Landlord Mahinder Anand was fined £1,200 and ordered to pay costs of £720 by Reading Magistrates for renting out a home that he was banned from letting by the local council.
The council slapped a prohibition order on the basement flat because the only natural light into the living space was from a small pane of glass in the front door and a small window alongside.
Anand, 79, let the flat for four months despite the order.
Borough housing leader, Cllr Richard Davies, said:
“Prosecutions like this serve as a good reminder to all landlords of their responsibilities to their tenants. I understand that in the case of this particular property, further action is now being taken by the council’s planning enforcement team to return the flat to commercial use, and that is also good news.”