Country was ' ' techniques revealed


Landbanking victims William McNaught paid more than £ 100,000 for almost worthless strip of land. The strategies that sell Landbanking brokerage from a strip of land to unwary investors have set out from a former employee of the BBC.

The man worked for the property partnership, which sold virtually worthless plots in the United Kingdom.

Many were convinced numbers which should hardly ever be built tens of thousands of pounds for land.

The company, believed to ultimately control businessman Scott of ACE lemur, from Kent, is now in liquidation.

Sale of pressure

William McNaught, from Yorkshire, was three years ago by the property partnership contacts and convince her, pay £ 101,000, buy to eight strips of land in various locations around the UK.

He said that he was taken by the high returns that was promised.

"they were so compelling." The broker told me that the investment a profit of 100-130% would reach over a period of 12 to 18 months "said he."

Radio box 4's money is a strip of land Mr. McNaught bought a partnership in the vicinity of Towcester in Northamptonshire for £ 10,000 in September 2009 from the property. A local real estate agents values the country now only £ 75.

Recruitment tactics

"Gareth", whose name was changed, worked for for the company for three months in the year 2007, recruited, while he worked as a salesman in Spain. He told piggy bank brokers have been tried with huge rewards.

"They will be told if you keep only with the company for 12 months they guarantee that you are a millionaire." He said "It was very easy for me to go with them".

Gareth load land to eight clients, she sold £ 10,000 for each. He said, the agents were given scripts to move people part with their money.

"We have been told to lie." The scripts were pretty much 100%. "The top broker were given free will, the script go off and promise were all manner of made it", he said.

"As long as this check in, was then the management were not harassed."

Big is

Gareth said that it was said the promise of a fantastic profits, to offer their customers.

He said "We said that to 100% on your investment should be the very least we consider that at the moment,".

Money spoke box Gareth and other credible sources, to say that the property was operated by Scott ACE lemur partnership.

"About other managers, told from other brokers, it only commonly known, was known, was," said Gareth.

Gareth left the company after three months, as he was unhappy about how the company was treating his customers and warned the police about their activities.

"Guilt was strong on my shoulders." I knew that I out, "he said."

Shareholders in the property have been very interested partnership to hide their identity. The shares for the parent company - known are anonymously held as Ultraclass - by third parties. Only a court order or demand on the part of the police or the regulatory authority can show who is the real owner.

Piggy bank examines the property partnership in March. The company was put into liquidation in April.

At companies House on the winding up documents confirm that Mr ACE lemur had a great interest in the firm: they show him as the individual owed as much money as the property of partnership, of £ 53,000.

Similar operations

Piggy bank is Mr ACE lemur has sold also land by another company called Burnhill land investments limited, and engaged himself with a third company, just launched, to the same thing, complete building systems limited called to do.

The similarities between the complete building are striking systems limited Web site and the site of the property of partnership and Burnhill land investments limited.

Invited piggy bank, Mr of ACE lemur, comment, but he not respond to the program requirements.

The financial services authority (FSA) said, that it had closed five country investments last year, in which 42 million pounds were had invested. It can only be, if it is able to prove that a company effectively a collective investment scheme is running, in which it promises, you take connection with potential developers in the name of the client.

Jonathan Phelan, head of the unauthorized business at the FSA, piggy bank in March said that his organization will do their best, was to stall on the issue below.

"Where have can we hire a collective capital investment." We would appreciate it to some 200 million GBP problem. We said 20 companies in question have, "he."

He urged those who believed that they submit had been a victim.

"Please, join us as there are a dozen, a hundred, a thousand people who are going to come after you and similar amounts of money to lose." We really need to say ", he said."

BBC Radio 4 money box is broadcast on Saturdays at 1200 GMT, and repeated on Sundays at 2100 BST.

Country was ' ' techniques revealed